The Howard Hughes Medical Institute is the nation's largest private supporter of academic biomedical research. As a medical research organization, the Institute spends at least 3.5 percent of its endowment each year on research activities and related overhead, excluding grants and investment management expenses. At the close of fiscal year 2013, the Institute had $16.9 billion in diversified net assets, an increase of $1.1 billion from the previous fiscal year's end. Since 2004, the Institute has provided over $7 billion in direct support for research and science education.
This annual report includes financial information as well as an overview of the work done by the center in 2013.