The Massachusetts Institute of Technology (MIT) is a private research university in Boston, Massachusetts that tends to attract the smartest of the smart. With an acceptance rate of 8%, MIT is selective – even at an annual cost (tuition, room and board) of about $70,000 annually, which equates to nearly $300,000 for an undergraduate degree.
The most recent IRS Form 990 (2015 for the year ending June 30, 2016) reports the school received $4 billion in revenue which primarily came from three sources:
- $2.1 billion: Program Services including tuition and fees, research contracts, auxiliary fees
- $1.0 billion: Contributions including $400 million from the government
- $0.9 billion (or $900 million): Gains on the sale of assets, investment income, royalties, and rents