MIT Reports to the President 1994-95

In 1994-95 student enrollment was 9,774, compared with 9,790 in 1993-94. There were 4,472 undergraduates (4,509 the previous year) and 5,302 graduate students (5,281 the previous year). The international student population was 2,150, representing eight percent of the undergraduate and 34 percent of the graduate populations. These students were citizens of 100 countries. (Students with permanent residence status are included with US citizens.)

In 1994-95, there were 2,813 women students (1,604 undergraduate and 1,209 graduate) at the Institute, compared with 2,757 (1,528 undergraduate and 1,229 graduate) in 1993-94. In September 1994, 433 first-year women entered MIT, representing 39 percent of the freshman class of 1,104 students.

In 1994-95, there were, as self-reported by students, 2,496 minority students (1,944 undergraduate and 552 graduate) at the Institute, compared with 2,417 (1,905 undergraduate and 512 graduate) in 1993-94. Minority students included 356 African Americans (non-Hispanic), 44 Native Americans, 490 Hispanic Americans, and 1,606 Asian Americans. The first-year class entering in September 1994 included 502 minority students, representing 46 percent of the class.

DEGREES AWARDED

Degrees awarded by the Institute in 1994-95 included 1,104 bachelor's degrees, 1,192 master's degrees, 22 engineer's degrees, and 521 doctoral degrees - a total of 2,839 (compared with 2,869 in 1993-94).

STUDENT FINANCIAL AID

During the academic year 1994-95, the continuing healthy economy and a modest increase in the term-time self-help level helped to reduce some of the pressure on the financial aid budget. Substantially increased contributions and transfers to the scholarship endowment funds and income from outside scholarship support helped to meet the need for grant funds. A total of 2,697 students who demonstrated need for assistance (59 percent of enrollment) received $34,912,000 in grant aid and $14,296,000 in student loans from all sources. The total, $49,208,000, represents an 8 percent increase in aid compared to last year.

Grant assistance to undergraduates was provided by $10,854,000 in income from the scholarship endowment, by $873,000 in current gifts, by $3,949,000 in federal grants (including ROTC scholarships), and by $3,071,000 in direct grants from non-federal outside sources to needy students. In addition, $16,165,000 in scholarships from MIT's unrestricted funds was provided to undergraduates, inclusive of the special program of scholarship aid to needy minority group students that represented $208,000, and the MIT Opportunity Awards that accounted for $804,000. An additional 546 students received grants irrespective of need from outside agencies, totaling $3,144,000. The undergraduate scholarship endowment was increased by the addition of $17,151,488 in new funds. These new contributions increased the endowment for scholarships by 20 percent to $104,132,892.

Loans totaling $14,296,000 were made to undergraduates, a 12 percent increase from last year. Of the total loans made, $1,863,000 came from the Technology Loan Fund, $3,753,000 came from the Federal Perkins Loan Program, and $8,680,000 came from the state-administered Stafford Guaranteed Student Loan Program and other outside sources.

Graduate students obtained $2,739,000 from the Technology Loan Fund - a 29 percent increase from last year's level. Graduate students obtained $7,750,000 from outside sources under the Federal Stafford Program, 37 percent more than last year. Graduate students also received $47,000 in Perkins Loan funds. The total, $10,536,000 is an increase of 35 percent over last year.

The total of loans made to undergraduate and graduate students was $24,832,000, a 21 percent increase over the last year.

The number of needy undergraduate students grew only slightly, increasing by only 1 percent to 2,697. The average need for this population increased by 4.7 percent to $19,636. In the aggregate, the financial aid program required $24,019,000 from needy students' family resources and provided $52,958,000 in aid dollars including work programs. As in past years, the aid program provided more than two-thirds of needy students' total costs.

CAREER SERVICES AND PREPROFESSIONAL ADVISING

The booming economy made this a busy year in the Careers Office. Fears of a possible hard landing were not reflected in employers' hiring plans. Recruiting continued at a high level throughout the year. A total of 442 employers made recruiting visits, up from 393 in 1993-94. But the mix of industries was uneven. Aerospace, oil and chemical, and heavy manufacturing companies were poorly represented. In their absence, firms engaged in electronics manufacturing outnumbered other manufacturers two to one. They were matched by an equal number of software firms and information systems consulting firms. Well represented also were companies engaged in other kinds of business consulting (e.g., business strategy consulting, economics consulting) and financial institutions. Taken together, firms not doing engineering (and not doing laboratory science) accounted for 45.5 percent of the recruiting traffic, up from 41.8 percent in 1994, 40.4 percent in 1993, and only 15.2 percent in 1983. Many of these employers are not concerned with a candidate's major; their focus is rather on overall ability. MIT students from all disciplines are increasingly attracted to the opportunities they offer.

Electronics and software firms raised their salary offers a point or two in real terms (after adjusting for inflation). The median offer to bachelors was in the vicinity of $40,000. Offers to masters ranged typically between $47,000 and $50,000, the highest going to computer scientists. PhDs in electrical engineering and computer science reported a median offer of $65,000. Other industries raised their offers by a smaller percentage, if at all. Bachelors reported a median offer from management consulting and investment firms in the vicinity of $37,000 - below what manufacturing firms were offering but sweetened in many cases by talk of bonuses downstream.

There continued to be a surge in the number of applicants to medical school, as there was nationwide. A total of 202 candidates used the services of the Careers Office, up from 187 in 1994. They included 121 undergraduates, 9 graduate students, and 72 alumni. The number represents an all-time high. Some others may have applied independently. It is not known at this writing how many were accepted. Last year, 69 percent of the undergraduates were successful, as were 67 percent of the graduate students, and 62 percent of the alumni and alumnae.

GIFTS

Gifts, grants, and bequests to MIT from private donors in 1994-95 total $108.7 million. This amount includes cash, securities, and real estate gifts totaling $101 million, and $7.7 million in support through the Industrial Liaison Program. In addition, gifts in kind, mostly of equipment, totaled $6.8 million. The gifts reported by the Alumni Fund were $21.3 million, the second highest total on record.

Payments on pledges made during the successful Campaign for the future and significant new commitments continued to be received. Major efforts are continuing to increase endowment for student financial aid, faculty support, academic initiatives, new and renovated space, and unrestricted funds.

FINANCES

As reported by the Vice President for Finance and Treasurer, the total financial operations of the Institute, including sponsored research, amounted to $1.19 billion, an increase of 4.5 percent from 1993-94. Education and general expenses, excluding the direct expenses of departmental and interdepartmental research and the Lincoln Laboratory, amounted to $598.8 million during 1994-95 compared with $558.6 million in 1993-94. The direct expenses of departmental and interdepartmental sponsored research on campus increased from $263.3 million to $271.2 million, while direct expenses of the Lincoln Laboratory sponsored research increased from $315.5 million to $318.2 million. Current revenues used to meet the Institute's operating expenses totaled $1.19 billion, augmented by $5.1 million in current gifts, $1.6 million of other fund balances, and $8.5 million of funds functioning as endowment.

At the end of the 1995 fiscal year, the Institute's investments, excluding retirement funds, student notes receivable, and amounts due from educational plant, had a book value of $1.94 billion, and a market value of $2.49 billion compared to last year's book value of $1.80 billion and market value of $2.15 billion.

PHYSICAL PLANT AND CAMPUS ENVIRONMENT

Physical improvements and changes to the campus environment once again seemed to dominate the landscape this year. Construction of the Tang Management Center progressed, including the installation of the pedestrian bridge that will connect it to the Muckley Building (E40). The Tang Center is scheduled to open in time for the start of the upcoming academic year.

The Cogeneration Plant project neared full completion with the successful testing of the gas-fired turbine generator. The plant will generate 20 megawatts of electricity while simultaneously generating enough by-product steam to both heat and cool the Institute's buildings for most of the year.

Both the AXO Sorority at 478 Commonwealth Avenue and the McCormick Annex at 311-312 Memorial Drive were completed and ready for occupancy last fall.

A plan for renovating Senior House was initiated during the year. These renovations will entail a complete gutting of the interior with a new configuration of room layouts, new mechanical and electrical systems and new architectural finishes. The project is currently in design with preparatory construction to be completed during the summer. The actual renovation is to be carried out next summer.

Major renovations to the academic plant completed this year included the Pappalardo Mechanical Engineering Laboratory in the basement of Building 3; the new Religious Activities Center in W11; and the upgrade of facilities in Buildings 3, 5, 7, and 10 for the Department of Architecture.

On May 20, the new South Laboratory building at Lincoln Laboratory was dedicated. The research programs at Lincoln are aimed at strengthening the science and technology base of the country, and this building represents the culmination of the laboratory's program to modernize, expand, and consolidate its office and laboratory spaces in ways that will enhance both productivity and creativity of that enterprise.

Safety for members of the MIT community continues to be of utmost concern. Several MIT parking facilities now require use of the MIT Card for entry and exit. In addition, continued use of card access versus door keys resulted in a substantial decrease in thefts from dormitories. Outside illumination of the campus was substantially increased.

The work of the ad hoc Americans with Disabilities (ADA) Committee continued. A national search for a Disabilities Services Coordinator was conducted and an experienced individual was hired to fill that position. A schedule for the most important barrier removal priorities for the campus was established and several campus communications networks, including a directory page of resources for the MIT telephone directory, are planned. The guide map for persons with disabilities was also updated and will be published as a regular part of the official campus map.