The IRDF is a special MIT fund that offers targeted grants and low-interest loans to help fraternities, sororities, and independent living groups (FSILGs) improve their residences, make their houses accessible to students with disabilities, and enhance the safety and educational spaces of their residences.
IRDF Loans
IRDF loans are available for capital improvements and renovations to FSILG residences. There are three types of IRDF loans:
- Micro-Loans: Up to $100K with a term of 5 years or less
- Mini-Loans: Up to $250K with a term of 10 years or less
- Standard IRDF Loans: More than $250K with a maximum term of 30 years
There is no giving requirement to secure an IRDF loan, but the Board of Allocation considers several factors, including availability of funds, servicing capability, and terms of the loan. Every MIT FSILG has benefited from an IRDF loan, with more than 100 loans issued since 1964; currently, 75% of FSILGs maintain an IRDF loan balance.
IRDF Loan Payments
IRDF loans can be paid by ACH/Wire transfers using the instructions below and on the MIT VPF website under “Make a wire transfer on behalf of a non-government entity”.
If you are making a transfer payment on behalf of a non-government entity, include the following recipient information to ensure the payment is properly credited:
- Bank name—Bank of America, NA
- Bank address—100 Federal Street, Boston, MA 02110
- Wire payment ABA routing number—026 009 593
- ACH ABA routing number—011 000 138
- SWIFT code—BOFAUS3N
- DDA account number—004632424694 (“MIT incoming wire”)
- Wire details—“[Loan Number] IRDF – [House Corporation Name]”
IRDF Grants
IRDF grants provide reimbursements for various eligible project and operating expenses. Projects must be completed before a grant application can be submitted. For larger projects, preliminary advice on the scope of work may be provided.
Expenses must be eligible for reimbursement according to IRS guidelines and as reviewed by the MIT legal team. The four IRDF-eligible expense categories are:
- Educational space and equipment
- Safety improvements
- Accessibility improvements
- Historic preservation*
*A pre-construction application must be reviewed and approved by the IRDF Architectural Review Board to be eligible for grant funding.
See Policies & Funding Guidelines for more details.
IRDF Educational Operating Grants (EOGs)
This annual grant program reimburses a portion of life safety operating expenses and operating expenses related to educational activities in FSILG houses. Each facility has a predetermined percentage of “qualified educational space,” calculated in consultation with the MIT legal team and following IRS guidelines. “Qualified educational space” refers to areas used exclusively for educational purposes, such as study rooms, computer labs, and makerspaces. Certain life safety–related operating expenses are also eligible for partial reimbursement (see Policies & Funding Guidelines for details). FSILGs must apply for reimbursement annually, with applications due four months after the close of their fiscal year. This grant program is supported by fund income that includes investment returns, loan interest and new donations.
IRDF Minor Project Grants
Minor Project Grants are available for projects with an eligible grantable component of at least $10K and no more than $50K. These grants can provide partial reimbursement for renovation and improvement projects that fall within the eligible expense categories (see Policies & Funding Guidelines for details). The Grant Advisory Board establishes the level of annual funding that will be available for Minor Project Grants, typically $200K per year. This grant program is supported by fund income that includes investment returns, loan interest and new donations.
IRDF Major Project Grants
Major Project Grants are available for projects with an eligible grantable component of more than $50K and require fundraising on the part of the FSILG. Reimbursement is dependent on alumni contributions from members of the FSILG during a defined campaign period of up to five years. These grants can cover up to 100% of eligible expenses (see Policies & Funding Guidelines for details), but require substantial planning, fundraising, and documentation.
If an FSILG is conducting a capital campaign through the IRDF, up to 90% of each alumni contribution may be directed to that organization to cover qualified project costs. The remaining 10% supports programs that benefit the broader FSILG community, helping to ensure that MIT FSILGs remain a vibrant and integral part of student life.
Major Project Grants may be combined with IRDF loans: an FSILG can secure an IRDF construction loan, receive a grant after project completion to cover eligible expenses, and then apply the grant toward the loan balance. Recipients of Major Project Grants must submit an Annual Certification confirming the house continues to provide residential education to MIT students for 20 years.
IRDF Community Grants
The IRDF has been instrumental in the implementation and funding of several targeted community-wide programs. Examples of projects that Community Grants have helped fund include:
- Network Upgrades to ensure that all FSILG students have access to high speed networks (a collaboration between the Association of Independent Living Groups (AILG), DSL and MIT IS&T).
- The 2018 FSILG Facilities Assessment program (co-funded by MIT Division of Student Life (DSL) and individual FSILGs).
- Currently, the IRDF is supporting a multi-year FSILG Facilities Renewal Program for safety upgrades in FSILG residences.
This grant program is supported by fund income that includes investment returns, loan interest and new donations.
A pdf version of this information can be downloaded here.