Skip to content
Nonprofiteer
← MASSACHUSETTS INSTITUTE OF TECHNOLOGY

Form 990 for tax year 2022

Filed by MASSACHUSETTS INSTITUTE OF TECHNOLOGY.

Totals

Total revenue
$4,954,533,000
Total expenses
$4,901,572,000
Contributions and grants received
$1,094,476,000
Grants paid
$636,241,000
Program services expenses (Part IX)
$3,834,995,000
Management and general expenses
$1,007,468,000
Fundraising expenses
$59,109,000
Program service expenses (Part III)
$3,834,995,000

Program services were 78.2% of total expenses calculated — Part IX's program-services column over total expenses, both as filed.

Listed in Part VII

  • Glen Shor

    Executive VP and Treasurer

    Total calculated
    $864,133
    From this org
    $795,890
    From related orgs
    $0
    Other
    $68,243
    Hours/week
    60 + 4 related

    Schedule J breakdown matched by us

    Base
    $756,890
    Bonus
    $0
    Other
    $39,000
    Deferred
    $36,085
    Nontaxable benefits
    $32,158
    Filer's total
    $864,133

  • L Rafael Reif

    President (Outgoing)

    Total calculated
    $1,845,810
    From this org
    $1,327,571
    From related orgs
    $0
    Other
    $518,239
    Hours/week
    60

    Schedule J breakdown matched by us

    Base
    $1,239,341
    Bonus
    $0
    Other
    $88,230
    Deferred
    $365,250
    Nontaxable benefits
    $152,989
    Filer's total
    $1,845,810

  • Sally Kornbluth

    President (Incoming)

    Total calculated
    $0
    Hours/week
    60

  • Alan G Spoon

    Executive Committee Member

    Total calculated
    $0
    Hours/week
    5 + 3 related

  • Ashton B Carter

    Executive Committee Member

    Total calculated
    $0
    Hours/week
    5

  • David M Siegel

    Executive Committee Member

    Total calculated
    $0
    Hours/week
    5

  • Denis A Bovin

    Executive Committee Member

    Total calculated
    $0
    Hours/week
    5

  • Diane B Greene

    Chair of the Corporation

    Total calculated
    $54,037
    From this org
    $51,500
    From related orgs
    $0
    Other
    $2,537
    Hours/week
    60

  • Fariborz Maseeh

    Executive Committee Member

    Total calculated
    $0
    Hours/week
    5

  • Indra Nooyi

    Executive Committee Member

    Total calculated
    $0
    Hours/week
    5

  • Leslye Miller Fraser

    Executive Committee Member

    Total calculated
    $0
    Hours/week
    5

  • Mark P Gorenberg

    Executive Committee Member

    Total calculated
    $0
    Hours/week
    5

  • Noubar B Afeyan

    Executive Committee Member

    Total calculated
    $0
    Hours/week
    5

  • Orit Gadiesh

    Executive Committee Member

    Total calculated
    $0
    Hours/week
    5

  • Russell Erich Caulfield

    Executive Committee Member

    Total calculated
    $0
    Hours/week
    5

  • Wesley G Bush

    Executive Committee Member

    Total calculated
    $0
    Hours/week
    5

  • Suzanne L Glassburn

    Vice President and Secretary

    Total calculated
    $512,633
    From this org
    $431,767
    From related orgs
    $0
    Other
    $80,866
    Hours/week
    60

    Schedule J breakdown matched by us

    Base
    $413,307
    Bonus
    $10,000
    Other
    $8,460
    Deferred
    $48,800
    Nontaxable benefits
    $32,066
    Filer's total
    $512,633

  • Alfred Ironside

    VP for Communications

    Total calculated
    $510,960
    From this org
    $442,401
    From related orgs
    $0
    Other
    $68,559
    Hours/week
    60

    Schedule J breakdown matched by us

    Base
    $430,087
    Bonus
    $0
    Other
    $12,314
    Deferred
    $37,243
    Nontaxable benefits
    $31,316
    Filer's total
    $510,960

  • Cynthia Barnhart

    Provost

    Total calculated
    $850,792
    From this org
    $833,157
    From related orgs
    $0
    Other
    $17,635
    Hours/week
    60 + 5 related

    Schedule J breakdown matched by us

    Base
    $810,308
    Bonus
    $0
    Other
    $22,849
    Deferred
    $15,250
    Nontaxable benefits
    $2,385
    Filer's total
    $850,792

  • Eric Evans

    Director of Lincoln Laboratory

    Total calculated
    $811,225
    From this org
    $725,465
    From related orgs
    $0
    Other
    $85,760
    Hours/week
    60

    Schedule J breakdown matched by us

    Base
    $693,563
    Bonus
    $0
    Other
    $31,902
    Deferred
    $54,900
    Nontaxable benefits
    $30,860
    Filer's total
    $811,225

  • Julie Lucas

    VP for Resource Development

    Total calculated
    $686,862
    From this org
    $640,140
    From related orgs
    $0
    Other
    $46,722
    Hours/week
    60

    Schedule J breakdown matched by us

    Base
    $611,845
    Bonus
    $0
    Other
    $28,295
    Deferred
    $36,085
    Nontaxable benefits
    $10,637
    Filer's total
    $686,862

  • Maria Zuber

    VP for Research

    Total calculated
    $585,885
    From this org
    $548,182
    From related orgs
    $0
    Other
    $37,703
    Hours/week
    60 + 3 related

    Schedule J breakdown matched by us

    Base
    $525,932
    Bonus
    $0
    Other
    $22,250
    Deferred
    $15,250
    Nontaxable benefits
    $22,453
    Filer's total
    $585,885

  • Mark DiVincenzo

    VP and General Counsel

    Total calculated
    $816,136
    From this org
    $735,580
    From related orgs
    $0
    Other
    $80,556
    Hours/week
    60 + 1 related

    Schedule J breakdown matched by us

    Base
    $702,682
    Bonus
    $0
    Other
    $32,898
    Deferred
    $48,800
    Nontaxable benefits
    $31,756
    Filer's total
    $816,136

  • Melissa Nobles

    Chancellor

    Total calculated
    $656,640
    From this org
    $584,641
    From related orgs
    $0
    Other
    $71,999
    Hours/week
    60

    Schedule J breakdown matched by us

    Base
    $555,816
    Bonus
    $0
    Other
    $28,825
    Deferred
    $48,800
    Nontaxable benefits
    $23,199
    Filer's total
    $656,640

  • Seth Alexander

    President of MITIMCo

    Total calculated
    $3,093,106
    From this org
    $2,635,663
    From related orgs
    $0
    Other
    $457,443
    Hours/week
    60 + 3 related

    Schedule J breakdown matched by us

    Base
    $911,111
    Bonus
    $1,666,438
    Other
    $58,114
    Deferred
    $425,126
    Nontaxable benefits
    $32,317
    Filer's total
    $3,093,106

  • W Eric Grimson

    Interim VP for Open Learning

    Total calculated
    $547,408
    From this org
    $509,044
    From related orgs
    $0
    Other
    $38,364
    Hours/week
    60 + 1 related

    Schedule J breakdown matched by us

    Base
    $493,400
    Bonus
    $0
    Other
    $15,644
    Deferred
    $15,250
    Nontaxable benefits
    $23,114
    Filer's total
    $547,408

  • Emma Somers-Roy

    Global Investment Professional - MITIMCo

    Total calculated
    $2,240,336
    From this org
    $1,835,422
    From related orgs
    $0
    Other
    $404,914
    Hours/week
    60

    Schedule J breakdown matched by us

    Base
    $425,267
    Bonus
    $1,403,065
    Other
    $7,090
    Deferred
    $370,363
    Nontaxable benefits
    $34,551
    Filer's total
    $2,240,336

  • Joel Cohen

    Global Investment Professional, MITIMCo

    Total calculated
    $2,211,437
    From this org
    $1,814,699
    From related orgs
    $0
    Other
    $396,738
    Hours/week
    60

    Schedule J breakdown matched by us

    Base
    $428,018
    Bonus
    $1,375,080
    Other
    $11,601
    Deferred
    $364,950
    Nontaxable benefits
    $31,788
    Filer's total
    $2,211,437

  • Ryan Akkina

    Global Investment Professional - MITIMCo

    Total calculated
    $2,391,564
    From this org
    $1,989,058
    From related orgs
    $0
    Other
    $402,506
    Hours/week
    60

    Schedule J breakdown matched by us

    Base
    $448,657
    Bonus
    $1,525,730
    Other
    $14,671
    Deferred
    $366,567
    Nontaxable benefits
    $35,939
    Filer's total
    $2,391,564

  • Steven Marsh

    Senior VP - MITIMCo

    Total calculated
    $3,037,988
    From this org
    $2,549,994
    From related orgs
    $0
    Other
    $487,994
    Hours/week
    60 + 1 related

    Schedule J breakdown matched by us

    Base
    $636,312
    Bonus
    $1,881,797
    Other
    $31,885
    Deferred
    $464,042
    Nontaxable benefits
    $23,952
    Filer's total
    $3,037,988

  • Thomas Wieand

    Global Investment Professional - MITIMCo

    Total calculated
    $2,456,055
    From this org
    $2,023,175
    From related orgs
    $0
    Other
    $432,880
    Hours/week
    60

    Schedule J breakdown matched by us

    Base
    $477,921
    Bonus
    $1,527,939
    Other
    $17,315
    Deferred
    $402,300
    Nontaxable benefits
    $30,580
    Filer's total
    $2,456,055

  • Martin Schmidt

    Former Provost

    Total calculated
    $443,591
    From this org
    $367,380
    From related orgs
    $0
    Other
    $76,211
    Hours/week
    60

    Schedule J breakdown matched by us

    Base
    $324,774
    Bonus
    $0
    Other
    $42,606
    Deferred
    $61,000
    Nontaxable benefits
    $15,211
    Filer's total
    $443,591

  • Sanjay Sarma

    Professor (Former VP for Open Learning)

    Total calculated
    $645,353
    From this org
    $515,061
    From related orgs
    $0
    Other
    $130,292
    Hours/week
    60 + 2 related

    Schedule J breakdown matched by us

    Base
    $479,874
    Bonus
    $0
    Other
    $35,187
    Deferred
    $39,650
    Nontaxable benefits
    $90,642
    Filer's total
    $645,353

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 — 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

  • 1a · First-class or charter travel
  • 1a · Travel for companions
  • 1a · Tax indemnification and gross-up payments
  • 1a · Housing allowance or residence for personal use
  • 1a · Personal services (maid, chauffeur, chef)
  • 1b · Written policy on the line-1a expenses
  • 2 · Substantiation required before reimbursing expenses
  • 3 · Compensation committee
  • 3 · Independent compensation consultant
  • 3 · Form 990 of other organizations
  • 3 · Compensation survey or study
  • 3 · Approval by the board or compensation committee
  • 4b · Supplemental nonqualified retirement plan
  • 7 · Other non-fixed payments

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
  • 8 · Paid under the initial-contract exception

The filer's explanations (Part III)

Schedule J, Part I, Line 1a First-class or charter travel
MIT ALLOWS BUSINESS/FIRST CLASS TRAVEL AND COMPANION TRAVEL PURSUANT TO GUIDELINES INCLUDED IN A WRITTEN TRAVEL POLICY. ALL MIT EMPLOYEES, INCLUDING OFFICERS, TRUSTEES, KEY EMPLOYEES AND HIGHLY COMPENSATED INDIVIDUALS, ARE SUBJECT TO THE SAME WRITTEN TRAVEL POLICY.
Schedule J, Part I, Line 1a Tax indemnification and gross-up payments
ONE OF THE INDIVIDUALS DISCLOSED IN SCHEDULE J RECEIVES LIMITED TAX INDEMNIFICATION AND GROSS UP PAYMENTS. ALL TAX INDEMNIFICATION AND GROSS UP PAYMENTS ARE PURSUANT TO A WRITTEN EMPLOYMENT AGREEMENT.
Schedule J, Part I, Line 1a Housing allowance or residence for personal use
THE MIT PRESIDENT IS REQUIRED TO LIVE IN AN MIT OWNED CAMPUS RESIDENCE AS A CONDITION OF EMPLOYMENT AND AS A CONVENIENCE TO MIT. IRS RULES REQUIRE MIT TO ESTIMATE A VALUE FOR SUCH USE AND TO INCLUDE THE VALUE IN THE PRESIDENT'S TOTAL COMPENSATION AS A "NONTAXABLE BENEFIT" (SCHEDULE J, PART II, COLUMN (D)). AS CALCULATED PURSUANT TO IRS RULES, THE ESTIMATED VALUE IS $130,800 FOR PRESIDENT REIF IN CALENDAR YEAR 2022.
Schedule J, Part I, Line 1a Personal services
MIT PAYS FOR HOUSEKEEPING OF THE PUBLIC AREAS OF THE PRESIDENT'S HOUSE. FOR THE EXPENSES RELATED TO HOUSEKEEPING SERVICES FOR THE PORTION OF THE MIT OWNED RESIDENCE USED BY THE PRESIDENT'S FAMILY AS THEIR PRIVATE RESIDENCE, MIT INCLUDES THE AMOUNT IN THE PRESIDENT'S TAXABLE INCOME.
Schedule J, Part I, Line 4b Supplemental nonqualified retirement plan
MIT maintains a deferred compensation account for President Reif. Under the terms of the plan, $350,000 was credited to the account in calendar year 2022. This amount is reflected in Schedule J, Part II, Column C. This amount is a credit only and is subject to vesting requirements. President Reif did not receive any payments from the account during the year. Employees of the MIT Investment Management Company are 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.
Schedule J, Part I, Line 7 Non-fixed payments
THE MIT INVESTMENT MANAGEMENT COMPANY PAYS CERTAIN EMPLOYEES NON-FIXED AMOUNTS PURSUANT TO AN INCENTIVE COMPENSATION PROGRAM THAT BASES COMPENSATION PAYMENTS ON A NUMBER OF FACTORS. THE PRIMARY BASIS FOR INCENTIVE COMPENSATION PAYMENTS IS THE PERFORMANCE OF MIT'S ENDOWMENT RELATIVE TO PEER AND MARKET BENCHMARKS. THIS IS A COMMON PRACTICE IN HIGHER ED ENDOWMENT MANAGEMENT. IN OTHER INSTANCES, MIT MAY OFFER OTHER EMPLOYEES BONUS PAYMENTS FOR OUTSTANDING PERFORMANCE FROM TIME TO TIME.
Schedule J, Part II FORM 990, PART VII, SECTION A
THE INDIVIDUALS DISCLOSED IN PART VII OF FORM 990 OFTEN DEVOTE MORE HOURS TO THEIR POSITION THAN THE NUMBER OF HOURS LISTED, WHICH REPRESENT ESTIMATES OF AVERAGE HOURS. INDIVIDUALS WHO ARE ALSO ON THE BOARDS OF MIT'S SUBSIDIARIES AND RELATED ORGANIZATIONS WORK ADDITIONAL HOURS PER WEEK AS LISTED IN COLUMN (B) OF FORM 990, PART VII.
Schedule J, Part II Form 990, Part VII, Section A
SALLY KORNBLUTH BECAME PRESIDENT ON JANUARY 1, 2023. SHE IS LISTED ON THE FORM 990 BECAUSE SHE OCCUPIED THE ROLE DURING FISCAL YEAR 2023, BUT SHE DID NOT HAVE ANY COMPENSATION TO REPORT FOR CALENDAR YEAR 2022.

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

The 10 largest by cash amount. The API serves every itemized grant.

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.

Provenance

Return type
form_990
Tax year
2022
Filed
16 May 2024
IRS schema version
2022v5.0
Source object
202441369349318094

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.