The Massachusetts Institute of Technology Investment Management Company (MITIMCo) announced today that the MIT’s unified endowment pool and other funds achieved an 8.9% return on investment for the fiscal year ending June 30, 2024, based on valuations received within a month after the fiscal year concluded. By the end of the fiscal year, MIT’s endowment funds totaled $24.6 billion, excluding pledges. Over the decade ending June 30, 2024, MIT recorded an annualized return of 10.5%.
MIT’s endowment is designed to support current and future generations of MIT researchers by providing the necessary resources to advance knowledge, research, and innovation. The endowment funds are utilized for various Institute activities, including education, research, campus renovations, faculty work, and student financial aid.
The Institute’s undergraduate admissions policy, which is need-blind, ensures that an MIT education is accessible to all qualified applicants, regardless of their financial circumstances. MIT collaborates closely with all families eligible for financial aid to develop a personalized affordability plan tailored to their financial situation. In the 2023-2024 academic year, the average need-based MIT scholarship was $59,510. Fifty-eight percent of MIT undergraduates received need-based financial aid, and 39 percent received scholarships from MIT and other sources sufficient to cover the full cost of tuition.
Starting in the 2023 fiscal year, MIT enhanced undergraduate financial aid, ensuring that all families with incomes below $140,000 and typical assets have their tuition fully covered by scholarships. Further improvements to undergraduate financial aid will take effect in the 2025 fiscal year, with families earning less than $75,000 and possessing typical assets having no expected parental contribution. Eighty-seven percent of seniors graduating in the 2024 academic year did so debt-free.
MITIMCo is a unit of MIT, established to manage and oversee the investment of the Institute’s endowment, retirement, and operating funds.
MIT’s Treasurer’s Report for the 2024 fiscal year was released to the public today.