Next steps on financial pressures

The Institute is facing significant new financial burdens that are changing the way we must operate. These include an increased tax on our investment returns and a range of steps, current and proposed, that would reduce national funding for research. Together, they pose a lasting challenge for the Institute’s central budget, which we estimate to be on the order of $300 million every year. After extensive community input and months of consultation, modeling and planning, we write now to share our framework for addressing these financial pressures. To meet the moment, our community has had to rethink longstanding patterns and practices and tap a mix of central and local solutions. Throughout, our priority has been to sustain MIT’s excellence and momentum. This letter explains our approach in broad strokes. For more detail, we encourage you to attend today’s faculty meeting or the staff forum tomorrow afternoon. To close this budget gap, we have three main levers: increasing revenue, redu

The Institute is facing significant new financial burdens that are changing the way we must operate. These include an increased tax on our investment returns and a range of steps, current and proposed, that would reduce national funding for research. Together, they pose a lasting challenge for the Institute’s central budget, which we estimate to be on the order of $300 million every year. After extensive community input and months of consultation, modeling and planning, we write now to share our framework for addressing these financial pressures. To meet the moment, our community has had to re