Massachusetts Institute Of Technology
- Assets
- $39.8b
- Revenue
- $6.4b
- Investments
- $28.2b
- Employees
- 25,671
- Location
- Cambridge, MA
- Founding
- 10/1926
- Data as of
- 06/2022
- EIN
- 04-2103594
Organization Overview
Massachusetts Institute Of Technology is located in Cambridge, MA. The organization was established in 1926. According to its NTEE Classification (B43) the organization is classified as: Universities, under the broad grouping of Education and related organizations. As of 06/2022, Massachusetts Institute Of Technology employed 25,671 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Massachusetts Institute Of Technology is a 501(c)(3) and as such, is described as a "Charitable or Religous organization or a private foundation" by the IRS.
For the year ending 06/2022, Massachusetts Institute Of Technology generated $6.4b in total revenue. This represents relatively stable growth, over the past 7 years the organization has increased revenue by an average of 7.0% each year. All expenses for the organization totaled $4.5b during the year ending 06/2022. While expenses have increased by 3.4% per year over the past 7 years. They've been increasing with an increasing level of total revenue. You can explore the organizations financials more deeply in the financial statements section below.
Since 2015, Massachusetts Institute Of Technology has awarded 414 individual grants totaling $47,631,716. If you would like to learn more about the grant giving history of this organization, scroll down to the grant profile section of this page.
Form
990T
Mission & Program ActivityExcerpts From the 990T Filing
TAX YEAR
2022
Describe the Organization's Mission:
Part 3 - Line 1
THE MISSION OF MIT IS TO ADVANCE KNOWLEDGE AND EDUCATE STUDENTS IN SCIENCE, TECHNOLOGY, AND OTHER AREAS OF SCHOLARSHIP THAT WILL BEST SERVE THE NATION AND THE WORLD IN THE 21ST CENTURY.
Describe the Organization's Program Activity:
SPONSORED RESEARCH: MIT'S CAMBRIDGE, MA CAMPUS PROVIDES A FERTILE SETTING FOR RESEARCH THAT HAS SPAWNED A HOST OF SCIENTIFIC BREAKTHROUGHS AND TECHNOLOGICAL ADVANCES. PRIMARILY SPONSORED BY FEDERAL GRANTS AND CONTRACTS, RESEARCH AT MIT AIMS TO DEVELOP INNOVATIVE SOLUTIONS TO THE WORLD'S MOST DAUNTING CHALLENGES. FROM ADDRESSING THE ENERGY NEEDS OF TOMORROW TO IMPROVING CANCER THERAPIES AND MORE, MIT'S RESEARCH EFFORTS ARE ENHANCED THROUGH CREATIVE COLLABORATIONS IN INTERDISCIPLINARY LABS AND WITH LEADING RESEARCH INSTITUTES AND CONSORTIA AROUND THE WORLD.
INSTRUCTION, UNSPONSORED RESEARCH, AND OTHER: MIT IS COMMITTED TO PROVIDING A WORLD-CLASS EDUCATION TO OUR APPROXIMATELY 4,600 UNDERGRADUATES AND APPROXIMATELY 7,300 GRADUATE STUDENTS. THE FOCUS OF INSTRUCTION IS NOT ONLY SCIENTIFIC AND TECHNICAL, BUT INCLUDES A STRONG HUMANITIES COMPONENT AND EMPHASIZES CREATIVE PROBLEM SOLVING. MIT'S SIX SCHOOLS AND COLLEGES (SCIENCE; ENGINEERING; HUMANITIES, ARTS & SOCIAL SCIENCES; ARCHITECTURE & PLANNING; MANAGEMENT; AND COMPUTING) CREATE THE FOUNDATION OF A RIGOROUS MIT EDUCATION, WHICH IS HEIGHTENED BY SERVICE TO COMMUNITIES AROUND THE WORLD. OTHER EXPENDITURES (INCLUDING GRANTS) INCURRED, AND REVENUES GENERATED IN CONNECTION WITH MIT'S OTHER PROGRAM SERVICES RELATED TO VARIOUS ACTIVITIES IN FURTHERANCE OF AND IN SUPPORT OF MIT'S EXEMPT MISSION INCLUDED BUT WERE NOT LIMITED TO SUCH THINGS AS FEES AND SERVICES (FOR EXAMPLE, MEDICAL DEPARTMENT, TECHNOLOGY LICENSING OFFICE), AUXILIARY ENTERPRISES (FOR EXAMPLE, HOUSING, DINING), AND OTHER MISCELLANEOUS PROGRAM SERVICE REVENUE.
SCHOLARSHIPS AND FELLOWSHIPS: MIT'S UNDERGRADUATE FINANCIAL AID PROGRAM ENSURES THAT AN MIT EDUCATION IS ACCESSIBLE TO ALL QUALIFIED CANDIDATES REGARDLESS OF THEIR FINANCIAL RESOURCES. MIT REMAINS DEDICATED TO PROVIDING FINANCIAL AID TO MEET THE FULL COST OF AN MIT EDUCATION, BASED ON THE NEEDS OF THE FAMILY. IN 2021-2022, APPROXIMATELY 58% OF ALL UNDERGRADUATES RECEIVED SOME TYPE OF NEED-BASED FINANCIAL AID FROM MIT. FINANCIAL AID FOR GRADUATE STUDENTS INCLUDES FELLOWSHIPS, TRAINEESHIPS, TEACHING AND RESEARCH ASSISTANTSHIPS, AND LOANS.
Get More from Intellispect for FreeCreate a free account to get more data, nonprofit salaries, advanced search and more.
Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Name Not Listed Executive VP And Treasurer | OfficerTrustee | 60 | $690,228 |
Name Not Listed President | OfficerTrustee | 60 | $1,121,063 |
Name Not Listed Executive Committee Member | Trustee | 5 | $0 |
Name Not Listed Executive Committee Member | Trustee | 5 | $0 |
Name Not Listed Executive Committee Member | Trustee | 5 | $0 |
Name Not Listed Executive Committee Member | Trustee | 5 | $0 |
Outside Vendors & Contractors
| Vendor Name (Service) | Service Year | Compensation |
|---|---|---|
Turner Construction Company Construction | 6/29/22 | $282,370,322 |
Chanakya Capital Partners Investment Management | 6/29/22 | $18,574,797 |
Consigli Construction Co Construction | 6/29/22 | $108,013,481 |
John Moriarty & Associates Construction | 6/29/22 | $81,320,920 |
Bon Appetit Management Food Services | 6/29/22 | $18,485,912 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $0 |
| Fundraising events | $0 |
| Related organizations | $8,108,000 |
| Government grants | $433,407,000 |
| All other contributions, gifts, grants, and similar amounts not included above | $811,394,000 |
| Noncash contributions included in lines 1a–1f | $47,959,000 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $1,252,909,000 |
| Total Program Service Revenue | $2,585,121,000 |
| Investment income | $113,429,000 |
| Tax Exempt Bond Proceeds | $25,000 |
| Royalties | $61,939,000 |
| Net Rental Income | $61,128,000 |
| Net Gain/Loss on Asset Sales | $2,304,099,000 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $6,378,650,000 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $9,712,000 |
| Grants and other assistance to domestic individuals. | $733,545,000 |
| Grants and other assistance to Foreign Orgs/Individuals | $2,292,000 |
| Benefits paid to or for members | $0 |
| Compensation of current officers, directors, key employees. | $11,501,000 |
| Compensation of current officers, directors, key employees. | $8,666,000 |
| Compensation to disqualified persons | $374,000 |
| Other salaries and wages | $1,578,644,000 |
| Pension plan accruals and contributions | $75,513,000 |
| Other employee benefits | $241,197,000 |
| Payroll taxes | $106,428,000 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $28,395,000 |
| Fees for services: Accounting | $684,000 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $253,000 |
| Fees for services: Investment Management | $85,188,000 |
| Fees for services: Other | $185,814,000 |
| Advertising and promotion | $16,119,000 |
| Office expenses | $25,768,000 |
| Information technology | $75,732,000 |
| Royalties | $52,704,000 |
| Occupancy | $205,220,000 |
| Travel | $36,058,000 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $31,813,000 |
| Interest | $156,807,000 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $223,364,000 |
| Insurance | $16,354,000 |
| All other expenses | $329,414,000 |
| Total functional expenses | $4,540,620,000 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $92,111,000 |
| Savings and temporary cash investments | $708,907,000 |
| Pledges and grants receivable | $550,788,000 |
| Accounts receivable, net | $482,530,000 |
| Loans from Officers, Directors, or Controlling Persons | $0 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $143,722,000 |
| Inventories for sale or use | $6,778,000 |
| Prepaid expenses and deferred charges | $633,861,000 |
| Net Land, buildings, and equipment | $4,686,460,000 |
| Investments—publicly traded securities | $3,761,903,000 |
| Investments—other securities | $28,222,951,000 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $549,190,000 |
| Total assets | $39,839,201,000 |
| Accounts payable and accrued expenses | $660,943,000 |
| Grants payable | $0 |
| Deferred revenue | $561,600,000 |
| Tax-exempt bond liabilities | $858,305,000 |
| Escrow or custodial account liability | $0 |
| Loans and other payables to any current Officer, Director, or Controlling Person | $0 |
| Secured mortgages and notes payable | $3,798,744,000 |
| Unsecured mortgages and notes payable | $0 |
| Other liabilities | $756,770,000 |
| Total liabilities | $6,636,362,000 |
| Net assets without donor restrictions | $14,302,105,000 |
| Net assets with donor restrictions | $18,900,734,000 |
| Capital stock or trust principal, or current funds | $0 |
| Paid-in or capital surplus, or land, building, or equipment fund | $0 |
| Retained earnings, endowment, accumulated income, or other funds | $0 |
| Total liabilities and net assets/fund balances | $39,839,201,000 |
Grants Awarded
Over the last fiscal year, Massachusetts Institute Of Technology has awarded $9,584,476 in support to 76 organizations.
| Grant Recipient | Amount |
|---|---|
THE FRIENDS OF THE LAMBDA PHI CHAPTER OF THE ALPHA DELTA PHI FRATERNITY INC PURPOSE: IRDF Grant | $28,394 |
ZETA PHI CHAPTER HOUSE CORPORATION OF ALPHA PHI INTERNATIONAL FRATERNITY INC PURPOSE: IRDF Grant | $72,397 |
ALUMNI ASSOCIATION OF THE NU DELTA CHAPTER OF THE PHI MU DELTA FRATERNITY PURPOSE: IRDF Grant | $6,743 |
INCORPORATE ALUMNI OF PSI DELTA PURPOSE: IRDF Grant | $9,060 |
XI SAMFENWAY ALUMNI CORPORATION PURPOSE: IRDF Grant | $14,217 |
ALUMNI ASSOCIATION OF OMICRON CHAPTER OF PHI SIGMA KAPPA INC PURPOSE: IRDF Grant | $27,537 |