IN WHAT marks a brand new pattern in India’s premier engineering faculties, an alumnus of Indian Institute of Technology, Delhi, has donated USD 1 million to his alma mater within the type of firm inventory. IIT Bombay and IIT Madras have additionally obtained inventory transfers from their alumni as donation.
Over the previous few years, IITs have been making a significant push to faucet into their alumni networks to boost funds for analysis, improvement and enlargement.
IIT Delhi alumnus Mohit Aron made the million greenback donation final November. A pupil of Computer Science and Engineering division’s 1995 batch, Aron is an entrepreneur and businessman. He based Cohesity, a knowledge safety agency, and co-founded Nutanix, a cloud computing agency, each unicorns.
It is learnt that Aron transferred shares value USD 1 million of Nutanix, which is listed in NASDAQ. His donation shall be used for the college’s analysis actions and to make sure that the undergraduate, Masters and PhD college students of the division can attend conferences and workshops in India and overseas, in accordance with an IIT Delhi assertion.
IIT Delhi Dean (alumni affairs) Prof Naveen Garg advised The Indian Express that below the coverage governing the endowment donations, “the amount is encashed soon after receiving.” “For donors from the US, transfer of company stock is an appealing option as they are exempted from paying capital gains tax. IIT Delhi endowment foundation (USA) is a registered charity in the US and receives such alumni donations on behalf of IIT-D,” he mentioned.
While launching its endowment fund in 2019, IIT Delhi had introduced it was planning to boost USD 1 billion by 2025. As of March 2020, it had an endowment of approximately Rs 186 crore.
Prof Mahesh Panchagnula, Dean, Alumni and Corporate Relations, IIT Madras, mentioned the institute has not obtained any contribution within the type of switch of inventory, nonetheless, its allied alumni organisation obtained donation within the type of inventory, and the proceeds of the sale of the inventory has been transferred as a contribution to IIT Madras.
“Our endowment plus corpus is valued at approximately Rs 550 crore,” he mentioned. While the Union authorities has directed all of the centrally-funded technical establishments (CFTI) to keep up endowment funds, IIT Madras mentioned its fund is about 5 years previous. “This fund was set up with the foresight that a growing endowment is good for the Institute, well before the CFTI endowment fund initiative was started by the Union Government,” Panchagnula mentioned.
Prof Suhas Joshi, Dean, Alumni and Corporate Relations, IIT Bombay mentioned the institute raised Rs 77 crore via donations in 2020-21. “We have instituted a process for accepting donations through transfer of stocks. We have so far raised over 11 crore through this route in the last nine months,” he mentioned.
IIT Madras’s Prof Panchagnula mentioned the institute makes use of the funds obtained as endowments for a number of causes together with, institution of Chair professorships to recognise exemplary school members, institution of scholarships to assist needy college students, create alternatives for school and college students to pursue analysis in rising areas, and assist infrastructure upkeep and different allied causes.
In 2018, IIT Delhi had appealed to its alumni to donate a part of their property to the institute of their will. Prof Garg mentioned a number of donations have been made via this route as properly.