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← MIT REAL ESTATE FOUNDATION INC

Form 990 for tax year 2023

Filed by MIT REAL ESTATE FOUNDATION INC.

Totals

Total revenue
$4,284,000
Total expenses
$2,390,000
Contributions and grants received
$3,710,000
Grants paid
$2,369,000
Program service revenue
$0
Investment income
$550,000
Other revenue
$24,000
Total assets, end of year
$4,754,000
Total liabilities, end of year
$3,000
Net assets or fund balances, end of year
$4,751,000
Program services expenses (Part IX)
$2,381,000
Management and general expenses
$9,000
Fundraising expenses
$0
Program service expenses (Part III)
$2,381,000

Program services were 99.6% 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.

  • 1f · All other contributions, gifts and grants

    $3,710,000

  • 1g · Noncash contributions included above

    $3,710,000

  • 2f · All other program service revenue

    total $0 · related or exempt $0 · unrelated business $0 · excluded $0

  • 3 · Investment income

    total $14,000 · excluded $14,000

  • 6c · Rental income or loss

    real property $0 · personal property $0

  • 7a · Gross sales of assets other than inventory

    other assets $2,353,000

  • 7b · Less cost or other basis and sales expenses

    other assets $1,817,000

  • 7c · Gain or loss

    securities $0 · other assets $536,000

  • 7d · Net gain or loss

    total $536,000 · excluded $536,000

  • 11d · All other revenue

    total $24,000 · related or exempt $24,000 · unrelated business $0 · excluded $0

  • 11e · Other revenue, total

    $24,000

Functional expenses

Part IX, the statement of functional expenses.

  • 1 · Grants to domestic organizations and governments

    total $2,369,000 · program services $2,369,000

  • 11g · Fees: other

    total $1,000 · program services $0 · management and general $1,000 · fundraising $0

  • 23 · Insurance

    total $5,000 · management and general $5,000

  • 24a · Other expenses: REAL ESTATE PROPERTY TAXES AND FEES

    total $15,000 · program services $12,000 · management and general $3,000

  • 24e · All other expenses

    total $0 · program services $0 · management and general $0 · fundraising $0

Balance sheet

Part X, book values.

  • 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

    $4,754,000

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

    $0

  • 10c · Land, buildings and equipment, net

    beginning of year $2,816,000 · end of year $4,754,000

  • 12 · Investments: other securities

    beginning of year $0

  • 13 · Investments: program-related

    beginning of year $0

  • 15 · Other assets

    beginning of year $0 · end of year $0

  • 17 · Accounts payable and accrued expenses

    beginning of year $3,000 · end of year $3,000

  • 22 · Loans and payables to officers and key people

    beginning of year $0 · end of year $0

  • 25 · Other liabilities

    beginning of year $0 · end of year $0

  • 27 · Net assets without donor restrictions

    beginning of year $2,813,000 · end of year $4,751,000

Mission and programs · 2023

Mission

TO HOLD REAL ESTATE AND ANY OTHER FORM OF PROPERTY FOR THE BENEFIT OF MASSACHUSETTS INSTITUTE OF TECHNOLOGY (MIT), OF CAMBRIDGE, MASSACHUSETTS, AND OTHERWISE TO AID, ASSIST AND ENABLE MIT TO CARRY OUT ITS EDUCATIONAL AND CHARITABLE PURPOSES, ALL WITHIN THE LIMITATIONS OF SECTION 501(C)(3) AND 509(A)(3) OF THE IRS.

  • TO HOLD REAL ESTATE AND OTHER FORMS OF PROPERTY FOR THE BENEFIT OF THE MASSACHUSETTS INSTITUTE OF TECHNOLOGY.

    Expenses $2,381,000 · Grants $2,369,000 · Revenue $24,000

As filed on the 2023 return.

Listed in Part VII

  • Seth Alexander

    President, Treasurer, and Clerk

    Total calculated
    $3,748,314
    From this org
    $0
    From related orgs
    $3,134,866
    Other
    $613,448
    Hours/week
    1 + 60 related

    Schedule J breakdown matched by us

    Base
    $0 + $941,458 related
    Bonus
    $0 + $2,131,720 related
    Other
    $0 + $61,688 related
    Deferred
    $0 + $579,596 related
    Nontaxable benefits
    $0 + $33,852 related
    Filer's total
    $0 + $3,748,314 related

  • Patrick Rowe

    Assistant Treasurer and Assistant Clerk

    Total calculated
    $1,493,797
    From this org
    $0
    From related orgs
    $1,198,553
    Other
    $295,244
    Hours/week
    1 + 60 related

    Schedule J breakdown matched by us

    Base
    $0 + $585,958 related
    Bonus
    $0 + $597,662 related
    Other
    $0 + $14,933 related
    Deferred
    $0 + $291,300 related
    Nontaxable benefits
    $0 + $3,944 related
    Filer's total
    $0 + $1,493,797 related

  • Steven Marsh

    Former Assistant Treasurer and Assistant Clerk

    Total calculated
    $3,163,515
    From this org
    $0
    From related orgs
    $3,131,566
    Other
    $31,949
    Hours/week
    1 + 60 related

    Schedule J breakdown matched by us

    Base
    $0 + $316,381 related
    Bonus
    $0 + $2,781,253 related
    Other
    $0 + $33,932 related
    Deferred
    $0 + $16,108 related
    Nontaxable benefits
    $0 + $15,841 related
    Filer's total
    $0 + $3,163,515 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
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 2023 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 2023 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

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.

Taxable family on this return

Schedule R Parts I, III and IV, as filed. These record ownership and control, not shared board members or money moved.

Disregarded entities

Part I: entities that legally are the filer and file no return of their own.

  • FIDGAD

    REAL ESTATE · DE · income $536,524 · assets $46,512

    Directly controlled by MIT REAL ESTATE FOUNDATION INC

Provenance

Return type
form_990
Tax year
2023
Filed
14 May 2025
IRS schema version
2023v6.0
Source object
202501349349306680

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