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 11.1 percent during the fiscal year ending June 30, 2013. At the end of that fiscal year, MIT’s endowment funds totaled $11 billion, including pledges.
The goal of MIT’s endowment is to support current and future generations of MIT scholars with the resources they need. As such, endowment funds are used for Institute activities including education, research, capital projects, 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 2012-13, the average financial aid award for need-based-aid recipients was $40,952. Currently, 61 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. As of June 30, 2013, MITIMCo had approximately $17 billion of total assets under management.
MIT’s Report of the Treasurer for fiscal year 2013 was made available publicly today.