Disbursements in Fiscal Year 2009
Disbursements during the fiscal year totaled $831 million: $730 million for HHMI scientific research and $101 million for grants for science education and international research scholars. Over the past five years, disbursements by the Institute totaled in excess of $3.8 billion.
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Disbursements |
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($
in millions) |
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2005 |
2006 |
2007 |
2008 |
2009 |
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Scientific
Research |
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$637 |
$694 |
$640 |
$681 |
$730 |
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Grants
and Special Programs |
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80 |
87 |
86 |
83 |
101 |
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Disbursements |
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717 |
781 |
726 |
764 |
831 |
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Endowment |
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14,745 |
16,326 |
18,702 |
17,499 |
13,976 |
Endowment Allocations
- Real assets:
- 10%
- International equity:
- 14%
- Distressed and credit sensitive:
- 16%
- Market neutral arbitrage:
- 1%
- Hedged equity:
- 14%
- Private equity:
- 19%
- Bonds:
- 13%
- Domestic equity:
- 13%
Scientific Research
HHMI’s research activities are conducted principally at Institute laboratories at medical centers, teaching hospitals and universities in the United States by investigators who hold faculty appointments at those host institutions. These individuals, together with their support staffs, are HHMI employees and are compensated directly by the Institute. Investigators may spend up to 25 percent of their time on teaching, administration, and other activities that benefit their institutions.
The Institute also conducts research at its Janelia Farm Research Campus in Loudoun County, Virginia, where Institute researchers are focused on identifying the general principles that govern how information is processed by neuronal circuits, and developing imaging technologies and computational methods for image analysis.
At the end of fiscal year 2009, the Institute employed more than 375 scientists at over 70 academic medical centers and Janelia Farm.
As of August 31, 2009, the Institute’s investment in laboratory space, equipment, and other property amounted to nearly $1.5 billion, with a current replacement value of approximately $1.9 billion.
Grants and Special Programs
Through its grants program, the Institute supports science education at all levels, from the earliest grades through advanced research training. It also directly supports scientists conducting research in the biological sciences in selected foreign countries. The Institute disbursed $101 million to support the activities of 488 grantees in 29 countries during fiscal year 2009.
Endowment and Financing
The Institute’s endowment is managed under the direction of its Vice President and Chief Investment Officer. Approximately 84 percent of the endowment is invested by external fund managers; the remainder is internally managed. External managers are used principally to manage alternative investments, including hedge funds, private equity, and derivatives.
At the close of fiscal year 2009, the endowment value was approximately $14.0 billion, a decrease of $3.5 billion from the end of fiscal year 2008.
In August 2009 the Institute issued $600 million in taxable bonds to establish a program spending reserve which may be used to fund the Institute’s research program. In addition, subsequent to the end of the fiscal year, the Institute issued $23 million in tax-exempt bonds to finance the construction of 60 apartment housing units for visiting scientists and employees at the Janelia Farm Research Campus.
The composition of the Institute’s endowment by investment category on August 31, 2009, is reflected in the graph above.
