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Vice President for Finance - page 12 / 14





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Vice President for Finance

  • Generating efficacy metrics (e.g., degree of penetration versus influential outcomes)

  • Recruiting to fill vacant positions (two analysts, one treasury manager, and one budget officer as of August 2008)

  • Continuing integration within the OBFT and the VPF


The Insurance Office, under the leadership of insurance manager/assistant counsel Regina Dugan, serves as a risk management resource to the MIT community to address property, liability, and business travel related risks, to manage claims associated with such risks, and to collaborate with DLCs on risk management initiatives and assessments.

Workers’ Compensation claims, both payments made in FY2008 and claims incurred, dropped by over 18 percent due to a combination of factors including a decrease in frequency and severity of claims, with a remarkable drop in the number of lost-time claims of 40 percent, as well as targeted efforts to obtain substantial recoveries from both excess insurers and the Department of Industrial Accidents.

MIT experienced one significant property loss in FY2008, which was related to damage caused to MIT’s cogeneration facility, resulting in a total loss in excess of $3.6 million. A significant portion of the damages were attributed to extra expenses incurred to purchase electrical power and steam from the utility company, and significant surcharges for purchasing these services at peak demand. Although automobile incurred losses for FY2008 are not fully developed, we’ve estimated reserves to project a substantial decrease of over 30 percent from FY2007.

To continue to spread the word regarding the travel assistance services and travel accident benefits extended to MIT business travelers, regular presentations were held, website references and links were updated, and general communications were distributed during the year. Through such efforts, the Insurance Office has educated administrators regarding pertinent insurance coverages and risks, and been more successful in serving as a resource to the MIT community.


Procurement, under director Diane Shea, continued to work to reduce paper handling by improving front-end and back-end procurement processes. In November 2007, Procurement started the migration of the partner vendors into our shopping portal, SciQuest. All vendors have successfully moved over and the portal was renamed eCAT³. The office has achieved the procurement strategy of having one-stop-shopping for our partner and many of our non-partner vendors. The system has been received well by the community and is a quick and efficient way to order products from the enabled suppliers. Procurement has been able to negotiate additional discounts for orders processed through the system. The system allows our vendors and MIT to conduct business in an electronic format which streamlines the purchasing function and helps reduce the number of errors that may occur when orders are processes manually.

MIT Reports to the President 2007–2008


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