MIT President Kornbluth addresses community on endowment tax pressures and talent pipeline challenges
By
dmayo
17d ago· 6 min readen
75/100
Toasty
Bagelometer↗
Right out the toaster. Reliable, with some real depth.
Score75Typepress releaseSentimentnegative
Summary
MIT President Kornbluth addresses the MIT community about ongoing budget pressures caused largely by a new 8% tax on endowment returns, and discusses challenges to the institution's talent pipeline. She emphasizes the need for change across the Institute and provides factual context about the financial situation.
Key quotes
· 3 pulledFor more than a year, we've all worked on responding to extraordinary new and sustained pressures on our budget (due largely to the heavy new 8% tax on our endowment returns, a burden for MIT and only a few other peer schools).
Across the Institute – centrally and in local units – it was clear to everyone that change was imperative, and you all took the challenge head on.
It's been a while since I've spoken with you all. But the Institute is facing ongoing challenges in two related areas: funding, and our talent pipeline.
Hello, everyone.
