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Vice President for Finance

Section 420 Transfer Project

OBO helped coordinate and lead the Section 420 Transfer Project in FY2008. The project will culminate with the transfer of surplus defined-benefit pension assets into a subaccount of the pension plan that can be used to pay for retiree medical costs. This will help MIT’s cash flow significantly as we will no longer need to fund the retiree welfare trust, which is normally where retiree medical costs are paid. The project included close collaboration with HR, the OSP, VPF, and Towers Perrin, MIT’s actuary.

All Funds Report

OBO helped develop the All Funds Report, which is distributed to the assistant deans and administrative officers on a monthly basis. The report is a one-page summary of financial information, including revenue and expense summaries for each fund type (general, designated funds, research), full-time employee (FTE) trends, changes in available fund balances, principal, endowment market values, modified total direct costs (MTDC) and research volume. It is our hope that this report creates a similar level of understanding between budget and administrative officers and helps provide a springboard for future reports and analytical capabilities.

Finance

The mission of the Office of Finance (OOF) is to support MIT’s platform for education and the advancement of knowledge by integrating the institution’s bold and expansive mission with a sustainable financial model. Inherent to our mission is balancing the investment in long-term opportunities with the funding of pressing short term initiatives. To that end, we have identified four lines of business built on our analytic process:

  • 1.

    Financial strategy: formulation and presentation of financial strategies for/to executive management

  • 2.

    Financial analysis: business analytics focused on providing trend analysis for major revenue and expense categories

  • 3.

    Internal consulting: facilitating the work of Institute-wide and DLC-specific systems and processes

  • 4.

    Policies and procedures: support of MIT and VPF operational goals through collaborative formulation of sound policies and procedures

OOF experienced many changes in FY2008, starting with the promotion of our former director, Israel Ruiz, to vice president for finance in July 2007. In November 2007, two members of the office were selected to participate in Leader to Leader, and one member was selected as a Vogt fellow—a Boston Consortium fellowship focusing on leadership training. Finally, Michael Bilostotsky, one of our most capable analysts, left his position in April 2008. OOF navigated these changes while simultaneously responding to requests from senior leaders and other clients for the expert analysis that they had come to expect from OOF.

MIT Reports to the President 2007–2008

21–10

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