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 loss of 2.9 percent during the fiscal year ending June 30, 2023, as measured using valuations received within one month of fiscal year end. At the end of the fiscal year, MIT's endowment funds totaled $23.5 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 2022-23, the average need-based MIT scholarship was $56,823. Fifty-eight percent of MIT undergraduates received need-based financial aid, and 40 percent of MIT undergraduate students received scholarship funding from MIT and other sources sufficient to cover the total cost of tuition. Effective in fiscal 2023, MIT enhanced undergraduate financial aid, ensuring that all families with incomes below $140,000 and typical assets have tuition fully covered by scholarships.
MITIMCo is a unit of MIT, created to manage and oversee the investment of the Institute's endowment, retirement, and operating funds.
MIT's Report of the Treasurer for fiscal year 2023 was made available publicly today.
