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Massachusetts Institute of Technology EIN 04-2103594

Massachusetts Institute of Technology

EIN  04-2103594 Higher education institution Cambridge, MA Founded 1861
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Size
$100M+
What they do
Advances knowledge and educates students in science, technology, and other scholarly fields while providing robust financial aid to ensure accessible, world-class higher education.
Leadership
Seth Alexander · President of Mitimco · $3.8M
Money in and out
$6.7B revenue, $5.5B expenses
Bottom line
+18% operating surplus

Advances knowledge and educates students in science, technology, and other scholarly fields while providing robust financial aid to ensure accessible, world-class higher education. For fiscal year 2024 it reported $6.7B in revenue, $5.5B in expenses, and $37.7B in net assets.Pt I

Financial scale & money flow · FY2024
Total revenue
$6.7B
Pt VIII · Ln 12
Total expenses
$5.5B
Pt IX · Ln 25
Net assets
$37.7B
Pt X · Ln 32
Revenue less expenses (Pt I · Ln 19): $1.2B
Where spending went · Part IX cols B–D
Program services $0.81 Management & general $0.18 Fundraising $0.01
Operating surplus
+18%
revenue over expenses, this legal entity▲ +62% vs prior filing year
Payroll share
48%
of this entity's spending is salaries & benefits▲ +2% vs prior filing year
Program spending
81%
of expenses reach program services0% vs prior filing year

Summary of the Filing

Part I · fiscal year 2024 · Form 990
Revenue
$6.7B
FY2024▲ +15%
Expenses
$5.5B
FY2024▲ +6%
Total assets
$45.3B
FY2024▲ +13%
Total liabilities
$7.7B
FY2024▲ +20%
Total revenue
$6.7B
Pt VIII · Ln 12
Total expenses
$5.5B
Pt IX · Ln 25
Net assets
$37.7B
Pt X · Ln 32
Revenue less expensesPt I · Ln 19$1.2B
Total assetsPt X · Ln 16$45.3B
Program-expense ratioPt IX · col B81%
Voting members of governing bodyPt I · Ln 314
Independent voting membersPt I · Ln 411
Mission & Programs · Part III

Where the work happens

3 program services account for $4.5B of program spending, described in the organization's own filed words · FY2024.
01

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.

$2.0Bprogram expense
02

Instruction, Unsponsored Research, and Other

Mit is committed to providing a world-class education to our approximately 4,500 undergraduates and approximately 7,400 graduate students. An mit education combines analytical rigor with hands-on learning, imagination, and an appetite for solving the hardest problems in service to society.

$1.9Bprogram expense
03

Undergraduate Scholarships and Graduate Tuition Support

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.

$582.3Mprogram expense

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Identity & Classification

Form 990 Header · IRS Business Master File
Legal nameHdr · item CMassachusetts Institute of Technology
EINHdr · item D04-2103594
Principal addressHdr · item CCambridge, MA
WebsiteHdr · item Jweb.mit.edu
Year of formationHdr · item L1861
State of legal domicileHdr · item MMA
Exempt statusHdr · item I501(c)(3) · active
NTEE classificationIRS BMFColleges & Universities (B430)
Ruling yearIRS BMFOct 1926

Governance & Policies

Part VI
Voting members of the governing bodyPt VI · Ln 1a14
Independent voting membersPt VI · Ln 1b11
Conflict-of-interest policyPt VI · Ln 12aYes
Whistleblower policyPt VI · Ln 13Yes
Document retention policyPt VI · Ln 14Yes
CEO/top-official compensation independently reviewedPt VI · Ln 15aYes
Family or business relationships among officers/directorsPt VI · Ln 2No

Officers, Directors & Key Employees

Part VII, Section A · reportable compensation
Seth Alexander
President of Mitimco
$3,845,075Pt VII · Sec A
Thomas Wieand
Global Investment Professional, Mitimco
$2,411,804Pt VII · Sec A
Navneeth Harikumar
Global Investment Professional, Mitimco
$2,406,464Pt VII · Sec A
Ryan Akkina
Global Investment Professional, Mitimco
$2,372,792Pt VII · Sec A
Joel Cohen
Global Investment Professional, Mitimco
$2,132,811Pt VII · Sec A
L Rafael Reif
Professor (former President)
$1,807,611Pt VII · Sec A
$1,734,292Pt VII · Sec A
$1,084,227Pt VII · Sec A

Seth Alexander’s $3.8M as President of Mitimco is at the 95th percentile of top reported officer pay among 674 $100M+ education nonprofits. Peer set: organizations in the same NTEE major field of work and revenue-size band, compared on each org’s own highest-paid officer/key-employee, from Form 990 Part VII / 990-PF Part VIII. Descriptive placement, not a verdict on whether the pay is appropriate.

Compensation history total reportable pay by year · 8 named individuals · Part VII

NameFY2024FY2024FY2023FY2022FY2021FY2020
Seth Alexander$3,845,075$3,134,866$2,635,663$2,697,163$2,278,569$2,161,624
Steven Marsh—$3,131,566$2,549,994$2,655,745$2,283,387$2,083,659
Thomas Wieand$2,411,804$1,836,248$2,023,175$2,016,391$1,642,063$1,494,252
Navneeth Harikumar$2,406,464$1,777,127————
Ryan Akkina$2,372,792$1,820,913$1,989,058$1,981,091$1,598,662$1,423,846
L Rafael Reif$1,807,611$2,267,033$1,327,571$1,121,063$1,102,428$1,182,914
Joel Cohen$2,132,811—$1,814,699——$1,289,681
Israel Ruiz———$22,925$2,062,409$868,577

Total reportable compensation (Form 990 Part VII column D / Schedule J column E) by filing year, matched by name within this organization. The Schedule J base / bonus / deferred breakdown is not parsed into this dataset.

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Statement of Revenue

Part VIII
Program service revenue$3.2B · 47%
Investment income$1.7B · 25%
Contributions & grants$1.2B · 18%
Other revenue$655.9M · 10%
Program service revenue47%$3.2B
Investment income25%$1.7B
Contributions & grants18%$1.2B
Other revenue10%$655.9M
— government grantsLn 1e$492.2M
Total revenueLn 12$6.7B

Statement of Functional Expenses

Part IX · allocated across program, management, and fundraising
Allocation · columns B–D
Program services $0.81 Management & general $0.18 Fundraising $0.01
Program services81%$4.5B
Management & general18%$983.9M
Fundraising1%$70.1M
Total functional expensesLn 25$5.5B

Balance Sheet

Part X · end of year
CashLn 1$767.8M
Total assetsLn 16$45.3B
Total liabilitiesLn 26$7.7B
Total net assetsLn 32$37.7B
Months of cash on handcomputed1.7

Financial Metrics

Form 990 · FY2024 · each ratio shown with the dollars behind it
Liquidity & Payout
Operating runway
Highly liquid reserves $36.0B · Operating expenses (Pt IX) $5.5B · Less non-cash grants $62.8M · Cash operating expenses/yr $5.4B
79.5 months
Where the money goes
Program services
Program services $4.5B · Total expenses $5.5B
81%
Management & General
Management & general $983.9M · Total expenses $5.5B
18%
Fundraising
Fundraising $70.1M · Total expenses $5.5B
1%
Cost to raise $1
Fundraising expense (3-yr avg) $65.5M · Solicited contributions (3-yr avg) $706.6M
$0.09 to raise $1 (3-yr avg)
Where the money comes from
Contribution dependence
Contributions & grants $1.2B · Total revenue $6.7B
18%
Government reliance
Government grants $492.2M · Total revenue $6.7B
7%
Earned-income share
Program service revenue $3.2B · Total revenue $6.7B
47%
Investment reliance
Investment income $1.7B · Total revenue $6.7B
+25%
Program self-sufficiency
Program service revenue $3.2B · Total expenses $5.5B
57%
Growth & trend
Revenue growth (YoY)
This year $6.7B · Prior year $5.9B
+15%
Revenue CAGR
FY2019 $4.8B · FY2024 $6.7B
+7%
Net-asset trend (YoY)
End of year $37.7B · Beginning of year —
Beginning net assets not meaningfully positive — showing dollar change
Balance sheet
Surplus Margin
Revenue $6.7B · Expenses $5.5B
+18%
Liabilities-to-Assets
Total liabilities — · Total assets $45.3B
—
Net-asset ratio
Net assets $37.7B · Total assets $45.3B
83%
Marketable Investment Share
Publicly traded securities (Pt X, ln 11) $2.9B · Other securities (Pt X, ln 12) $32.4B · Total assets (Pt X, ln 16) $45.3B
78%
People & payroll
Highest Reported Total Compensation
Individual Seth Alexander · Reported title President of MITIMCo · Highest reported compensation $3.8M · Total expenses $5.5B
0%
Personnel share
Salaries, benefits & payroll (Pt IX 5-10) $2.7B · Total expenses $5.5B
48%
Peer comparison

Same NTEE category, revenue band, and state where available. Descriptive — not a grade.

MetricThis orgPeer medianPercentile
Program ratio 81%——
Overhead ratio 18%——
Fundraising cost ratio 6%——
Revenue growth 15%——

Straight from the Form 990 — descriptive, not an evaluation. A ratio is hidden when its base is zero or too small to be meaningful; the dollars are always shown.

Grants

Schedule I · received and paid
Grants received · FY2025
Sims-Maes Foundation INCFY2025$1.0M
Huntington S Disease FoundationFY2025$300K
Alzheimer's Disease Research FoundationFY2025$297K
The Ayco Charitable FoundationFY2025$231K
Renaissance Philanthropy FundFY2025$143K
Leon Hyzen Travel Schl TrustFY2025$83K
T Rowe Price Program for Charitable Giving INCFY2025$83K
Edwin S Webster FoundationFY2025$65K
Total grants receivedfrom 21 funders$2.5M
See all 21 funders →
Grants paid · 566 grants · $3.2B · 2019–2024
Unitemized GrantFY2024$582,317,000
Unitemized GrantFY2024$89,102,095
Unitemized GrantFY2024$15,243,632
Technology Review INCMA · FY2024$4,204,206
Unitemized GrantFY2024$1,744,024
Unitemized GrantFY2024$1,041,594
MIT International INCMA · FY2024$843,639
Unitemized GrantFY2024$625,110
Unitemized GrantFY2024$471,938
Medecins Sans Frontieres USA INCNY · FY2024$200,000
Empirical Resolution INCNY · FY2024$150,000
ImpactassetsincMD · FY2024$150,000
Sxd INCFY2024$130,400
Alumni Assoc of Alpha Mu Chapter of Phi Kappa Sigma Fraternity INCMA · FY2024$125,793
My Brothers Keeper Task Force INCMA · FY2024$125,000
Whitehead Institute for Biomedical ResearchMA · FY2024$111,150
Zeta Phi Chapter House Corp of Alpha Phi Intrnatl Frat INCMA · FY2024$106,202
Forma LLCFY2024$105,000
See all 566 grants →

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Filings & Schedule Manifest

Part IV
III · Programs I · Grants R · Related orgs G · Fundraising L · Interested persons A · Public support F · Foreign M · Noncash
FY2024$5.9B revenue · ⤓ 990 PDF
FY2023$5.0B revenue · ⤓ 990 PDF
FY2022$6.4B revenue · ⤓ 990 PDF
FY2021$5.7B revenue · ⤓ 990 PDF
FY2020$4.8B revenue · ⤓ 990 PDF

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Sources

Every figure above is drawn from these filings
Form 990 e-file (XML) · FY2024IRS
Classification, formation year, addressIRS Business Master File
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