MIT Reports to the President 1998-99
In fiscal 1999, revenues and funds of $1,294.6 million were used for operations. Total operating expenses were $1,317.4 million. The resulting need for additional general funds of $22.8 million was met by using Research Reserve investment income and decapitalizing a portion of Reserve principal.
In addition to the management of the investment program, the Office of the Treasurer provided assistance to the development of a ten-year financial planning model being developed in conjunction with the Office of the Executive Vice President.
On December 31, 1998, my predecessor, Glenn P. Strehle, retired after more than twenty-three years as Treasurer of the Institute. In recent years he also served as Vice President for Finance and participated in a broad range of activities, including substantial efforts towards the development of the financial planning model. My associates and I owe much to Mr. Strehle for setting the financial course of the Institute for these many years.
Additional information can be found in the Report of the Treasurer available in the Treasurer's Office.
Allan S. Bufferd
MIT Reports to the President 1998-99