Section 18

Risk and Audit Committee

18.1
The Risk and Audit Committee shall consist of not fewer than five nor more than eight Corporation members. The Governance and Nominations Committee shall specify the number of members of the Risk and Audit Committee from time to time. Members of the Risk and Audit Committee shall be chosen from among the members of the Corporation, except any member of the Corporation serving ex officio under Paragraph 2.1.1 or under Paragraph 2.1.2 (other than the President of the Alumni Association, who may serve as a member of the Risk and Audit Committee). A quorum for any meeting of the Risk and Audit Committee shall consist of a majority of the number of members then serving.

18.2
The Risk and Audit Committee shall employ public accountants to examine the books of MIT for the next fiscal year, and such other financial and investment records as the Risk and Audit Committee deems appropriate from time to time. The public accountants shall report thereon to the Risk and Audit Committee, which shall in turn present the report of audit, including the scope of the examination, to the members of the Corporation at their next annual meeting with such recommendations as the Risk and Audit Committee shall deem appropriate. The Risk and Audit Committee undertake other responsibilities with respect to the quality and integrity of MIT’s financial statements, MIT’s external and internal auditors, MIT’s tax filings and compliance with law, regulation, and standards of ethical behavior, and risk management as are stated in a charter adopted by the Risk and Audit Committee following review by the Executive Committee.

18.3
The Committee shall keep a record of its proceedings and may appoint a secretary for that purpose.