In first month, IIT raises ₹255 cr from its alumni

Following the launch of its Endowment Fund on October 31, the Indian Institute of Technology (IIT) Delhi has collected around ₹255 crore from its alumni, institute

Following the launch of its Endowment Fund on October 31, the Indian Institute of Technology (IIT) Delhi has collected around ₹255 crore from its alumni, institute dirextor V Ramgopal Rao said on Saturday. Rao also wrote to the alumni asking them to contribute raising $1 billion over six years as endowments.

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Touted as a “first-of-its-kind initiative”, the fund aims to work towards the development of the institute, nurturing innovation and entrepreneurial spirit, and to create more scholarships. The announcement comes at a time when universities across the country are fighting against fee hikes.

The earnings from the fund will be utilised under the guidance of a Governing Board of Advisors consisting primarily of alumni and the IIT Delhi administration. “We now have in place a professional fund management infrastructure with an independent endowment fund board to steer its activities. Till date we have received commitments amounting to ₹255 crores from some of our prominent alumni,” Rao wrote to the alumni.

With its 52,000 alumni, IIT-D aims to reach the target of Rs 1,000 crores by 2020 and $1 billion by 2025. “We are appealing to all alumni to make a contribution of 1% of their annual earnings to their alma mater as a starting point for participating in this “Giving Back” revolution. All contributions in India and the US are tax exempt,” Rao added.

The endowment would allow IIT to “confidently engage in long-term planning without sustainability risk to critical projects,’’ Rao had said during its launch in October 31 at Rashtrapati Bhavan by President Ram Nath Kovind.