MIT’s endowment rises 4.8% to $24.6 billion in 2024 fiscal year
Philanthropic contributions rose 8.3% and MIT’s overall net assets ballooned to $33.6 billion for a 4.3% jump
Alex Tang–The Tech
MIT reported a gain in net assets for the 2024 fiscal year (FY) ending on June 30th, 2024. According to the Report of the Treasurer, the Institute’s endowment saw a 4.8% increase, rising to $24.6 billion from the previous year’s valuation at $23.5 billion. This marks the first increase in MIT’s endowment since its historic growth in 2021 and reverses the losses in the 2023 fiscal year.
The numbers
In the report, Executive Vice President and Treasurer Glen Shor attributes the increase to “positive net return[s] on pooled endowment investments and new donor-endowed gifts.”
According to the report, MIT’s overall net assets increased to $33.6 billion, a 4.3% increase from the year prior. The institute’s primary investment pool, termed Pool A by Shor, also jumped 8.9%.
Philanthropic contributions totaled $598.7 million in FY 2024, a figure “in line with the prior five-year average,” according to Shor. In comparison to FY 2023, such contributions increased by 8.2% despite “a year of controversy on campuses across the nation spurred by world events.” Net assets without donor restrictions climbed nearly $800 million fueled mainly by “positive net returns on quasi-endowed and non-endowed pooled investment and positive net results.”
MIT ended the fiscal year with a net result (that is, operating revenue minus operating expenses) of $484.7 million, a 52.8% increase from FY 2023. This jump was buttressed mainly by “sponsored support” which increased $261.9 million (12.7 percent) in FY 2024. The increase was also supported by a $19.0 million (4.6 percent) increase in tuition revenue for undergraduate and graduate programs.
Updates on Capital Projects
The Report also included a review of the institute’s ongoing and completed Capital Projects.
In the housing sector, Shor highlighted the completion of Graduate Junction in West Campus, which added close to 676 new beds to MIT’s graduate housing stock. Shor also noted the current renovation of the East Campus undergraduate residence halls, and the renovations slated for McCormick Hall beginning in Summer 2025.
Other projects Shor highlighted include the ongoing work to the historic Metropolitan Warehouse building, which will serve as the future home of the School of Architecture and Planning and the MIT Morningside Academy for Design when completed.
Shor also used the report to reemphasize MIT’s commitment to The Climate Project, an initiative that has been one of the cornerstones of MIT President Sally Kornbluth since she assumed the Presidency. Shor stated that “work is underway on our campus to dramatically reduce MIT’s carbon footprint,” with further evaluations to campus infrastructure with the intention of powering the campus “with zero carbon emissions by 2050 utilizing cleaner energy sources.”
Shor concluded his report by stating that he “remains extremely grateful to MIT’s alumni and friends for their support and generosity, and to our entire community for its contributions to the thoughtful stewardship of the Institute’s financial assets.”