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TIN: 04-2103594
Schedule J
(Form 990)
Department of the Treasury
Internal Revenue Service
Compensation Information
For certain Officers, Directors, Trustees, Key Employees, and Highest
Compensated Employees
Complete if the organization answered "Yes" on Form 990, Part IV, line 23.
Attach to Form 990.
Go to
www.irs.gov/Form990
for instructions and the latest information.
OMB No. 1545-0047
20
20
Open to Public Inspection
Name of the organization
Massachusetts Institute of Technology
Employer identification number
04-2103594
Part I
Questions Regarding Compensation
Yes
No
1a
Check the appropiate box(es) if the organization provided any of the following to or for a person listed on Form
990, Part VII, Section A, line 1a. Complete Part III to provide any relevant information regarding these items.
First-class or charter travel
Housing allowance or residence for personal use
Travel for companions
Payments for business use of personal residence
Tax idemnification and gross-up payments
Health or social club dues or initiation fees
Discretionary spending account
Personal services (e.g., maid, chauffeur, chef)
b
If any of the boxes on Line 1a are checked, did the organization follow a written policy regarding payment or reimbursement or provision of all of the expenses described above? If "No," complete Part III to explain
.....
1b
Yes
2
Did the organization require substantiation prior to reimbursing or allowing expenses incurred by all
directors, trustees, officers, including the CEO/Executive Director, regarding the items checked on Line 1a?
....
2
Yes
3
Indicate which, if any, of the following the filing organization used to establish the compensation of the
organization's CEO/Executive Director. Check all that apply. Do not check any boxes for methods
used by a related organization to establish compensation of the CEO/Executive Director, but explain in Part III.
Compensation committee
Written employment contract
Independent compensation consultant
Compensation survey or study
Form 990 of other organizations
Approval by the board or compensation committee
4
During the year, did any person listed on Form 990, Part VII, Section A, line 1a, with respect to the filing organization or a related organization:
a
Receive a severance payment or change-of-control payment?
.............
4a
Yes
b
Participate in, or receive payment from, a supplemental nonqualified retirement plan?
.........
4b
Yes
c
Participate in, or receive payment from, an equity-based compensation arrangement?
.........
4c
No
If "Yes" to any of lines 4a-c, list the persons and provide the applicable amounts for each item in Part III.
Only 501(c)(3), 501(c)(4), and 501(c)(29) organizations must complete lines 5-9.
5
For persons listed on Form 990, Part VII, Section A, line 1a, did the organization pay or accrue any
compensation contingent on the revenues of:
a
The organization?
....................
5a
No
b
Any related organization?
.......................
5b
No
If "Yes," on line 5a or 5b, describe in Part III.
6
For persons listed on Form 990, Part VII, Section A, line 1a, did the organization pay or accrue any
compensation contingent on the net earnings of:
a
The organization?
..................
6a
No
b
Any related organization?
......................
6b
No
If "Yes," on line 6a or 6b, describe in Part III.
7
For persons listed on Form 990, Part VII, Section A, line 1a, did the organization provide any nonfixed
payments not described in lines 5 and 6? If "Yes," describe in Part III
............
7
Yes
8
Were any amounts reported on Form 990, Part VII, paid or accured pursuant to a contract that was
subject to the initial contract exception described in Regulations section 53.4958-4(a)(3)? If "Yes," describe
in Part III
..........................
8
No
9
If "Yes" on line 8, did the organization also follow the rebuttable presumption procedure described in Regulations section 53.4958-6(c)?
.........................
9
For Paperwork Reduction Act Notice, see the Instructions for Form 990.
Cat. No. 50053T
Schedule J (Form 990) 2020
Schedule J (Form 990) 2020
Page
2
Part II
Officers, Directors, Trustees, Key Employees, and Highest Compensated Employees.
Use duplicate copies if additional space is needed.
For each individual whose compensation must be reported on Schedule J, report compensation from the organization on row (i) and from related organizations, described in the
instructions, on row (ii). Do not list any individuals that are not listed on Form 990, Part VII.
Note.
The sum of columns (B)(i)-(iii) for each listed individual must equal the total amount of Form 990, Part VII, Section A, line 1a, applicable column (D) and (E) amounts for that individual.
(A)
Name and Title
(B)
Breakdown of W-2 and/or 1099-MISC compensation
(C)
Retirement and other deferred compensation
(D)
Nontaxable
benefits
(E)
Total of columns
(B)(i)-(D)
(F)
Compensation in column (B) reported as deferred on prior Form 990
(i)
Base
compensation
(ii)
Bonus & incentive
compensation
(iii)
Other
reportable compensation
1
L Rafael Reif
President
(i)
(ii)
1,009,185
-------------
0
0
-------------
0
93,243
-------------
0
364,250
-------------
0
129,491
-------------
0
1,596,169
-------------
0
0
-------------
0
2
Glen Shor
Executive VP and Treasurer
(i)
(ii)
488,885
-------------
0
0
-------------
0
14,271
-------------
0
33,704
-------------
0
30,167
-------------
0
567,026
-------------
0
0
-------------
0
3
Robert B Millard
Chair of the Corporation (Outgoing)
(i)
(ii)
254,217
-------------
0
0
-------------
0
8,647
-------------
0
19,375
-------------
0
24,344
-------------
0
306,582
-------------
0
0
-------------
0
4
Suzanne L Glassburn
Vice President and Secretary
(i)
(ii)
336,335
-------------
0
0
-------------
0
6,086
-------------
0
45,600
-------------
0
29,469
-------------
0
417,490
-------------
0
0
-------------
0
5
Seth Alexander
President of MITIMCo
(i)
(ii)
858,091
-------------
0
1,373,381
-------------
0
47,098
-------------
0
353,153
-------------
0
29,952
-------------
0
2,661,675
-------------
0
323,429
-------------
0
6
Cynthia Barnhart
Chancellor
(i)
(ii)
516,742
-------------
0
0
-------------
0
20,966
-------------
0
51,300
-------------
0
959
-------------
0
589,967
-------------
0
0
-------------
0
7
Mark DiVincenzo
VP and General Counsel
(i)
(ii)
567,764
-------------
0
0
-------------
0
22,752
-------------
0
45,600
-------------
0
29,885
-------------
0
666,001
-------------
0
0
-------------
0
8
Eric Evans
Director of Lincoln Laboratory
(i)
(ii)
572,326
-------------
0
0
-------------
0
28,320
-------------
0
45,600
-------------
0
29,663
-------------
0
675,909
-------------
0
0
-------------
0
9
Alfred Ironside
VP for Communications
(i)
(ii)
335,972
-------------
0
20,000
-------------
0
75,130
-------------
0
14,250
-------------
0
24,751
-------------
0
470,104
-------------
0
0
-------------
0
10
Julie Lucas
VP for Resource Development
(i)
(ii)
557,011
-------------
0
0
-------------
0
27,693
-------------
0
33,704
-------------
0
10,592
-------------
0
628,999
-------------
0
0
-------------
0
11
Sanjay Sarma
VP for Open Learning
(i)
(ii)
433,710
-------------
0
0
-------------
0
121,535
-------------
0
37,050
-------------
0
56,925
-------------
0
649,219
-------------
0
0
-------------
0
12
Martin Schmidt
Provost
(i)
(ii)
656,028
-------------
0
0
-------------
0
44,864
-------------
0
51,300
-------------
0
31,680
-------------
0
783,872
-------------
0
0
-------------
0
13
Maria Zuber
VP for Research
(i)
(ii)
480,905
-------------
0
0
-------------
0
19,979
-------------
0
14,250
-------------
0
21,299
-------------
0
536,433
-------------
0
0
-------------
0
14
Ryan Akkina
Global Investment Professional - MITIMCO
(i)
(ii)
426,983
-------------
0
1,156,379
-------------
0
15,300
-------------
0
313,150
-------------
0
28,720
-------------
0
1,940,533
-------------
0
229,038
-------------
0
15
Matthew Fisher
Global Investment Professional - MITIMCO
(i)
(ii)
322,172
-------------
0
1,156,379
-------------
0
61,777
-------------
0
313,150
-------------
0
16,673
-------------
0
1,870,151
-------------
0
229,038
-------------
0
16
Steven Marsh
Senior VP - MITIMCo
(i)
(ii)
596,634
-------------
0
1,654,989
-------------
0
31,764
-------------
0
414,250
-------------
0
29,778
-------------
0
2,727,415
-------------
0
357,793
-------------
0
17
Israel Ruiz
Former Executive VP and Treasurer
(i)
(ii)
387,344
-------------
0
0
-------------
0
1,675,066
-------------
0
31,350
-------------
0
15,006
-------------
0
2,108,766
-------------
0
0
-------------
0
18
Thomas Wieand
Global Investment Professional - MITIMCO
(i)
(ii)
448,896
-------------
0
1,175,189
-------------
0
17,978
-------------
0
318,850
-------------
0
29,183
-------------
0
1,990,096
-------------
0
245,000
-------------
0
Schedule J (Form 990) 2020
Schedule J (Form 990) 2020
Page
3
Part III
Supplemental Information
Provide the information, explanation, or descriptions required for Part I, lines 1a, 1b, 3, 4a, 4b, 4c, 5a, 5b, 6a, 6b, 7, and 8, and for Part II. Also complete this part for any additional information.
Return Reference
Explanation
Schedule J, Part II FORM 990, PART VII
THE INDIVIDUALS DISCLOSED IN PART VII OF FORM 990 OFTEN DEVOTE MORE HOURS TO THEIR POSITION THAN THE NUMBER OF HOURS LISTED, WHICH REPRESENT ESTIMATES OF AVERAGE HOURS. INDIVIDUALS WHO ARE ALSO ON THE BOARDS OF MIT'S SUBSIDIARIES AND RELATED ORGANIZATIONS WORK ADDITIONAL HOURS PER WEEK AS LISTED IN COLUMN (B) OF FORM 990, PART VII.
Schedule J, Part I, Line 1a First-class or charter travel
MIT ALLOWS BUSINESS/FIRST CLASS TRAVEL AND COMPANION TRAVEL PURSUANT TO GUIDELINES INCLUDED IN A WRITTEN TRAVEL POLICY. ALL MIT EMPLOYEES, INCLUDING OFFICERS, TRUSTEES, KEY EMPLOYEES AND HIGHLY COMPENSATED INDIVIDUALS, ARE SUBJECT TO THE SAME WRITTEN TRAVEL POLICY.
Schedule J, Part I, Line 1a Travel for companions
COMPANION TRAVEL IS ONLY REIMBURSED BY MIT IF THERE IS A BONA FIDE BUSINESS PURPOSE FOR THE COMPANION TO TRAVEL, CONSISTENT WITH MIT'S WRITTEN TRAVEL POLICY. DOCUMENTATION OF THE COMPANION'S BUSINESS PURPOSE IS REQUIRED.
Schedule J, Part I, Line 1a Tax indemnification and gross-up payments
ONE OF THE INDIVIDUALS DISCLOSED IN SCHEDULE J RECEIVES LIMITED TAX INDEMNIFICATION AND GROSS UP PAYMENTS. ALL TAX INDEMNIFICATION AND GROSS UP PAYMENTS ARE PURSUANT TO A WRITTEN EMPLOYMENT AGREEMENT.
Schedule J, Part I, Line 1a Housing allowance or residence for personal use
THE MIT PRESIDENT IS REQUIRED TO LIVE IN AN MIT OWNED CAMPUS RESIDENCE AS A CONDITION OF EMPLOYMENT AND AS A CONVENIENCE TO MIT. IRS RULES REQUIRE MIT TO ESTIMATE A VALUE FOR SUCH USE AND TO INCLUDE THE VALUE IN THE PRESIDENT'S TOTAL COMPENSATION AS A "NONTAXABLE BENEFIT" (SCHEDULE J, PART II, COLUMN (D)). AS CALCULATED PURSUANT TO IRS RULES, THE ESTIMATED VALUE IS $108,000 FOR PRESIDENT REIF IN CALENDAR YEAR 2020.
Schedule J, Part I, Line 1a Personal services
MIT PAYS FOR HOUSEKEEPING OF THE PUBLIC AREAS OF THE PRESIDENT'S HOUSE. FOR THE EXPENSES RELATED TO HOUSEKEEPING SERVICES FOR THE PORTION OF THE MIT OWNED RESIDENCE USED BY THE PRESIDENT'S FAMILY AS THEIR PRIVATE RESIDENCE, MIT INCLUDES THE AMOUNT IN THE PRESIDENT'S TAXABLE INCOME.
Schedule J, Part I, Line 4a Severance or change-of-control payment
One employee listed in Part VII, Section A, line 1A received a payment of $1,504,712 during calendar year 2020.
Schedule J, Part I, Line 4b Supplemental nonqualified retirement plan
MIT maintains a deferred compensation account for President Reif. Under the terms of the plan, $350,000 was credited to the account in calendar year 2020. This amount is reflected in Schedule J, Part II, Column C. This amount is a credit only and is subject to vesting requirements. President Reif has not yet received any payments from the account. Employees of the MIT Investment Management Company are eligible for incentive compensation based on the performance of the Institute's investments. A portion of their incentive compensation is paid in an initial calendar year, and the remainder is deferred to being paid in the subsequent calendar year contingent on continued service to MITIMCo through specified dates. Incentive compensation actually paid in calendar year 2020 is reflected in Column B(ii). This includes incentive compensation from prior calendar years for which payment was deferred, contingent on continued service. That amount is listed in Column F. Calendar year 2020 incentive compensation for which payment has been deferred contingent on continued service is included in Column C.
Schedule J, Part I, Line 7 Non-fixed payments
THE MIT INVESTMENT MANAGEMENT COMPANY PAYS CERTAIN EMPLOYEES NON-FIXED AMOUNTS PURSUANT TO AN INCENTIVE COMPENSATION PROGRAM THAT BASES COMPENSATION PAYMENTS ON A NUMBER OF FACTORS. THE PRIMARY BASIS FOR INCENTIVE COMPENSATION PAYMENTS IS THE PERFORMANCE OF MIT'S ENDOWMENT RELATIVE TO PEER AND MARKET BENCHMARKS. THIS IS A COMMON PRACTICE IN HIGHER ED ENDOWMENT MANAGEMENT. IN OTHER INSTANCES, MIT MAY OFFER OTHER EMPLOYEES BONUS PAYMENTS FOR OUTSTANDING PERFORMANCE FROM TIME TO TIME.
Schedule J (Form 990) 2020
Additional Data
Software ID:
20011424
Software Version:
2020v4.0