MIT’s $1.85 Billion Research Engine and $27.5 Billion Endowment Drive Total Assets to $45.3 Billion in FY25
By Data Team | Published November 3, 2026
The Massachusetts Institute of Technology’s total assets rose 13.5% to $45.31 billion in fiscal year 2025, anchored by a $27.53 billion endowment whose $1.27 billion total annual distribution ($1.23 billion in direct programmatic and scholarship payouts) covers 23.1% of the Institute's $5.51 billion Form 990 operating budget (22.3% excluding endowment administration), according to its latest IRS filing. That financial base enables MIT to spend $204,824 per student on direct instruction, unsponsored departmental research, and student aid ($2.43 billion across 11,886 degree-seeking students)—while total program service expenditure including sponsored research reaches $374,538 per student ($4.45 billion) and total enterprise expenditure hits $463,216 per student ($5.51 billion).
Unlike universities that rely on academic medical centers for operating scale, MIT’s revenue architecture is built on sponsored scientific research, investment returns, and Kendall Square commercial real estate. Gross tuition ($938.2 million) and housing and dining auxiliaries ($181.1 million) generate $1.12 billion ($94,172 per student), representing 16.6% of MIT’s $6.74 billion total revenue. Sponsored research support ($1.85 billion) and government research grants ($492.2 million) combine for $2.34 billion in research inflows, complemented by $1.71 billion in realized investment income, $701.0 million in private gifts, and $581.0 million in net commercial real estate rental income.
These non-tuition revenue streams heavily subsidize student attendance. MIT disbursed $690.6 million in direct Schedule I cash grants to domestic individuals in FY25—including $582.3 million in tuition support across 9,022 recipients (75.9% of the student body) and $104.3 million in graduate stipends—allowing 57% of undergraduates to receive need-based MIT scholarships and 39% to attend tuition-free.
Institutional & Governance Profile
Incorporated in Massachusetts in 1861 (EIN 04-2103594) and headquartered at 77 Massachusetts Avenue in Cambridge, MIT operates five academic schools, the Schwarzman College of Computing, the MIT Investment Management Company (MITIMCo), and MIT Lincoln Laboratory—a federally funded research and development center (FFRDC) in Lexington, Massachusetts sponsored by the Department of Defense.
Institutional Scale and Board Structure
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Founding & Workforce Scale: Chartered in 1861, MIT issued 28,041 Form W-2s in calendar year 2024, filed 21,258 Form 1096 vendor returns, and engaged 15,812 alumni and institutional volunteers.
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Academic & Faculty Footprint: Approximately 1,090 faculty members and over 1,400 postdoctoral scholars instruct 11,886 degree-seeking students—4,535 undergraduates and 7,351 graduate students (reported on Form 990 Part III as approximately 4,500 undergraduates and 7,400 graduate students)—across the Schools of Architecture and Planning, Engineering, Humanities, Arts, and Social Sciences, Management, and Science, plus the Schwarzman College of Computing.
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Executive Leadership: President Sally Kornbluth leads the Institute alongside Provost Cynthia Barnhart, Executive Vice President and Treasurer Glen Shor, Chancellor Melissa Nobles, Vice President for Research Ian Waitz, Lincoln Laboratory Director Melissa Choi, and MITIMCo President Seth Alexander.
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Governing Board (Schedule O): While the full MIT Corporation comprises 75 distinguished leaders meeting at least four times annually, the MIT Bylaws vest operational, financial, and tenure oversight in the 14-member Executive Committee of the Corporation (11 of whom are independent), which meets nine or more times per year and serves as the Form 990 governing body alongside the Risk and Audit Committee.
Top-Line Financials
During FY25 (covering July 1, 2024 through June 30, 2025), MIT generated $15.05 billion in gross receipts and $6.74 billion in total Form 990 revenue (+15.1% YoY). Total assets grew 13.5% to $45.31 billion while net assets rose 12.3% to $37.66 billion, divided between donor-restricted funds (55.0%) and unrestricted reserves (45.0%).
Balance Sheet Strength
- Total Assets $45,313,517,000 (+13.5%)
- Total Liabilities $7,650,987,000 (+19.6%)
- Total Net Assets $37,662,530,000 (+12.3%)
- Donor-Restricted Net Assets $20,721,599,000 (55.0% of Total Net Assets)
- Unrestricted Net Assets $16,940,931,000 (45.0% of Total Net Assets)
Operating Performance
- Total Revenue $6,737,799,000 (+15.1%)
- Total Expenses $5,505,788,000 (+6.0%)
- Operating Surplus $1,232,011,000 (+86.4%)
- Unrealized Gains (Excluded) $2,130,884,000
Note: The $1.23 billion Form 990 operating surplus reflects realized tax-basis revenue less functional expenses; combining that surplus with $2.13 billion in net unrealized investment gains (Part XI, Line 5) and $760.8 million in postretirement benefit plan and life-income adjustments (Part XI, Line 9) accounts for the full $4.12 billion increase in MIT's FY25 net assets.
Revenue Breakdown
Three of MIT’s four primary revenue streams expanded in FY25. Program service revenue rose 7.3% to $3.17 billion, anchored by $1.85 billion in sponsored research support (spanning campus research contracts and Department of Defense funding for MIT Lincoln Laboratory) alongside $938.2 million in gross student tuition. Realized investment income climbed 15.4% to $1.71 billion, while other revenue surged 219.7% to $655.9 million on the strength of $581.0 million in net commercial real estate rental income and $74.9 million in technology licensing royalties. Contributions and grants edged down 0.9% to $1.21 billion, split between $701.0 million in private philanthropy, $492.2 million in federal research grants, and $18.4 million from related organizations.
Primary Revenue Streams
FY25 Revenue Distribution
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Program Service Revenue +7.3% YoY$3,165,212,000 (47.0%)
- Sponsored Support (Campus Research Contracts & Lincoln Laboratory) $1,849,915,000
- Student Tuition Revenue (Gross Before Financial Aid) $938,238,000
- Other Program Revenue (MIT Health, Tech Licensing Office & Fees) $195,971,000
- Auxiliary Enterprises (Campus Housing & Dining) $181,088,000
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Investment Income +15.4% YoY$1,705,154,000 (25.3%)
- Realized Net Capital Gains ($9.54B Gross Sales less $8.18B Cost Basis) $1,362,182,000
- Dividends, Interest & Other Investment Income ($286.8M Exempt / $56.2M UBI) $342,972,000
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Contributions & Grants -0.9% YoY$1,211,505,000 (18.0%)
- Private Philanthropy, Alumni Gifts & Foundations $700,984,000
- Government Research Grants (Contributions) $492,156,000
- Contributions from Related Organizations $18,365,000
- Noncash Gifts Included Above (710 Stock Gifts $44.2M, Equipment $18.4M) $62,762,000
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Other Revenue +219.7% YoY$655,928,000 (9.7%)
- Net Rental Income ($720.0M Gross Real Estate Rents less $139.0M Expenses) $580,980,000
- Intellectual Property & Technology Licensing Royalties $74,948,000
Endowment Performance and Asset Allocation
The MIT Investment Management Company (MITIMCo), an internal division of the Institute, manages MIT’s primary investment pool (Pool A), which posted a 14.8% net investment return in FY25. Across the full balance sheet (Part X, Lines 11–13), MIT holds $35.35 billion in investment securities ($36.12 billion including $767.8 million in cash and short-term savings), encompassing its $27.53 billion endowment alongside working capital and retirement reserves. Commingled private and global equities ($18.26 billion), absolute return hedge strategies ($5.68 billion), and real estate and real assets ($4.64 billion) account for 80.8% of total invested securities.
To execute its global investment mandate, MIT holds $10.73 billion in foreign-domiciled investment vehicles reported on Schedule F—led by $7.06 billion in Central America and the Caribbean, $1.49 billion in South Asia, $1.34 billion in Sub-Saharan Africa, $311.3 million in Europe, and $311.1 million in East Asia and the Pacific—generating $57.87 million in gross unrelated business revenue ($5.00 million net taxable income on Form 990-T). With $2.32 million in endowment assets per student across 11,886 enrolled students, MIT is subject to the federal IRC Section 4968 excise tax on net investment income (Part V, Line 16).
Portfolio Performance & Asset Allocation ($35.35B Balance Sheet Investment Securities)
Part X & Schedule D, Part VII Allocation
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Endowment Balance (EOY): $27,528,168,000 (+11.4% YoY), representing $2,316,016 per enrolled student across 11,886 students ($2,313,291 across ~11,900 students).
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Net Investment Gains: $3,763,453,000 in endowment investment earnings (+81.3% YoY from $2.08B in FY24; 14.8% Pool A return).
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Alternative & Offshore Capital: 91.7% of balance sheet investments ($32.40B) are held in Schedule D Part VII pooled equities, absolute return, real estate, and fixed income, with $10.73B domiciled in foreign investment vehicles.
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Total Payout & Budget Coverage: $1,273,167,000 total endowment distribution ($964.1M to academic programs and facilities, $266.1M to scholarships, and $42.9M to administration), funding 23.1% of Form 990 total expenses (22.3% excluding administrative fees, and 35.6% of campus operating expenses excluding Lincoln Laboratory).
Detailed Asset Mix (Part X Lines 11–13 & Schedule D, Part VII)
5-Year Endowment History
Schedule D, Part V tracks the five-year trajectory of MIT’s endowment from an $18.47 billion opening balance in FY21 to $27.53 billion at the close of FY25. Across that five-year span, the endowment received $1.30 billion in new donor contributions and generated $13.11 billion in cumulative net investment earnings—anchored by a $9.64 billion surge in FY21 and $3.76 billion in FY25 gains that more than offset market contractions in FY22 (-$2.16 billion) and FY23 (-$209.5 million). Over the same five years, MIT distributed $5.34 billion from the endowment, directing $1.08 billion to student scholarships, $3.99 billion to academic programs and campus facilities, and $270.8 million to endowment administration. At year-end FY25, the endowment consisted of 54.14% term endowment, 29.34% board-designated quasi-endowment, and 16.52% permanent endowment.
FY25 Endowment Waterfall (Schedule D, Part V)
Visualizing the bridge from Beginning of Year (1a) to End of Year (1g) in billions.
5-Year Historical Endowment Balances (Line 1g)
End of year balance progression in billions (FY21 - FY25).
| IRS Line Item | FY25 (Current) | FY24 (Prior) | FY23 (2 Yrs Back) | FY22 (3 Yrs Back) | FY21 (4 Yrs Back) |
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| 1a. Beginning of year | $24,715,030,000 | $23,615,406,000 | $24,739,862,000 | $27,496,309,000 | $18,465,010,000 |
| 1b. Contributions | $322,852,000 | $249,179,000 | $231,362,000 | $301,237,000 | $191,772,000 |
| 1c. Net investment earnings | $3,763,453,000 | $2,075,809,000 | ($209,541,000) | ($2,161,602,000) | $9,643,184,000 |
| 1d. Grants or scholarships | ($266,142,000) | ($251,288,000) | ($233,933,000) | ($173,381,000) | ($153,816,000) |
| 1e. Other expenditures | ($964,113,000) | ($915,309,000) | ($859,348,000) | ($661,164,000) | ($595,290,000) |
| 1f. Administrative expenses | ($42,912,000) | ($58,767,000) | ($52,996,000) | ($61,537,000) | ($54,551,000) |
| 1g. End of year balance | $27,528,168,000 | $24,715,030,000 | $23,615,406,000 | $24,739,862,000 | $27,496,309,000 |
Per-Student Spending and True Cost
Measuring per-student expenditure at MIT requires separating regular-session academic instruction and student financial aid from externally sponsored federal research contracts. On Form 990 Part III (Lines 4b and 4c), MIT reports $2,434,537,000 in direct academic and student support program services—combining $1,852,220,000 for instruction, unsponsored departmental research, and campus services (Line 4b) with $582,317,000 for undergraduate scholarships and graduate tuition support (Line 4c). Across MIT’s 11,886 degree-seeking students (4,535 undergraduates and 7,351 graduate students; reported on Line 4b as approximately 4,500 undergraduates and 7,400 graduate students), direct academic and student aid program spend equals $204,824 per student ($145,374 net per student when excluding $706.6 million in total student and institutional grants).
By contrast, gross student tuition ($938,238,000 on Part VIII, Line 2b) and housing and dining auxiliary receipts ($181,088,000 on Line 2c) total $1,119,326,000, or $94,172 per student before financial aid discounts. Gross student revenues cover 46.0% of direct academic program expenses—leaving a $110,652 per-student academic subsidy funded by $1.23 billion in programmatic endowment distributions, private philanthropy, and Kendall Square real estate income. When adding MIT’s $2,017,225,000 in Sponsored Research (Part III, Line 4a), total Form 990 program service expenditure (Line 4e) reaches $4,451,762,000 ($374,538 per student), while total institutional expenditure including $983.9 million in management overhead and $70.1 million in fundraising reaches $5,505,788,000 ($463,216 per student).
Operations vs. Revenue
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Regular Session Academic & Aid Program Spend (Part III, Lines 4b & 4c): $2,434,537,000 across 11,886 undergraduate and graduate students ($204,824 gross direct academic and student aid spend per student; $155,832 per student for Line 4b instruction and departmental research alone, or $145,374 net of all grants).
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Total Program Service & Enterprise Spend (Part III, Line 4e & Part IX): $4,451,762,000 in total program services ($374,538 per student across instruction, student aid, and sponsored research) and $5,505,788,000 in overall institutional spend ($463,216 per student).
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Tuition & Auxiliary Revenue Coverage: $1,119,326,000 ($94,172 per student in gross tuition, housing, and dining before aid; $45,180 net per student after $582.3M in tuition support), covering 46.0% of direct academic program expenditure (22.1% on a net tuition basis). Endowment payouts and gifts bridge the $110,652 per-student gross academic gap.
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Sponsored Research & Subrecipient Collaborations (Line 4a & Part IX, Line 24a): $2,017,225,000 in direct sponsored research expenses ($169,714 per student) generating $2,056,198,000 in program revenue, including $223,924,000 in research subrecipient subcontracts, $108,264,000 in research equipment, and $48,463,000 in laboratory supplies.
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Global Research, MISTI & Campus Collections (Schedule D & F): $104,043,043 in international program, grantmaking, and fundraising activities across 1,517 foreign personnel—including $30.15M in international research subcontracts and $3.42M in MIT International Science and Technology Initiatives (MISTI) student stipends—alongside non-capitalized campus art and scientific exhibitions (List Visual Arts Center and MIT Museum).
Financial Aid: How MIT Deploys $706.6M in Grants and Student Support
MIT is one of the few American universities that practices both need-blind admissions and full-need financial aid for all domestic and international undergraduate applicants alike. In FY25, 57% of MIT undergraduates received need-based institutional scholarships (with a median MIT scholarship of $69,777), 39% of undergraduates attended completely tuition-free, and 88% of the Class of 2025 graduated with zero student loan debt. Beginning in 2025, MIT expanded its tuition-free threshold to cover all undergraduate families earning below $200,000 with typical assets, while families earning below $100,000 pay nothing toward tuition, housing, dining, fees, or books.
On Form 990 Schedule I (Part III), MIT reports $690,644,000 in cash grants to domestic individuals—headlined by $582,317,000 in tuition scholarships across 9,022 student recipients, representing 75.9% of MIT's 11,886-student body (75.8% of the ~11,900 enrollment noted on Part III). In addition, MIT disbursed $89,102,095 in direct graduate student stipends across 3,894 recipients and $15,243,632 in non-MIT graduate stipend support across 356 recipients, supplemented by $266.1 million in dedicated endowment scholarship payouts (Schedule D, Part V, Line 1d) and departmental Research and Teaching Assistantship wages paid through regular payroll.
Internal Student Support (Schedule I & D)
- Aided Student Share (Schedule I Tuition) 75.9% (9,022 students)
- Undergraduate Aid / Tuition-Free Rate 57% Aided / 39% Tuition-Free
- Undergraduate & Graduate Tuition Support $582,317,000 ($64,544 avg.)
- Graduate Stipends & Non-MIT Grad Support $104,345,727 (4,250 recipients)
- Total Domestic Individual Grants (Line 2) $690,644,000
Public Service, MISTI & External Grants
- Student Prizes, Honoraria, PKG & Solve Grants ($3,981,366) Includes $1,744,024 in academic prizes and awards (1,101 recipients), $1,041,594 in honoraria (1,265 recipients), $625,110 in Priscilla King Gray Public Service Center grants (177 recipients), $471,938 in external grants (192 recipients), and $98,700 in MIT Solve innovation grants.
- Domestic & Foreign Institutional Grants ($15,975,000) Comprises $10,026,000 in Schedule I domestic organizational and municipal grants (including 12 charities funded via $19.54M in Donor-Advised Fund distributions across 23 DAF accounts) and $5,949,000 in Schedule F foreign grants ($3.42M in MISTI global student stipends, $464.9K in foreign fellowships, and international Solve awards).
Executive and Investment Team Compensation
MIT’s Schedule J disclosures highlight the compensation structure of its internal investment management organization (MITIMCo), whose professionals receive performance-based incentive pay tied to Pool A endowment returns relative to peer and market benchmarks. The five highest-compensated employees at MIT in FY25 were all MITIMCo leaders: MITIMCo President Seth Alexander ($4,462,390, including a $2.79 million incentive bonus and $581,546 in deferred compensation), followed by Global Investment Professionals Thomas Wieand ($2,973,895), Navneeth Harikumar ($2,929,985), Ryan Akkina ($2,919,331), and Joel Cohen ($2,610,835).
Among academic and administrative officers, President Sally Kornbluth received $2,151,788 in total compensation ($1,571,812 base salary, $260,820 in retirement and vesting deferred compensation credits, and $156,676 in nontaxable benefits including $144,900 for mandatory occupancy of the campus President’s House), while former President L. Rafael Reif received $1,849,830 ($747,589 faculty base salary plus an $875,000 distribution from his supplemental deferred retirement account). Provost Cynthia Barnhart earned $1,103,532 and Executive VP and Treasurer Glen Shor received $1,027,167. Because MIT pays remuneration exceeding $1 million to covered executives, the Institute is subject to the federal IRC Section 4960 21% excise tax on excess executive compensation (Form 990, Part V, Line 15).
Payroll Scale and Compensation Governance
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Total Institutional Payroll: MIT expended $2,665,985,000 in total salaries, wages, pensions, and employee benefits in FY25 (+7.8% YoY, representing 48.4% of all Institute expenses) across 28,041 W-2 employees, with 7,409 staff members earning over $100,000 (Part VII, Section A, Line 2).
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Salary Subcommittee Governance (Schedule O): The Salary Subcommittee—designated by the Executive Committee of the MIT Corporation—reviews annual peer institution comparability data compiled by Willis Towers Watson along with individual performance evaluations to approve executive compensation, contemporaneously recording all deliberations in committee minutes.
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Presidential Residence & Interested-Person Disclosures (Schedule J & L): The MIT President is required to reside in Gray House on campus as a condition of employment ($144,900 estimated nontaxable housing value, with private family housekeeping included in taxable income). Unlike universities that issue executive mortgage loans, MIT reported $0 in officer or trustee loans (Part X, Lines 5 & 22), while disclosing six employed family members of officers, trustees, or key employees on Schedule L, Part IV totaling $1,414,475 in regular MIT employment compensation.
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Form 990, Schedule J, Part II: Compensation Breakdown — All 21 Listed Individuals (FY25)
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| Name & Title (A) | Base Comp (B-i) | Bonus (B-ii) | Other (B-iii) | Retirement & Deferred (C) | Nontaxable Benefits (D) | Total (E) | Prior Deferred (F) |
| Seth AlexanderPresident of MITIMCo | $994,577 | $2,788,083 | $62,415 | $581,546 | $35,769 | $4,462,390 | $630,337 |
| Thomas WieandGlobal Investment Professional, MITIMCo | $537,103 | $1,857,245 | $17,456 | $525,450 | $36,641 | $2,973,895 | $351,455 |
| Navneeth HarikumarGlobal Investment Professional, MITIMCo | $546,870 | $1,859,594 | $0 | $511,803 | $11,718 | $2,929,985 | $392,414 |
| Ryan AkkinaGlobal Investment Professional, MITIMCo | $534,255 | $1,823,473 | $15,064 | $506,050 | $40,489 | $2,919,331 | $356,293 |
| Joel CohenGlobal Investment Professional, MITIMCo | $539,270 | $1,580,662 | $12,879 | $443,550 | $34,474 | $2,610,835 | $0 |
| Sally KornbluthPresident / Corporation Member | $1,571,812 | $0 | $162,480 | $260,820 | $156,676 | $2,151,788 | $0 |
| L. Rafael ReifProfessor (Former President) | $747,589 | $0 | $1,060,022 | $17,250 | $24,969 | $1,849,830 | $875,000 |
| Cynthia BarnhartProvost | $1,013,373 | $10,000 | $60,854 | $17,250 | $2,055 | $1,103,532 | $0 |
| Glen ShorExecutive VP and Treasurer | $888,554 | $10,000 | $51,975 | $40,713 | $35,925 | $1,027,167 | $0 |
| Mark DiVincenzoVP and General Counsel | $824,929 | $10,000 | $44,500 | $62,100 | $36,315 | $977,844 | $0 |
| Eric EvansProfessor (Former Dir., Lincoln Lab) | $789,480 | $0 | $43,705 | $17,250 | $34,264 | $884,699 | $0 |
| Melissa NoblesChancellor | $643,730 | $0 | $40,778 | $62,100 | $26,125 | $772,733 | $0 |
| Julie LucasVP for Resource Development | $670,087 | $0 | $31,445 | $40,713 | $11,776 | $754,021 | $0 |
| Ian WaitzVP for Research | $613,267 | $0 | $22,784 | $62,100 | $35,395 | $733,546 | $0 |
| Maria ZuberPresidential Advisor (Former VP Research) | $585,839 | $0 | $24,020 | $17,250 | $25,204 | $652,313 | $0 |
| W. Eric GrimsonChancellor for Academic Advancement | $585,029 | $0 | $21,640 | $17,250 | $25,112 | $649,031 | $0 |
| Alfred IronsideVP for Communications | $475,885 | $15,000 | $13,139 | $43,320 | $34,556 | $581,900 | $0 |
| Melissa ChoiDirector of Lincoln Laboratory | $525,000 | $0 | $9,440 | $44,850 | $56 | $579,346 | $0 |
| Whitney EspichCEO, MIT Alumni Association | $349,585 | $0 | $1,655 | $42,017 | $38,040 | $431,297 | $0 |
| Rachel J. DonahueSecretary of the Corporation | $269,940 | $4,000 | $0 | $30,115 | $41,304 | $345,359 | $0 |
| Sanjay SarmaProfessor (Former VP for Open Learning) | $0 | $0 | $117,169 | $0 | $27,590 | $144,759 | $0 |
Facilities, Debt, and Municipal Relations
MIT’s 168-acre main campus along the Charles River Basin in Cambridge is directly integrated with its commercial innovation district in Kendall Square. To finance interdisciplinary laboratories, graduate dormitories, and commercial life-science development without depleting endowment liquidity, MIT combines philanthropy with tax-exempt municipal bonds issued via the Massachusetts Health and Educational Facilities Authority (MHEFA) and the Massachusetts Development Finance Agency (MassDevelopment), alongside taxable debt and commercial mortgages.
MIT’s municipal relationship with the City of Cambridge operates through a dual fiscal engine that distinguishes it from almost every other private research university. First, on Schedule I (Part II), MIT disburses $10.03 million in domestic organizational and municipal grants—led by its formal 40-year Payment in Lieu of Taxes (PILOT) commitment to the City of Cambridge on tax-exempt academic property, Cambridge Promise scholarship support, and Independent Residence Development Fund (IRDF) grants for student housing. Second, because MIT develops and leases commercial laboratory and office towers in Kendall Square ($720.0 million in gross rents and $139.0 million in direct rental property expenses on Part VIII, Line 6), the Institute is simultaneously the single largest commercial real estate taxpayer in Cambridge.
Capital Debt & Municipal Engagement
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Physical Plant & Campus Operations: MIT holds $8.44 billion in gross land, buildings, leasehold improvements, and equipment ($5.60 billion net book value after $2.83 billion in accumulated depreciation), recording $247.7 million in annual occupancy costs and $285.2 million in depreciation.
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Tax-Exempt Bonds & Institutional Debt (Schedule K): The Institute carries $726.8 million in tax-exempt MHEFA and MassDevelopment bond liabilities (maintaining private business use at or below 0.66%, well under the 5% IRS safe harbor) and $4.43 billion in secured mortgages and third-party notes payable, paying $170.5 million in FY25 interest expense.
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Schedule I Town-Gown PILOT Payments & Municipal Relations: MIT disbursed $10.03 million in Schedule I domestic organizational and government grants—headed by its voluntary PILOT payments to the City of Cambridge under its 40-year municipal tax-protection agreement and IRDF grants supporting local student living groups—while incurring $139.0 million in direct commercial real estate operating and municipal property tax expenses on its $720.0 million Kendall Square rental portfolio and $27.7 million in foreign and other income taxes.
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Top Independent Contractors (Part VII, Section B): Among 593 independent contractors paid over $100,000 in FY25, MIT’s five largest vendors were American Campus Communities ($105.50M for graduate housing construction), John Moriarty & Associates ($36.63M for campus construction), Arranta Bio MA LLC ($26.00M for research subrecipient work), Bon Appétit Management ($22.89M for campus dining), and EPI-USE America Inc. ($22.12M for IT consulting).
Editorial Note
All financial figures in this report derive from the Massachusetts Institute of Technology’s FY25 IRS Form 990 (covering July 1, 2024 through June 30, 2025 across 11,886 degree-seeking students—4,535 undergraduates and 7,351 graduate students, reported on Form 990 Part III as approximately 4,500 undergraduates and 7,400 graduate students) and have been verified by the data team.
While MIT expends $204,824 per student on direct academic instruction, unsponsored departmental research, and student aid ($374,538 per student across all Form 990 program services and $463,216 per student in total enterprise expenditure), Chicardgo School does not imply that financial expenditure mathematically causes specific postgraduate earnings or career outcomes. Rather, these capital resources fund the laboratory infrastructure, need-blind full-need financial aid, and research partnerships that operate alongside MIT’s student selectivity.
Accounting Reconciliation: Readers comparing MIT’s Report of the Treasurer (consolidated GAAP financial statements) to IRS Form 990 will note three primary accounting differences. First, Form 990 reports $5.51B in total functional expenses by recording $706.6M in grants ($582.3M in tuition scholarships and $104.3M in graduate stipends) as direct operating expenses (Part IX, Lines 1–3), whereas GAAP financial statements net student tuition scholarships directly against gross tuition revenue. Second, Form 990 Total Revenue ($6.74B) reflects realized investment income ($1.71B) and nets $139.0M in direct commercial real estate rental expenses against $720.0M in gross rents (Part VIII, Line 6b), while excluding $2.13B in net unrealized investment gains (reported separately on Part XI, Line 5) and $760.8M in postretirement benefit plan and life-income valuation changes (Part XI, Line 9); similarly, Schedule D, Part V reports MIT's endowment at $27.53B including pledges receivable, compared to $27.4B excluding pledges inside $35.79B of fair-value pooled investments in the Treasurer's Report. Third, per Form 990 Part IV (Lines 12a–12b) and Schedule R, MIT is included in consolidated audited financial statements alongside its controlled subsidiaries and investment partnerships—including Technology Review Inc., The Engine Accelerator Inc. ($72.97M in program-related loan/investment balances and $17.85M in lease transactions), MIT International Inc., and MIT's majority non-voting Class B share ownership in Bose Corporation ($5.28M in FY25 cash dividends)—whereas this Form 990 represents the standalone legal filing of the Institute, including $1.85B in Sponsored Support across campus laboratories and DoD-funded MIT Lincoln Laboratory.
Frequently Asked Questions: MIT's Form 990 Financials
As of Fiscal Year 2025, MIT's endowment stands at $27.53 billion ($27,528,168,000 on Schedule D, Part V, or $27.4 billion excluding pledges in the Report of the Treasurer), up 11.4% year-over-year. Its $1.27 billion total annual distribution ($964.1 million for academic programs and facilities, $266.1 million for student scholarships, and $42.9 million for administration) covers 23.1% of MIT's $5.51 billion Form 990 operating budget (22.3% excluding administrative fees).
MIT spends $204,824 per student annually in direct academic and student aid program services—combining $1.85 billion in instruction, unsponsored departmental research, and campus services with $582.3 million in student tuition support across 11,886 degree-seeking students—compared to $94,172 per student collected in gross tuition, housing, and dining revenue. Across all Form 990 program services (adding $2.02 billion in sponsored research), total program spend is $374,538 per student ($4.45 billion), and overall enterprise spend including administrative overhead and fundraising is $463,216 per student ($5.51 billion).
On Form 990 Schedule I, MIT reported $690.6 million in direct cash grants to domestic individuals in FY25, led by $582.3 million in undergraduate and graduate tuition support across 9,022 recipients (75.9% of the 11,886-student body) and $104.3 million in graduate student stipend grants across 4,250 recipients. In 2024–2025, 57% of MIT undergraduates received need-based MIT scholarships and 39% attended tuition-free.
The highest-paid employee is Seth Alexander, President of the MIT Investment Management Company (MITIMCo), who received $4,462,390 in total compensation in FY25, followed by MITIMCo Global Investment Professionals Thomas Wieand ($2,973,895), Navneeth Harikumar ($2,929,985), Ryan Akkina ($2,919,331), and Joel Cohen ($2,610,835), and MIT President Sally Kornbluth ($2,151,788).
Yes. Because MIT is a private college/university with more than 500 tuition-paying students and holds $2.32 million in endowment assets per student across 11,886 students (well above the $500,000 federal threshold), it is subject to the IRC Section 4968 excise tax on net investment income, as confirmed on Form 990 Part V, Line 16.
MIT's total assets reached $45.31 billion ($45,313,517,000) in Fiscal Year 2025, anchored by $35.35 billion in balance sheet investment securities ($32.40 billion in pooled alternative and other securities, $2.88 billion in publicly traded securities, and $73.0 million in program-related investments) and $5.60 billion in net physical plant.
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