Civic Intelligence

Mit International Inc.

990 • Fiscal year 2016 • EIN 81-2731492

Jul 01, 2015 to Jun 30, 2016 • Filed on May 11, 2017

77 Massachusetts Avenue 7-206Cambridge, MA 02139

(617) 324-8124

Siviq Scores

Precomputed percentiles for this filing year versus similar nonprofits in the same peer cohort.

Liabilities / Assets

2nd percentile

0.00x

Tied with the lowest-debt nonprofits in its peer group.

2016 filings • 501(c)3 • $25M-$50M nonprofits • Source year 2016

Liabilities / Revenue

2nd percentile

0.00x

Tied with the lowest-debt nonprofits in its peer group.

2016 filings • 501(c)3 • $25M-$50M nonprofits • Source year 2016

Net Margin

100th percentile

100%

Higher net margin than 100% of similar nonprofits.

2016 filings • 501(c)3 • $25M-$50M nonprofits • Source year 2016

Top Officer Pay

89th percentile

$704,842

Higher top officer pay than 89% of similar nonprofits.

Top officer pay equals 2.8% of source-year revenue.

2016 filings • 501(c)3 • $25M-$50M nonprofits • Source year 2016

Asset Growth

Score unavailable

No value available

No earlier valid filing was available within the previous three public years.

Source year 2016

Revenue Growth

Score unavailable

No value available

No earlier valid filing was available within the previous three public years.

Source year 2016

Assets

$25,196,000

No earlier filing loaded for comparison.

Net Assets

$25,196,000

No earlier filing loaded for comparison.

Liabilities

$0

No earlier filing loaded for comparison.

Revenue

$25,196,000

No earlier filing loaded for comparison.

Expenses

$0

No earlier filing loaded for comparison.

Net Income

$25,196,000

No earlier filing loaded for comparison.

Historical Trend

Balance Sheet Trend

The highlighted filing sits inside the broader history for assets, liabilities, and net assets.

$150M$100M$50M$0Assets 2016: $25,196,000Liabilities 2016: $0Net Assets 2016: $25,196,0002016Assets 2017: $92,186,000Liabilities 2017: $813,000Net Assets 2017: $91,373,0002017Assets 2018: $102,823,000Liabilities 2018: $821,000Net Assets 2018: $102,002,0002018Assets 2019: $114,834,000Liabilities 2019: $1,911,000Net Assets 2019: $112,923,0002019Assets 2020: $126,226,000Liabilities 2020: $1,490,000Net Assets 2020: $124,736,0002020Assets 2021: $42,886,000Liabilities 2021: $327,000Net Assets 2021: $42,559,0002021Assets 2022: $34,517,000Liabilities 2022: $12,000Net Assets 2022: $34,505,0002022Assets 2023: $18,724,000Liabilities 2023: $2,035,000Net Assets 2023: $16,689,0002023Assets 2024: $20,636,000Liabilities 2024: $95,000Net Assets 2024: $20,541,0002024

Highlighted filing

2016

Assets$25,196,000
Liabilities$0
Net Assets$25,196,000

Operations Trend

Revenue, expenses, and net income across loaded years, with this filing highlighted.

$80M$60M$40M$20M$0-$20MRevenue 2016: $25,196,000Expenses 2016: $0Net Income 2016: $25,196,0002016Revenue 2017: $68,877,000Expenses 2017: $2,700,000Net Income 2017: $66,177,0002017Revenue 2018: $24,842,000Expenses 2018: $14,213,000Net Income 2018: $10,629,0002018Revenue 2019: $20,892,000Expenses 2019: $9,955,000Net Income 2019: $10,937,0002019Revenue 2020: $17,443,000Expenses 2020: $5,652,000Net Income 2020: $11,791,0002020Revenue 2021: $6,428,000Expenses 2021: $8,792,000Net Income 2021: -$2,364,0002021Revenue 2022: $2,729,000Expenses 2022: $3,863,000Net Income 2022: -$1,134,0002022Revenue 2023: $23,334,000Expenses 2023: $8,383,000Net Income 2023: $14,951,0002023Revenue 2024: $12,850,000Expenses 2024: $8,736,000Net Income 2024: $4,114,0002024

Highlighted filing

2016

Revenue$25,196,000
Expenses$0
Net Income$25,196,000
Jump To
Filing Snapshot
Filing Period
Jul 1, 2015 to Jun 30, 2016
Signed
May 11, 2017
Return Version
2015v3.0
Gross Receipts
$25,196,000
Mission and Program Overview

Mission

The corporation is organized and shall be operated exclusively for charitable, educational, and scientific purposes.

Balance Sheet Detail
LineBeginningEndChange
Assets
Pledges and Grants Receivable$0$25,196,000▲ $25,196,000
Receivable From Disqualified Prsn-$0-
Receivables From Officers Etc-$0-
Investments Other Securities$0--
Investments Program Related$0--
Land, Buildings, and Equipment, Net-$0-
Total Assets$0$25,196,000▲ $25,196,000
Other Assets Total$0$0→ $0
Liabilities
Other Liabilities$0$0→ $0
Total Liabilities$0$0→ $0
Net Assets / Fund Balance
Temporarily Rstr Net Assets$0$20,293,000▲ $20,293,000
Permanently Rstr Net Assets$0$4,903,000▲ $4,903,000
Total Net Assets Fund Balance$0$25,196,000▲ $25,196,000
Total Liabilities and Net Assets / Fund Balance$0$25,196,000▲ $25,196,000
Compensation and Service Providers

Board Members and Trustees

NameTitle
-Director and President
-Director
-Clerk
-Treasurer
Revenue and Support

Revenue Composition

Contributions and Grants
$25,196,000
Program Service Revenue
$0
Investment Income
$0
Other Revenue
$0
All Other Contributions
$25,196,000
Change in Net Assets
$25,196,000
Expenses and Functional Allocation

Major Expense Lines

Line ItemAmount
Grants and Similar Amounts Paid$0
Other Expenses$0
Professional Fundraising Fees$0
Salaries, Compensation, and Employee Benefits$0
Total Fundraising Expense$0
International Activity

International Summary

Offices
0
Employees
0
Spending
$0

International Compliance

Activity in boycott countries
No
Foreign corporation ownership
No
Foreign partnership interest
No
Interest in foreign trust
No
Passive foreign investment company interest
No
Transfers to foreign corporations
No

International Activities

RegionActivityServicesOfficesEmployeesSpending
East Asia and the PacificFundraising-00$0
Fundraising, Events, and Gaming
Fundraising activities
No
Gaming activities
No
Professional fundraiser used
No

Fundraising and Gaming Totals

Line ItemAmount
Professional Fundraising Fees$0
Political and Lobbying Activity
Political campaign activity
No
Lobbying activity
No
Subject to proxy tax
No
Insider Transactions and Loans

Loans and Receivables

Line ItemBeginningEndChange
Receivables from Disqualified Persons-$0-
Receivables from Officers, Directors, Trustees, and Key Employees-$0-
Governance and Compliance

Governance Checklist

Compiled or reviewed by an accountant
No
Annual disclosure for covered persons
No
Audit committee
Yes
Business relationship with family members
No
Business relationship with organization members
No
Material changes to governing documents
No
Compensation from other sources disclosed
No
Conflict-of-interest policy
Yes
Audited financial statements prepared
Yes
Key decisions subject to board approval
Yes
Management duties delegated
Yes

Governance Explanations

Form 990, Part VI, Line 2 Business Relationships

The following current officers/directors of MIT International are employed by MIT: Richard Lester, Glen Shor, Mark DiVincenzo, Martin Schmidt, Maria Zuber, Israel Ruiz, and Greg Morgan Israel Ruiz and Greg Morgan are also officers/directors of MIT.

Form 990, Part VI, Line 3 Delegation of management duties

Mit international receives services that would ordinarily be performed by or under the supervision of its officers from its sole member, the massachusetts institute of technology. Services include accounting and financial reporting, fundraising, tax, and legal advice.

Form 990, Part VI, Line 6 Classes of members or stockholders

The massachusetts institute of technology is the sole member of mit international.

Form 990, Part VI, Line 7A Members or stockholders electing members of governing body

The sole member determines the size of the board , which may not have fewer than three members. Two senior administrators of the sole member serve on the board ex officio, although each may designate another to serve in his or her stead. The remainder of the board is elected by the sole member.

Form 990, Part VI, Line 7B Decisions requiring approval by members or stockholders

IN ADDITION TO THE RIGHT TO ELECT BOARD MEMBERS AS DESCRIBED IN RESPONSE TO LINE 7A, THE SOLE MEMBER SHALL HAVE THE FOLLOWING POWERS AND RIGHTS OF THE CORPORATION: (i) TO APPROVE ALL AMENDMENTS TO THE ARTICLES OF ORGANIZATION OF THE CORPORATION; (ii) TO APPROVE ALL AMENDMENTS TO THE BYLWAYS OF THE CORPORATION; (iii) TO APPROVE ANY SALE OR OTHER DISPOSITION OF ALL OR SUBSTANTIALLY ALL OF THE PROPERTY OF THE CORPORATION; (iv) TO APPROVE DISSOLUTION, CONSOLIDATION, OR MERGER OF THE CORPORATION; (v) SUCH OTHER POWERS AND RIGHTS AS ARE VESTED BY LAW IN MEMBERS OF A CORPORATION ORGANIZED UNDER CHAPTER 180 OF THE GENERAL LAWS OF MASSACHUSETTS, BY THE ARTICLES OF ORGANIZATION, AND/ORG BY THE BYLAWS OF THE ORGANIZATION (vi) SUCH OTHER POWERS AND RIGHTS AS THE SOLE MEMBER MAY DESIGNATE.

Form 990, Part VI, Line 8B Documentation of meetings held by committees of governing body

Presently, there are no committees with authority to act on behalf of the board.

Form 990, Part VI, Line 11B Review of form 990 by governing body

Mit international's officer responsible for tax matters reviews the form 990 for accuracy and completeness.

Form 990, Part VI, Line 12C Conflict of interest policy

Because of the limited nature of mit international's activities, an annual conflict of interest disclosure process has not yet been instituted. Pending an expansion of activities, whenever a director or officer has a financial or personal interest in any matter coming before the board of directors, the affected person shall (i) fully disclose the nature of the interest, (ii) unless the board of directors determines that the interest is immaterial, withdraw from discussion, lobbying, and voting on the matter, and (iii) comply with the requirements of any supplemental conflict of interest policy adopted by the corporation.

Form 990, Part VI, Line 19 Required documents available to the public

The organization's governing documents, conflict of interest policy, and financial statements are available upon request.

Filing and Contact Details

Filer

Filer Name
MIT International Inc
EIN
81-2731492
Phone
6173248124
Address
77 Massachusetts Avenue 7-206, Cambridge, MA 02139

Signing Officer

Name
Glen Shor
Title
Treasurer
Signed
2017-05-11

Organization Details

Formed
2016
Legal Domicile
Ma
Voting Board Members
5
Independent Board Members
0
Employees
0
Volunteers
0
Supplemental Narrative

Financial Statement Notes

Schedule D, Part X, Line 2 FIN 48 (ASC 740) footnote

Mit international inc. Is a subsidiary of the massachusetts institute of technology (mit). Mit international inc.'s financial statements are prepared and audited on a consolidated basis with mit. Us gaap requires mit to evaluate tax positions taken by the institute and recognize a tax liability (or asset) if the institute has taken an uncertain position that more likely than not would not be sustained upon examination by the irs. Mit has analyzed the tax positions taken and has concluded that as of june 30, 2016, there are no significant uncertain positions taken or expected to be taken that would require recognition of a liability (or asset) or disclosure in the financial statements.

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IRS990ScheduleD/SupplementalInformationDetail/ExplanationTxt0MIT INTERNATIONAL INC. IS A SUBSIDIARY OF THE MASSACHUSETTS INSTITUTE OF TECHNOLOGY (MIT). MIT INTERNATIONAL INC.'S FINANCIAL STATEMENTS ARE PREPARED AND AUDITED ON A CONSOLIDATED BASIS WITH MIT. US GAAP REQUIRES MIT TO EVALUATE TAX POSITIONS TAKEN BY THE INSTITUTE AND RECOGNIZE A TAX LIABILITY (OR ASSET) IF THE INSTITUTE HAS TAKEN AN UNCERTAIN POSITION THAT MORE LIKELY THAN NOT WOULD NOT BE SUSTAINED UPON EXAMINATION BY THE IRS. MIT HAS ANALYZED THE TAX POSITIONS TAKEN AND HAS CONCLUDED THAT AS OF JUNE 30, 2016, THERE ARE NO SIGNIFICANT UNCERTAIN POSITIONS TAKEN OR EXPECTED TO BE TAKEN THAT WOULD REQUIRE RECOGNITION OF A LIABILITY (OR ASSET) OR DISCLOSURE IN THE FINANCIAL STATEMENTS.
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IRS990ScheduleJ/RltdOrgOfficerTrstKeyEmplGrp/BusinessName/BusinessNameLine1Txt0Richard Lester
IRS990ScheduleJ/RltdOrgOfficerTrstKeyEmplGrp/BusinessName/BusinessNameLine1Txt1Martin A Schmidt
IRS990ScheduleJ/RltdOrgOfficerTrstKeyEmplGrp/BusinessName/BusinessNameLine1Txt2Israel Ruiz
IRS990ScheduleJ/RltdOrgOfficerTrstKeyEmplGrp/BusinessName/BusinessNameLine1Txt3R Gregory Morgan
IRS990ScheduleJ/RltdOrgOfficerTrstKeyEmplGrp/BusinessName/BusinessNameLine1Txt4Maria Zuber
IRS990ScheduleJ/RltdOrgOfficerTrstKeyEmplGrp/BusinessName/BusinessNameLine1Txt5Mark DiVincenzo
IRS990ScheduleJ/RltdOrgOfficerTrstKeyEmplGrp/BusinessName/BusinessNameLine1Txt6Glen Shor
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IRS990ScheduleJ/RltdOrgOfficerTrstKeyEmplGrp/TitleTxt0Director and President
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IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt0The following current officers/directors of MIT International are employed by MIT: Richard Lester, Glen Shor, Mark DiVincenzo, Martin Schmidt, Maria Zuber, Israel Ruiz, and Greg Morgan Israel Ruiz and Greg Morgan are also officers/directors of MIT.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt1MIT INTERNATIONAL RECEIVES SERVICES THAT WOULD ORDINARILY BE PERFORMED BY OR UNDER THE SUPERVISION OF ITS OFFICERS FROM ITS SOLE MEMBER, THE MASSACHUSETTS INSTITUTE OF TECHNOLOGY. SERVICES INCLUDE ACCOUNTING AND FINANCIAL REPORTING, FUNDRAISING, TAX, AND LEGAL ADVICE.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt2THE MASSACHUSETTS INSTITUTE OF TECHNOLOGY IS THE SOLE MEMBER OF MIT INTERNATIONAL.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt3THE SOLE MEMBER DETERMINES THE SIZE OF THE BOARD , WHICH MAY NOT HAVE FEWER THAN THREE MEMBERS. TWO SENIOR ADMINISTRATORS OF THE SOLE MEMBER SERVE ON THE BOARD EX OFFICIO, ALTHOUGH EACH MAY DESIGNATE ANOTHER TO SERVE IN HIS OR HER STEAD. THE REMAINDER OF THE BOARD IS ELECTED BY THE SOLE MEMBER.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt4IN ADDITION TO THE RIGHT TO ELECT BOARD MEMBERS AS DESCRIBED IN RESPONSE TO LINE 7A, THE SOLE MEMBER SHALL HAVE THE FOLLOWING POWERS AND RIGHTS OF THE CORPORATION: (i) TO APPROVE ALL AMENDMENTS TO THE ARTICLES OF ORGANIZATION OF THE CORPORATION; (ii) TO APPROVE ALL AMENDMENTS TO THE BYLWAYS OF THE CORPORATION; (iii) TO APPROVE ANY SALE OR OTHER DISPOSITION OF ALL OR SUBSTANTIALLY ALL OF THE PROPERTY OF THE CORPORATION; (iv) TO APPROVE DISSOLUTION, CONSOLIDATION, OR MERGER OF THE CORPORATION; (v) SUCH OTHER POWERS AND RIGHTS AS ARE VESTED BY LAW IN MEMBERS OF A CORPORATION ORGANIZED UNDER CHAPTER 180 OF THE GENERAL LAWS OF MASSACHUSETTS, BY THE ARTICLES OF ORGANIZATION, AND/ORG BY THE BYLAWS OF THE ORGANIZATION (vi) SUCH OTHER POWERS AND RIGHTS AS THE SOLE MEMBER MAY DESIGNATE.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt5PRESENTLY, THERE ARE NO COMMITTEES WITH AUTHORITY TO ACT ON BEHALF OF THE BOARD.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt6MIT INTERNATIONAL'S OFFICER RESPONSIBLE FOR TAX MATTERS REVIEWS THE FORM 990 FOR ACCURACY AND COMPLETENESS.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt7BECAUSE OF THE LIMITED NATURE OF MIT INTERNATIONAL'S ACTIVITIES, AN ANNUAL CONFLICT OF INTEREST DISCLOSURE PROCESS HAS NOT YET BEEN INSTITUTED. PENDING AN EXPANSION OF ACTIVITIES, WHENEVER A DIRECTOR OR OFFICER HAS A FINANCIAL OR PERSONAL INTEREST IN ANY MATTER COMING BEFORE THE BOARD OF DIRECTORS, THE AFFECTED PERSON SHALL (I) FULLY DISCLOSE THE NATURE OF THE INTEREST, (II) UNLESS THE BOARD OF DIRECTORS DETERMINES THAT THE INTEREST IS IMMATERIAL, WITHDRAW FROM DISCUSSION, LOBBYING, AND VOTING ON THE MATTER, AND (III) COMPLY WITH THE REQUIREMENTS OF ANY SUPPLEMENTAL CONFLICT OF INTEREST POLICY ADOPTED BY THE CORPORATION.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt8THE ORGANIZATION'S GOVERNING DOCUMENTS, CONFLICT OF INTEREST POLICY, AND FINANCIAL STATEMENTS ARE AVAILABLE UPON REQUEST.
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc0Form 990, Part VI, Line 2 Business Relationships
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc1Form 990, Part VI, Line 3 Delegation of management duties
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc2Form 990, Part VI, Line 6 Classes of members or stockholders
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc3Form 990, Part VI, Line 7a Members or stockholders electing members of governing body
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc4Form 990, Part VI, Line 7b Decisions requiring approval by members or stockholders
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc5Form 990, Part VI, Line 8b Documentation of meetings held by committees of governing body
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc6Form 990, Part VI, Line 11b Review of form 990 by governing body
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc7Form 990, Part VI, Line 12c Conflict of interest policy
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc8Form 990, Part VI, Line 19 Required documents available to the public
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