In 1996-97 student enrollment was 9,947, compared with 9,960 in 1995-96. There were 4,429 undergraduates (4,495 the previous year) and 5,518 graduate students (5,465 the previous year). The international student population was 2,144, representing 8 percent of the undergraduate and 33 percent of the graduate populations. These students were citizens of 104 countries. (Students with permanent residence status are included with U.S. citizens.)
In 1996-97, there were 3,085 women students (1,749 undergraduate and 1,336 graduate) at the Institute, compared with 3,013 (1,705 undergraduate and 1,308 graduate) in 1995-96. In September 1996, 451 first-year women entered MIT, representing 42 percent of the freshman class of 1,074 students.
In 1996-97, there were, as self-reported by students, 2,753 minority students (1,997 undergraduate and 756 graduate) at the Institute, compared with 2,630 (1,980 undergraduate and 650 graduate) in 1995-96. Minority students included 422 African Americans (non-Hispanic), 41 Native Americans, 564 Hispanic Americans, and 1,726 Asian Americans. The first-year class entering in September 1996 included 509 minority students, representing 47 percent of the class.
DEGREES AWARDED
Degrees awarded by the Institute in 1996-97 included 1,165 bachelor's degrees, 1,414 master's degrees, 16 engineer's degrees, and 514 doctoral degrees - a total of 3,109 (compared with 3,155 in 1995-96).
STUDENT FINANCIAL AID
During the academic year 1996-97 the continuing healthy economy and a reduction in the number of needy students reduced the need for grant funds. At the same time, endowment income for scholarships increased by 11 percent. A total of 2,609 students who demonstrated need for assistance (59 percent of enrollment) received $34,110,000 in grant aid and $15,864,000 in student loans from all sources. The total, $49,974,000, is approximately the same as last year.
Grant assistance to undergraduates was provided by $13,269,000 in income from the scholarship endowment, by $986,000 in current gifts, by $3,787,000 in federal grants (including ROTC scholarships), and by $3,160,000 in direct grants from non-federal outside sources to needy students. In addition, $12,908,000 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 $341,000, and the MIT Opportunity Awards that accounted for $491,000. An additional 564 students received grants irrespective of need from outside agencies, totaling $3,555,000. The undergraduate scholarship endowment was increased by the addition of $10,354,000 in new funds. These new contributions increased the endowment for scholarships to $130,730,000.
Loans totaling $15,864,000 were made to undergraduates, an increase of 1 percent from last year. Of the total loans made, $2,118,000 came from the Technology Loan Fund, $4,315,000 came from the Federal Perkins Loan Program, and $9,335,000 came from the federal Direct Loan Program. An additional $96,000 was provided to undergraduates from other outside sources.
Graduate students obtained $4,631,000 from the Technology Loan Fund, an increase of 1 percent from last year's level. Graduate students obtained $9,288,000 from the Federal Stafford Program, $21,000 in Perkins Loan funds, and $184,000 from other outside sources. The total, $14,124,000 is an increase of less than one-half of 1 percent over last year.
The total of loans made to undergraduate and graduate students was $29,998,000, increasing less than 1 percent over the last year.
The number of needy undergraduate students decreased by 1 percent to 2,609. The average need for this population increased by 3 percent, to $20,668. In the aggregate, the financial aid program required $27,212,000 from needy students' family resources and provided $53,928,000 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
In 1996-97, the market for new MIT graduates soared in every area of industry, and a record-breaking number of employers visited the office. The number of individual employers (not including individual divisions of larger corporations) who came to interview was 715 compared to 637 the previous year. As the year came to a close, interview schedules for 1997-98 suggested that the upward trend would continue in the year ahead.
Software skills continued to be the most sought-after single area of student expertise, with particular emphasis on new multimedia and Internet technologies, and employers have learned that students from a wide variety of MIT courses have substantial experience with information technology. The telecommunications, pharmaceutical, finance, and semiconductor industries have contributed noticeably to this demand. Starting salaries have increased, as has the percentage and range of firms offering signing bonuses. Salary ranges for doctoral graduates in engineering are on the average $68,000-74,000. Master candidates' offers range from $48,000-54,000 and bachelor candidates' from $40,000-42,000.
Student interest in medical school has continued to rise. This year, 117 seniors applied to medical school, with 71 percent admitted. The number of alumni/ae applicants has doubled since 1988 and nearly tripled since 1986; this year, 85 MIT alumni applied to medical school. A total of 124 men and 89 women (undergraduates, graduate students, and alumni) applied to medical school, and the acceptance rate was 62 percent in both cases, including re-applicants.
GIFTS
Private support for Fiscal Year l997 totaled $133,600,000, including the following: $126,200,000 in gifts, grants, and bequests, and $7,400,000 million in support through membership in the Industrial Liaison Program. The total compares with $130,900,000 in 1996, $108,900,000 in 1995, $94,500,000 in l994, and $96,800,000 in 1993. Gifts-in-kind for the past year (principally gifts of equipment) were valued at $11,200,000.
Sources of gifts for Fiscal Year l997 were: alumni, $48,900,000; non-alumni friends, $17,800,000; corporations, corporate foundations, and trade associations, $30,200,000; foundations and charitable trusts, $27,700,000; and others, $1,600,000.
FINANCES
As reported by the Vice President for Finance and Treasurer, the overall financial results of the Institute's operations were favorable during Fiscal Year 1997. Revenues and funds of $1,181,700,000 was used for operations. Total operating expenses in Fiscal Year 1997 were $1,186,600,000. The operating results produced an additional need for general funds of $4,900,000, a decline from the $8,500,000 deficit in the prior year. In addition, net assets increased $626,100,000, which included net investment gains of $564,600,000, and reached almost $3.9 billion at year end. The MIT endowment reached a market value of $3.02 billion, up 21.3 percent, and benefited from a strong flow of gifts and from large market gains.
The research revenues of departmental and interdepartmental laboratories, primarily on campus, totaled $387,900,000 in Fiscal Year 1997, an increase of 2.8 percent. This was the first year that industry replaced a governmental agency as MIT's leading sponsor of research on campus. Lincoln Laboratory reported total revenues of $352,600,000, an increase of 2.7 percent.
PHYSICAL PLANT AND CAMPUS ENVIRONMENT
While many physical changes to the campus were evident once again this year, perhaps the most striking changes involved new ways of doing business and dramatic changes in personnel brought about by the one-time Retirement Incentive Program. In the Operations areas alone, 110 individuals retired, including five long-serving department heads. These changes in personnel necessitated reorganization in some instances and searches for replacements in others.
Steady progress continued on the reengineering front, as many processes were redesigned or restructured. Following a review of the publication, copy, and audio-visual needs of the Institute, the Office of Design Services and the typesetting, offset printing, and photography sections in Graphic Arts ceased operations at the end of August. The Copy Technology Services and Audio Visual Services became autonomous departments, and a new service, the Publishing Services Bureau, began to coordinate the planning and production of the Institute's print and electronic publications.
SAP became the Institute's financial system of record on September 3, 1996. A major communications effort was launched at that time in order to keep the broader community abreast of the changes and to identify and quickly resolve the operational issues that inevitably accompany such an undertaking.
The Office of Facility Management Systems separated from the Institute in September, and the Institute's space accounting functions were assumed by Physical Plant.
Many physical improvements to the campus were evident as well. Chilled water capacity was greatly expanded at the Central Utilities Plant, and additional cooling tower capacity was expected to go on-line early in the next year. Building 56 was occupied following renovation, and the total renovation of Building 16 commenced late in the winter. The renovation of Senior House set a new standard of accomplishment, with $11,000,000 of construction completed in just 12 weeks during the summer. Exterior work on the building, including a new main entrance on Amherst Street, was expected to be completed early the next year.
Four Institute projects received awards during the year. The School of Architecture and Planning renewal project, the Tang Center, and the Cogeneration project won design awards from the Boston Society of Architects (BSA), while the BSA and the Associated General Contractors jointly awarded Senior House an Owner Excellence Award. In addition, the U.S. Environmental Protection Agency named Physical Plant its "Partner of the Year" for the Plant's dedication to promoting energy-efficient lighting.
As in past years, we continue to be committed to the safety of all who live and work on the campus. Training and education to ensure compliance with Institute policies and government regulations continue to be a priority. The number of thefts of Institute property and personal property, including thefts from residence halls, all decreased from those recorded last year.
MIT Reports to the President 1996-97