Form 990 for tax year 2022
Filed by MASSACHUSETTS INSTITUTE OF TECHNOLOGY WELFARE BENEFIT PLANS T.
Totals
- Total revenue
- $75,943,000
- Total expenses
- $50,984,000
- Contributions and grants received
- $0
- Grants paid
- $0
- Program service revenue
- $23,286,000
- Investment income
- $52,657,000
- Other revenue
- $0
- Total assets, end of year
- $937,723,000
- Total liabilities, end of year
- $22,974,000
- Net assets or fund balances, end of year
- $914,749,000
- Program services expenses (Part IX)
- $50,367,000
- Management and general expenses
- $617,000
- Fundraising expenses
- $0
- Program service expenses (Part III)
- $50,367,000
Program services were 98.8% of total expenses calculated — Part IX's program-services column over total expenses, both as filed.
Line items
Every line the filer filed in Parts VIII, IX and X, as filed and in filed order. Blank columns are left out, and the lines are not forced to add up to the totals above.
Revenue
Part VIII, the statement of revenue.
-
2a · Program service revenue: Retiree Contributions
total $11,065,000 · related or exempt $11,065,000
-
2b · Program service revenue: Employer Group Waiver Plan
total $12,221,000 · related or exempt $12,221,000
-
2f · All other program service revenue
total $0 · related or exempt $0 · unrelated business $0 · excluded $0
-
3 · Investment income
total $3,886,000 · unrelated business $1,701,000 · excluded $2,185,000
-
6c · Rental income or loss
real property $0 · personal property $0
-
7a · Gross sales of assets other than inventory
securities $606,070,000
-
7b · Less cost or other basis and sales expenses
securities $557,299,000
-
7c · Gain or loss
securities $48,771,000 · other assets $0
-
7d · Net gain or loss
total $48,771,000 · excluded $48,771,000
-
11d · All other revenue
total $0 · related or exempt $0 · unrelated business $0 · excluded $0
-
11e · Other revenue, total
$0
Functional expenses
Part IX, the statement of functional expenses.
-
4 · Benefits paid to or for members
total $48,479,000 · program services $48,479,000
-
11g · Fees: other
total $0 · program services $0 · management and general $0 · fundraising $0
-
24a · Other expenses: Claims Processing
total $1,888,000 · program services $1,888,000
-
24b · Other expenses: Administrative Expenses
total $617,000 · management and general $617,000
-
24e · All other expenses
total $0 · program services $0 · management and general $0 · fundraising $0
Balance sheet
Part X, book values.
-
1 · Cash, non-interest-bearing
beginning of year $18,596,000 · end of year $30,704,000
-
5 · Loans and receivables from officers and key people
beginning of year $0 · end of year $0
-
6 · Loans and receivables from disqualified persons
beginning of year $0 · end of year $0
-
10a · Land, buildings and equipment: cost or other basis
$0
-
10b · Land, buildings and equipment: accumulated depreciation
$0
-
10c · Land, buildings and equipment, net
beginning of year $0 · end of year $0
-
11 · Investments: publicly traded securities
beginning of year $226,233,000 · end of year $245,835,000
-
12 · Investments: other securities
beginning of year $704,506,000 · end of year $653,404,000
-
13 · Investments: program-related
beginning of year $0
-
15 · Other assets
beginning of year $7,769,000 · end of year $7,780,000
-
17 · Accounts payable and accrued expenses
beginning of year $1,597,000 · end of year $4,836,000
-
22 · Loans and payables to officers and key people
beginning of year $0 · end of year $0
-
25 · Other liabilities
beginning of year $3,096,000 · end of year $18,138,000
-
27 · Net assets without donor restrictions
beginning of year $952,411,000 · end of year $914,749,000
Mission and programs · 2022
Mission
TO PROVIDE HEALTH AND LIFE INSURANCE BENEFITS TO COVERED ELIGIBLE RETIREES OF MASSACHUSETTS INSTITUTE OF TECHNOLOGY AND THEIR DEPENDENTS, AS WELL AS INDIVIDUALS RECEIVING LONG-TERM DISABILITY BENEFITS FOR AT LEAST THREE YEARS.
-
MEDICAL AND LIFE INSURANCE BENEFITS FOR ELIGIBLE RETIREES, ALONG WITH MEDICAL BENEFITS FOR THOSE RECEIVING LONG TERM DISABILITY BENEFITS FOR AT LEAST THREE YEARS, WERE PROVIDED TO APPROXIMATELY 7237 INDIVIDUALS COVERED UNDER THE MASSACHUSETTS INSTITUTE OF TECHNOLOGY (MIT) WELFARE BENEFIT PLANS TRUST.
Expenses $50,367,000 · Revenue $23,286,000
As filed on the 2022 return.
Listed in Part VII
-
Glen Shor
Trustee
- Total calculated
- $864,133
- From this org
- $0
- From related orgs
- $795,890
- Other
- $68,243
- Hours/week
- 1 + 60 related
Schedule J breakdown matched by us
- Base
- $0 + $756,890 related
- Bonus
- $0
- Other
- $0 + $39,000 related
- Deferred
- $0 + $36,085 related
- Nontaxable benefits
- $0 + $32,158 related
- Filer's total
- $0 + $864,133 related
-
Seth Alexander
Trustee
- Total calculated
- $3,093,106
- From this org
- $0
- From related orgs
- $2,635,663
- Other
- $457,443
- Hours/week
- 1 + 60 related
Schedule J breakdown matched by us
- Base
- $0 + $911,111 related
- Bonus
- $0 + $1,666,438 related
- Other
- $0 + $58,114 related
- Deferred
- $0 + $425,126 related
- Nontaxable benefits
- $0 + $32,317 related
- Filer's total
- $0 + $3,093,106 related
Compensation is as filed in Part VII: reportable pay from this organization and from related organizations, other compensation, and hours per week. The total, marked calculated, is our sum of the three dollar columns, with a blank column counted as $0; the form itself has no total. On a Form 990-EZ the columns are Part IV's instead, and on a Form 990-PF Part VIII's — compensation, contributions to benefit plans, and expense account — and the total sums those. A Schedule J breakdown is as filed: base pay, bonus, other, deferred compensation and nontaxable benefits from this organization, with any from related organizations beside each, and the filer's own total. It is shown with the Part VII listing of the same name on the same return. The form gives no key between the two, so that pairing is ours, and is marked matched by us.
Schedule J
Answered yes
- 4b · Supplemental nonqualified retirement plan
Answered no
- 4a · Severance or change-of-control payment
- 4c · Equity-based compensation arrangement
- 5a · Pay contingent on this organization's revenues
- 5b · Pay contingent on a related organization's revenues
- 6a · Pay contingent on this organization's net earnings
- 6b · Pay contingent on a related organization's net earnings
- 7 · Other non-fixed payments
- 8 · Paid under the initial-contract exception
The filer's explanations (Part III)
- Schedule J, Part I, Line 4b Supplemental nonqualified retirement plan
- An employee of the MIT Investment Management Company is eligible for incentive compensation based on the performance of the Institute's investments. A portion of their incentive compensation is paid in an initial calendar year, and the remainder is deferred to being paid in the subsequent calendar year contingent on continued service to MITIMCo through specified dates. Incentive compensation actually paid in calendar year 2022 is reflected in Column B(ii). This includes incentive compensation from prior calendar years for which payment was deferred, contingent on continued service. That amount is listed in Column F. Calendar year 2022 incentive compensation for which payment has been deferred contingent on continued service is included in Column C.
Part I's answers as filed. A line not listed was left unanswered; on lines 1a and 3 that means the box was not checked.
Grants on this return
No itemized grants to organizations on this return.
Related organizations on this return
Schedule R Part II: tax-exempt organizations related to the filer by control. It does not record shared board members or money.
-
MASSACHUSETTS INSTITUTE OF TECHNOLOGY
501(c)(3) · EDUCATION · MA
Directly controlled by NA
Provenance
- Return type
- form_990
- Tax year
- 2022
- Filed
- 14 May 2024
- IRS schema version
- 2022v5.0
- Source object
- 202431359349307463
Check it against the return as filed: the GivingTuesday Data Lake hosts a public copy of the original XML.
The source document this was parsed from is served over the API, which is where bulk and document access live.