The Massachusetts Institute of Technology Investment Management Company (MITIMCo) announced today that MIT’s unitized pool of endowment and other MIT funds generated an investment return of 19.2 percent during the fiscal year ending June 30, 2014. At the end of the fiscal year, MIT’s endowment funds totaled $12.4 billion, excluding pledges.
MIT’s endowment is intended to support current and future generations of MIT scholars with the resources needed to advance knowledge, research, and innovation. As such, endowment funds are used for Institute activities including education, research, campus renewal, faculty work, and student financial aid.
The Institute’s need-blind undergraduate admissions policy ensures that an MIT education is accessible to all qualified candidates regardless of financial resources. MIT provides financial aid to meet the full cost of an MIT education, based on the calculated need of the family. In 2013-14, the average financial aid award for need-based-aid recipients from all sources was $42,007. Currently, 59 percent of MIT undergraduates receive need-based financial aid, and 32 percent of MIT students receive scholarship funding sufficient to cover the total cost of tuition.
MITIMCo is a division of the Massachusetts Institute of Technology, created to manage and oversee the investment of the Institute’s endowment, retirement, and operating funds.
MIT’s Report of the Treasurer for fiscal year 2014 was made available publicly today.