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 0.8 percent during the fiscal year ending June 30, 2016. At the end of the fiscal year, MIT’s endowment funds totaled $13.2 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 works closely with all families who qualify for financial aid to develop an individual affordability plan tailored to their financial circumstances. In 2015-16, the average financial aid award for need-based-aid recipients from all sources was $45,419. Fifty-nine percent of MIT undergraduates received need-based financial aid, and 33 percent of MIT undergraduate students received scholarship funding sufficient to cover the total cost of tuition.
MITIMCo is a unit of MIT, created to manage and oversee the investment of the Institute’s endowment, retirement, and operating funds. As of June 30, 2016 MITIMCo had approximately $20.8 billion of assets under management.
MIT’s Report of the Treasurer for fiscal year 2016 was made available publicly today.