What Key Information Is in MIT’s Form 990?
Examine MIT's Form 990 to understand the institute's operations. The public filing provides a detailed view of its financial scale and core priorities.
For a large, tax-exempt institution like the Massachusetts Institute of Technology (MIT), the IRS Form 990 is an important public document. This annual information return offers a detailed look into the university’s finances, governance, and activities. While the full document is dense, several sections provide a clear picture of the institution’s operations.
A Financial Snapshot
The Form 990 provides an overview of MIT’s financial health. For the fiscal year ending in mid-2023, the university reported total revenue of approximately $4.95 billion and expenses of about $4.9 billion.
The balance sheet information lists total assets at $38.6 billion and liabilities at $6.43 billion. This financial foundation supports MIT’s long-term research and educational programs.
Where the Money Comes From and Where It Goes
The Form 990 details the sources of revenue and how that money is spent. For MIT, revenue is a blend of student tuition and fees, government and private research grants, and returns on its investment portfolio.
On the expense side, the form shows how MIT allocates its resources. About 80% of the university’s expenses are directly related to its program activities, which include education and research. The remaining costs cover management, general operations, and fundraising.
Governance and Executive Compensation
The Form 990 provides insight into MIT’s governance, listing the members of the board of trustees and identifying key employees and officers. This section discloses executive compensation, detailing the salaries, benefits, and other compensation for the university’s top officials.
The filing also requires disclosure of certain governance policies. For instance, MIT’s form notes that the organization provided first-class or charter travel for key employees. It also reports on business transactions involving “interested parties,” such as trustees or senior officers.
Mission-Focused Activities
The “Statement of Program Service Accomplishments” describes MIT’s activities and achievements from the past year that justify its tax-exempt status. This section connects the financial numbers to the university’s mission: “to advance knowledge and educate students in science, technology, and other areas of scholarship that will best serve the nation and the world.”
This part of the form highlights educational initiatives, research breakthroughs, and community-focused programs. It also details grant-making activity, showing funds distributed to individuals and organizations in support of academic and research goals.