MIT Reports to the President 1994-95

Endicott House

The sale of the adjoining Stearns' Estate, willed to MIT in 1981 by neighbor Russell B. Stearns, was completed during the year. The proceeds were used to establish an endowment fund, the income from which will be utilized to assist Endicott House in supporting its major capital projects.

During the year, a decision was made by the Sloan School of Management to discontinue its Program for Senior Executives. The eight-week residential program, offered each spring and fall, has been held at Endicott House for the past 38 years. Discontinuation of the program will have a major adverse financial impact on Endicott House operations. A major effort has been launched to replace this lost business.

The Institute continutes to invest in renovations and improvements at Endicott House in order to remain competitive with the many other conference centers and hotels who aggressively market their facilities. During the year, the small dining room was air conditioned so that both dining rooms are now climate controlled. The main house, Brooks Center, and auxiliary buildings were re-wired to accommodate an updated telephone system which is currently being installed. This new system will provide many of the features available to the remainder of the Institute through the AT&T 5ESS System. Two major projects are also currently underway; replacement of the Brooks Center septic system and the expansion of the parking lot.

From a statistical standpoint, there were 67 overnight conferences held at the facility, lasting from one night to the eight-week Sloan School Program for Senior Executives. Of the total, MIT-related groups accounted for 33 of these residential groups, 13 were from other non-profit groups, and the remaining 21 represented corporate businesses and some educational groups not classified as non-profit. These figures compare with last year's 52 overnight conferences with MIT-related groups accounting for 27 of the groups, six from other non-profit groups, and the remaining 19 representing corporate businesses. There were 5,525 room-nights occupied by a total of 5,556 guests this year compared with 4,387 room-nights occupied by 4,603 guests last year. Room occupancy was 37.8 percent compared with 35.2 percent last year. There were 25,075 meals served this year compared to 22,349 served last year.

Howard F. Miller

MIT Reports to the President 1994-95