Massachusetts Institute of Technology

“The mit bylaws vest in the executive committee of the mit corporation the responsibility for overseeing the general administration and superintendence of all matters relating to mit, including its educational and research programs, administration performance, financial affairs, endowment, real property, policies, systems, controls, special contract services, and faculty tenure decision approval. The executive committee meets nine or more times each year. The mit corporation is a body currently comprised of 75 individuals (referred to as members of the corporation), including distinguished leaders in science, engineering, industry, education and public service. Consistent with the mit bylaws, the corporation members act as stewards of the public trust to preserve mit's mission. The corporation meets four or more times each year. Recognizing the specific oversight responsibility of the executive committee for mit's operations, mit treats the executive committee as mit's governing body for purposes of responding to the form 990.”

“The MIT Corporation elects the members of MIT's governing body (the Executive Committee of the Corporation), with the exception of the Chair of the MIT Investment Management Company Board of Directors, who is appointed by the Executive Committee.”

“The MIT Corporation elects the members of MIT's governing body (the Executive Committee of the Corporation), with the exception of the Chair of the MIT Investment Management Company Board of Directors, who is appointed by the Executive Committee.”

“Mit's officers responsible for mit's tax matters prepare mit's form 990 with extensive assistance from mit's academic and administrative units. Senior mit officers then review the form 990. Following that review and before the form 990 is filed, mit's risk and audit committee and executive committee (mit's governing body) are provided with the form and related schedules for their review and comment.”

“Monitoring and enforcing compliance with conflict of interest policies disclosure: mit has two primary conflict of interest policies - the policy concerning avoidance of conflicts of interest which covers all individuals serving on the mit executive committee (mit's governing body) and corporation, and the section of mit's policies and procedures titled conflict of interest, which is generally applicable to all members of the mit community. Annual disclosure: both policies require that covered individuals annually acknowledge in writing that they are aware of the policy and identify any relationships or responsibilities that have the potential of producing conflicts of interest. Each year, disclosure forms are distributed to those covered by these policies. If a response reveals a conflict or potential conflict, such conflict is referred to the appropriate individual or body for consideration and management. Ad hoc disclosure: in addition to the annual disclosure process, potential conflicts of interest of individuals serving on the mit executive committee, on the corporation or as officers, are raised, considered and addressed on an ad hoc basis. Under the policy concerning avoidance of conflicts of interest, if a matter comes before the corporation or executive committee that involves a personal or business or other financial interest of a member or officer of the corporation or a member of his or her immediate family, the individual is required to disclose the interest, refrain from participating in the discussion of the matter (except as necessary to answer questions asked by the other corporation or executive committee members) and refrain from voting and being present when the vote is taken. If the matter involves ongoing decision making or involvement, the corporation or executive committee continues to monitor and manage the conflict. With respect to officers, mit relies upon a combination of the annual disclosures, the officers' obligations to devote their full time and effort to the institute, the officers' fiduciary obligation to the institute and the officers' judgment to ensure that conflicts are identified. If a conflict is identified, the conflict is either eliminated or managed.”

“The salary subcommittee, a committee designated by the executive committee of the mit corporation, reviews data on an annual basis regarding pay comparisons of other peer institutions and survey data collected by willis towers watson. Upon review and discussion of the data and performance feedback for the individual, the salary subcommittee makes a compensation decision. The committee's deliberations are recorded in a timely manner in the meeting minutes.”

“The salary subcommittee, a committee designated by the executive committee of the mit corporation, reviews data on an annual basis regarding pay comparisons of other peer institutions and survey data collected by willis towers watson. Upon review and discussion of the data and performance feedback for the individual, the salary subcommittee makes a compensation decision. The committee's deliberations are recorded in a timely manner in the meeting minutes.”

“The organization's governing documents, conflict of interest policy, and financial statements are available on mit's website http://web.mit.edu.”

“Net change in life income funds - 5342000; postretirement plan changes other than net periodic benefit costs - -79657000; other changes - 71182000;”

“A subrecipient agreement is a research subcontract where mit engages a third party to perform experimental, developmental, or research work generally in connection with a sponsored research agreement.”