IIT-Bombay’s donations up to ₹80cr in ’20-21

Annual donations collected by the Indian Institute of Technology, Bombay (IIT-B) from corporate and alumni networks grew to ₹80 crore in 2020-21, from ₹20 crore in 2017-18

Annual donations collected by the Indian Institute of Technology, Bombay (IIT-B) from corporate and alumni networks grew to ₹80 crore in 2020-21, from ₹20 crore in 2017-18.

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IIT-B, which has been recording an annual fund deficit to the tune of around ₹100 crore in its annual reports, recently ramped up its efforts to raise funds from alumni and industry networks to fund various infrastructure and research projects. In 2015, the institute set up a not-for-profit and charitable company registered under the section 8 of the Companies Act for raising donations.

“In the recent past, to upscale the efforts towards building up alumni and corporate relations and fundraising in a systematic, dedicated and professional manner, akin to that in many foreign Universities, but customised to our needs and ecosystem, the Institute decided to start a separate Section 8 Company for this purpose. The company, named IITB Development & Relations Foundation, is now leading this effort as an arm of the institute,” said Prasanna M Mujumdar, deputy director (Finance & External Affairs) and professor in the department of aerospace engineering at IIT-B. The company is led by the Dean (alumni and corporate relations), supported by other functionaries, he added.

“Over the years, the bond between IIT-B and its alumni has become very strong. The alumni want their alma mater to reach to the same pinnacle as they themselves have reached in their very successful careers. Their strong support, not just in terms of donations but also in mentorship and vision, has been of tremendous help in taking the institute to newer heights,” said Subhasis Chaudhuri, director, IIT-B.

The primary sources of income at the institute are from academic receipts such as tuition, examination fees, hostel rent, royalty and consultancy charges for research and development, and grants from the union Ministry of Education.

While the Covid-19 pandemic affected the income of the institute, owing to minimum operations and maintenance on campus, the institute was able to manage with the reduced income, said Mujumdar.

“As government orders on expenditure management were received right towards the beginning of the financial year, the budgets were adjusted, anticipating the naturally expected reduction in expenditure due to regulated functioning,” said Mujumdar.