Form 990 for tax year 2022

Revenue

Part VIII, the statement of revenue.

• 1e · Government grants (contributions)

  $976,391

• 1f · All other contributions, gifts and grants

  $500

• 2a · Program service revenue: FEES & SERVICES

  total $7,800,886 · related or exempt $7,800,886

• 2b · Program service revenue: CONSTRUCTION REVENUE

  total $2,822,965 · related or exempt $2,822,965

• 3 · Investment income

  total $1,696 · excluded $1,696

Functional expenses

Part IX, the statement of functional expenses.

• 2 · Grants to domestic individuals

  total $5,000 · program services $5,000

• 11b · Fees: legal

  total $38,476 · management and general $38,476

• 11c · Fees: accounting

  total $67,100 · management and general $67,100

• 12 · Advertising and promotion

  total $99,973 · program services $99,973

• 13 · Office expenses

  total $106,092 · program services $106,092

• 14 · Information technology

  total $792,074 · program services $792,074

• 16 · Occupancy

  total $3,237,346 · program services $3,237,346

• 22 · Depreciation, depletion and amortization

  total $845,307 · program services $845,307

• 23 · Insurance

  total $143,495 · program services $120,158 · management and general $23,337

• 24a · Other expenses: REPAIRS & MAINTENANCE

  total $1,461,681 · program services $1,461,681

• 24b · Other expenses: REIMBURSED SALARIES

  total $1,236,668 · program services $1,157,758 · management and general $78,910

• 24c · Other expenses: SUBAWARDS & CONSULTANT

  total $823,227 · program services $823,227

• 24d · Other expenses: REIMBURSED BENEFITS

  total $281,375 · program services $263,421 · management and general $17,954

• 24e · All other expenses

  total $152,957 · program services $101,129 · management and general $51,828

Balance sheet

Part X, book values.

• 1 · Cash, non-interest-bearing

  beginning of year $2,120,413 · end of year $2,318,491

• 4 · Accounts receivable

  beginning of year $1,837,657 · end of year $1,458,809

• 9 · Prepaid expenses and deferred charges

  beginning of year $395,342 · end of year $367,567

• 10a · Land, buildings and equipment: cost or other basis

  $24,413,875

• 10b · Land, buildings and equipment: accumulated depreciation

  $12,651,947

• 10c · Land, buildings and equipment, net

  beginning of year $9,750,328 · end of year $11,761,928

• 15 · Other assets

  beginning of year $3,078,219 · end of year $2,933,716

• 17 · Accounts payable and accrued expenses

  beginning of year $1,257,566 · end of year $1,052,840

• 19 · Deferred revenue

  beginning of year $1,307,470 · end of year $509,081

• 25 · Other liabilities

  beginning of year $1,150,000 · end of year $1,500,000

• 27 · Net assets without donor restrictions

  beginning of year $13,443,749 · end of year $15,766,161

• 28 · Net assets with donor restrictions

  beginning of year $23,174 · end of year $12,429

The filer's explanations (Part III)

PART I, LINE 3

THE ORGANIZATION RECEIVED PROPOSALS FROM THREE DIFFERENT SEARCH FIRMS AND AFTER CAREFUL REVIEW ENGAGED KORN FERRY INTERNATIONAL OF BOSTON TO CONDUCT A NATIONAL SEARCH FOR THIS POSITION. INCLUDED IN THEIR SERVICES WAS A SALARY REVIEW AND RECOMMENDATION FOR THIS POSITION. A TEAM INCLUDING REPRESENTATION FROM MIT, HARVARD, BU, UMASS, AND NORTHEASTERN WAS ASKED BY THE ADVISORY BOARD MEMBERS TO BE PART OF THE SEARCH COMMITTEE. THE SEARCH TEAM INCLUDED CIO'S FROM EACH OF THE UNIVERSITIES. THE COMPENSATION RANGE FOR THE POSITION WAS REVIEWED AND APPROVED BY THE HUMAN RESOURCES DEPARTMENTS OF THE MASSACHUSETTS INSTITUTE OF TECHNOLOGY, USING COMPATIBILITY DATA, AND APPROVED AS A BUDGET LINE ITEM BY THE BOARD OF DIRECTORS. ALL COMPENSATION IS PAID BY RELATED ORGANIZATIONS.

PART I, LINE 4B

(1) UNDER A SUPPLEMENTAL NONQUALIFIED RETIREMENT PLAN, ON JULY 31, 2022, PRESIDENT BROWN RECEIVED AN AMOUNT EQUAL TO 40% OF HIS BASE SALARY FOR THE PRECEDING 12-MONTH PERIOD. THIS AMOUNT WAS SUBJECT TO THE PERFORMANCE OF FUTURE SERVICES AND OTHER CONDITIONS AS WELL AS A SUBSTANTIAL RISK OF FORFEITURE UNTIL THAT DATE. UPON VESTING, SUPPLEMENTAL RETIREMENT PLAN COMPENSATION OF $512,550 WAS DISTRIBUTED TO PRESIDENT BROWN IN CALENDAR YEAR 2021 AND IS INCLUDED IN THE AMOUNT REPORTED ON SCHEDULE J, PART II, COLUMN (B)(III) AS OTHER REPORTABLE COMPENSATION. THE PORTION OF THE AMOUNT DISTRIBUTED WHICH WAS PREVIOUSLY REPORTED AS RETIREMENT AND OTHER DEFERRED COMPENSATION ON SCHEDULE J, PART II, COLUMN (C) OF PRIOR FORMS 990 IS $212,500. THIS AMOUNT IS THEREFORE REPORTED ON THIS YEAR'S SCHEDULE J, PART II, COLUMN (F). UNDER THE SAME SUPPLEMENTAL NONQUALIFIED RETIREMENT PLAN, ON JULY 31, 2022, PRESIDENT BROWN WAS TO BECOME ENTITLED TO RECEIVE AN AMOUNT EQUAL TO 40% OF HIS BASE SALARY FOR THE PRECEDING 12-MONTH PERIOD ENDING ON JULY 31, 2023. PRESIDENT BROWN'S RIGHT TO SUCH PAYMENT WAS SUBJECT TO THE PERFORMANCE OF FUTURE SERVICES AND OTHER CONDITIONS AS WELL AS A SUBSTANTIAL RISK OF FORFEITURE UNTIL THAT DATE. ACCORDINGLY, SUPPLEMENTAL RETIREMENT PLAN COMPENSATION OF $225,250 WAS ACCRUED FOR PRESIDENT BROWN IN CALENDAR YEAR 2022 AND IS REPORTED ON SCHEDULE J, PART II, COLUMN (C) AS RETIREMENT AND OTHER DEFERRED COMPENSATION. (2) AMOUNTS REPORTED IN SCHEDULE J, PART II, COLUMN (B)(III) AS OTHER REPORTABLE COMPENSATION ALSO INCLUDE CONTRIBUTIONS MADE BY THE UNIVERSITY IN CALENDAR YEAR 2022 TO AN IRC SECTION 457(B) SUPPLEMENTAL NONQUALIFIED RETIREMENT PLAN TO PROVIDE FUTURE RETIREMENT BENEFITS TO PRESIDENT BROWN.