Organization and Administration
MIT is chartered as a non-profit organization and is owned and governed by a privately appointed board of trustees known as the MIT Corporation. The current board consists of 43 members elected to five-year terms, 25 life members who vote until their 75th birthday, 3 elected officers (President, Treasurer, and Secretary), and 4 ex officio members (the president of the alumni association, the Governor of Massachusetts, the Massachusetts Secretary of Education, and the Chief Justice of the Massachusetts Supreme Judicial Court). The board is chaired by John S. Reed, the former chairman of the New York Stock Exchange and Citigroup. The corporation approves the budget, new programs, degrees, and faculty appointments as well as electing the President to serve as the chief executive officer of the university and presiding over the Institute's faculty. MIT's endowment and other financial assets are managed through a subsidiary MIT Investment Management Company (MITIMCo). Valued at $9.7 billion in 2011, MIT's endowment is the sixth-largest among American colleges and universities.
MIT has five schools (Science, Engineering, Architecture and Planning, Management, and Humanities, Arts, and Social Sciences) and one college (Whitaker College of Health Sciences and Technology), but no schools of law or medicine. While faculty committees assert substantial control over many areas of MIT's curriculum, research, student life, and administrative affairs, the chair of each of MIT's 32 academic departments reports to the dean of that department's school, who in turn reports to the Provost under the President. The current president is L. Rafael Reif, who formerly served as provost under President Susan Hockfield, the first woman to hold the post.
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