FAQs

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Endowment Fund

What is an Endowment Fund?

The IIT Delhi endowment, including many around the world, is structured to exist in perpetuity, meaning that the institution will continue to rely on the endowment’s earnings forever. This is the reason, our endowment is not only for today’s generation, but is for all future generations of IIT Delhi students and scholars. Guided by this principle of intergenerational equity, IIT Delhi’s endowment is carefully managed to ensure that future generations will enjoy its benefits just as much as the current one. An endowment is a dedicated source of long-term funding, made up of donated gifts, that supports the mission and work of an educational institution.

Why does IITD need an Endowment Fund?

  • IIT Delhi has been funded almost entirely from Funds from Government of India so far. In order to realise IIT Delhi’s future growth plans it is important to diversify its sources of funding.
  • IIT Delhi has been funded almost entirely from Funds from Government of India so far. In order to realise IIT Delhi’s future growth plans it is important to diversify its sources of funding.
  • The Endowment’s annual distributions will be a critical source of funding for the Institute. In this manner, the endowment bridges the gap between revenue that is brought in from tuition and research grants, and the critical costs associated with the Institute’s teaching and research activities.

What would the Endowment Funds be used for?

The income from the Corpus of the Endowment Fund will be used to fund IITD related activities such as infrastructure development, research and development, faculty and student development, alumni engagement, collaboration with industry and collaboration with national and international educational institutes and research organizations. Each year, the returns of the endowment is paid out as an annual distribution to fund and support the cause which all the endowment board members agree on.

Donation of Funds

There are two main types of donations to IITD Endowment Fund:

a. Unrestricted Donations: The funds so donated will be credited to IIT Delhi Endowment Fund corpus and will be used as per the directions of the board of directors of the Endowment Fund. For the purposes outlined in Question 3 above.

These unrestricted donations in India will be covered by a donor agreement between the Donor and IIT Delhi. In the US, these unrestricted donations will be covered by a MoU between Donor and IIT Delhi Endowment Fund US.

b. Specific Purpose Donations: These donations can be made to the Endowment Fund for Specific Purposes such as naming of a particular Building, Construction of a Hostel wing or a laboratory or institution of Faculty chair or scholarships or Awards etc. These donations will be covered by a specific MoU between Donor and IIT Delhi.

In the US, there donations will be covered by a specific MoU between donor and IIT Delhi Endowment Fund US. The IIT Delhi Endowment Fund US in turn will remit these funds under a Specific Grant Agreement to IIT Delhi.

How do I donate to the Endowment Fund in India?

Donations in INR (Indian Rupees) may be sent as per the below mentioned remittance instructions.

 

In India

 For Indian Residents Donating in Indian Currency — NEFT/ Wire Transfer Account Name: DEVELOPMENT OFFICE IIT DELHI ACCOUNT
Account Number: 00000034105945646
Bank Name: State Bank of India
Branch Name: IIT, Hauz Khas, New Delhi -110016
IFS Code: SBIN0001077
SWIFT Code: SBININBB547
IIT Delhi PAN No. : AAATIO393L

For Indian Residents donating thru Cheque / Draft
Payable to: DEVELOPMENT OFFICE IIT DELHI ACCOUNT
Mailing Address: Dean AAIP, IIT Delhi
Room No. AD212,
Indian Institute of Technology Delhi,

Hauz Khas, New Delhi, India

What is the minimum amount that I can donate?

There is no Minimum amount but the Alumni are encouraged to donate at least $100 or INR 1,000 in each remittance to cover Banking and other related charges.

TAX DEDUCTIONS

Is my donation to the Endowment Fund tax deductible for me in India? What is the process for filing tax deduction of these donations?

Yes, Donation by Indian Resident Donors is tax deductible in India under Section 80G of Income Tax Act, 1961.

 For each donation an email message to be sent to the CEO, IIT Delhi Endowment Management Foundation at ceo.endowment@alumni.iitd.ac.in, and Dean, AAIP at deanaaip@admin.iitd.ac.in indicating the date and the amount of Donation, PAN and Mailing address.  

Donations sent by an individual donors will be tax deductible for them in India under 80G. A Receipt will be sent to the Donors for claiming Tax deductions.

 The Donations sent by Corporations (on behalf of an Alum) will be tax deductible in India for the Corporation and may also qualify for CSR Funding.

Can we donate stocks in India?

No, Stock donations are not accepted in India as yet.

Tax Benefits in US

For US Donors, the donations made through IIT Delhi Endowment Fund (US) is tax exempted in the US under Internal Revenue Code (IRC) Section 501 (c)(3)

Tax Benefits in UK

For UK Donors, the donor shall provide a Gift Aid declaration to IIT AA UK which will then claim Gift Aid tax benefit from HMRC at the basic rate.

ENDOWMENT FUND BOARD

Who are the Board members of Endowment Fund?

Presently, the IIT Delhi Endowment Board members include: The Director of IIT Delhi (Chairman), and the Dean of Alumni Affairs, as Ex Officio members, and Founder/Co-Founder alumni members of the Endowment Fund, namely:
•        Prof Rangan Banerjee: Director, IIT Delhi, and Chairman-IIT Delhi Endowment Board (Ex-Officio)
•        Dean Alumni Affairs, IIT Delhi (Ex-Officio)
•       Arun Duggal – Founder
•        Gautam Kumra: Co-Founder
•        Neeraj Arora: Founder
•        Sandeep Singhal: Founder
•        Sashi Reddi: Co-Chairman
•        Saurabh Mittal: Founder
•        Vikram Gupta: Founder

What are the roles and functions of the Endowment Fund Board?

The Board of Endowment Fund provides overall Governance for the Endowment Fund.

a)  The Endowment Board will provide guidance for the utilization of the earnings from the Endowment fund under the broad areas of infrastructure development, research and development, faculty and student development, alumni engagement, collaboration with industry and collaboration with national and international educational institutes and research organizations.
b)  The Endowment Board shall be the apex body to approve proposals for utilization of Endowment fund and to manage the fund. It would undertake these activities through the IITD Endowment Management Foundation “Foundation”, the not for profit section 8 company registered specifically for the purposes of managing the Endowment Funds.
c) Once approved by the Endowment Board, proposals for utilization of Endowment funds will be processed by IITD as per existing procedures, approval processes and regulations.
d) The Endowment Board shall nominate, withdraw or re-nominate the board members to the “Foundation”.
e) The Endowment Board shall approve annual allocation of funds to meet expenses of “Foundation”.
f) The Endowment Board shall ensure that the ‘Foundation’ maintains funds which are sufficient to meet the administrative, operating and other expenses for a period of at least two years at any point of time. 
g) The Endowment Board will maintain a list and contact information of all Founders and update it annually.
h) The Endowment Board shall do or authorise such other acts and activities as may be deemed necessary for the proper management of the Endowment fund
i) The Endowment Board by a resolution or resolutions may designate/constitute one or more standing committees or sub committees for any specific purpose with such powers and duties as may be decided from time to time.

What is the eligibility and process of joining the Board of Endowment Fund?

Founder Donors (who make a commitment of Rs. 10 crores or approx. or USD 1.5MM or more) can apply for joining the Board.  
Donors to IITD Endowment Fund with contribution commitment more than INR 10 crores or approx. USD 1.5MM  will be titled “Founder”, and Donors with contribution more than INR 5 crores or approx. USD 750K) will be titled “Co-Founder”. The minimum amount of contribution for Founders and Co-founders may be revised upwards by the Endowment Board. The Endowment Board will be selected on the basis of the following criteria:
•           Candidate must be a Founder
•           Clear background check
•           No clear/perceived conflict of interest
•           Strong affiliation with IITD
•           Willingness to devote time as required
•           Bring in some of the unique strengths for the success of the Endowment Fund including:
•         Fund Raising ability
•         Gravitas and Eminence in Business, Academic and Social areas
•         Geographic location (such as Delhi, Mumbai, Bangalore, New York, San Francisco, Boston, London, Tokyo, etc.) to be an ambassador of the endowment and host events
•         Governance experience
 Two existing Endowment Board Members shall be required to recommend new candidates from the pool of donors meeting the above criteria. The final selection shall be by approval of the Endowment Board.

ENDOWMENT MANAGEMENT FOUNDATION

Who are the Board members of Endowment Management Foundation?

Mr. Sashi Reddi       Chairman
Dean Alumni Affairs Director
Mr. Gautam Kumra           Director
Mr. Arun Duggal             Director
Mr. Sandeep Singhal         Director
Mr. Vikram Gupta            Director
Prof. V Ramgopal Rao       Director

What is the role of the IITD Endowment Management Foundation?

IITD Endowment Management Foundation is an independent Section 8 Company located within IITD campus and the main role and responsibility of Endowment Fund will be as below:

1. Fundraising from Alumni in India, US and other countries.
2. Maintaining close relationship with Donors and Potential Donors.
3. Investment of the Corpus of the Endowment Fund as per the approved investment policy.
4. Allocating funds for various IITD projects
5. To maintain close working relationship with IITD Alumni Affairs and International Program Department and other faculty members.

Has the CEO for the Foundation been appointed?

Yes, Mr. Vinay Piparsania has been appointed as CEO of the Foundation w.e.f. 17th Aug 2020.

How many staff members will the Foundation have?

It is expected to begin with 6 to 8 staff members which will gradually be increased to about 20 members.

Who are the Statutory Auditors of the Foundation?

M/s S.R. Batliboi & Co. LLP has been appointed as Statutory Auditors of the Foundation.

IITD Endowment Fund (US)

How do I donate to the Endowment Fund in US?

For donations in US, please contact:

ceo.endowment@alumni.iitd.ac.in
accounts.endowment@alumni.iitd.ac.in

Is my donation to IIT Delhi Endowment Fund (US) Company tax deductible for me in the US? What is the process to be followed for tax deductions?

Yes, For US Donors the Donations made through IIT Delhi Endowment Fund (US) is tax exempted in the US under Internal Revenue Code (IRC) Section 501 (c ) (3).

For each donation an email message to be sent to the President, IIT Delhi Endowment Fund (US) at sashi@sricapital.com with a copy to CEO, IIT Delhi Endowment Management Foundation at ceo.endowment@alumni.iitd.ac.in and Dean, AAIP at deanaaip@admin.iitd.ac.in.


A Donor non-binding Memorandum of Understanding (MoU) will be executed between the Donor and IIT Delhi Endowment Fund (US).

Receipt for tax deduction of the dollar amount donated will be sent by IIT Delhi Endowment Fund (US).

There will be a Grant agreement between IIT Delhi Endowment Fund (US) and IIT Delhi under which the USD funds donated will be remitted to IITD FCRA account in India and converted into INR. These funds so received will be credited to IITD Development Account (Endowment Fund at State Bank of India, IITD Branch).

Will there be any handling fee?

There will be a small handling fee by IIT Delhi Endowment Fund (US) for bank charges, book keeping, auditing and other expenses of IIT Delhi Endowment Fund (US). These charges will be 1% of the amount remitted with minimum of $25 and maximum of $1000.

Can I donate in stocks in the US?

Yes, You can donate stocks to IIT Delhi Endowment Fund (US) (Section 501 (c) (3) company. There is a separate Agreement for that between Donor and IIT Delhi Endowment Fund (US).  

All such stocks can be transferred to IIT Delhi Endowment Fund (US) Brokerage A/c at Bank of America.

Is there a possibility of the Employer matching the Donation?

Yes, the US employer can also send matching donations to IIT Delhi Endowment Fund (US) indicating the Employee’s name.

Please see above Question No. 16 for Remittance Instructions

 The information of such Donations shall be sent to the President, IIT Delhi Endowment Fund (US) at sashi@sricapital.com with a copy to CEO, IIT Delhi Endowment Management Foundation at ceo.endowment@alumni.iitd.ac.in and Dean, AAIP at deanaaip@admin.iitd.ac.in.

We are also in the process of registering the IIT Delhi Endowment Fund (US) with Benevity and Charities Trust.

Other questions

What will be the process of selecting the IITD projects which would be supported by the Endowment Fund?

Foundation will be responsible for deployment of funds for IITD related activities as per “Annual Plan” as approved by the Board of IITD Endowment Fund on an annual basis.
Program Management will include:

a) Collecting allocation requests from Faculty for various Research and other Projects, including Infrastructure Projects.
b) Submitting Annual Allocation Plan to IITD Endowment Fund Board for approval.
c) Implementation of the approved Projects to be undertaken by IITD as per existing procedures, approval processes and regulations.
d) Monitor implementation of various Projects on a quarterly basis.
e) Providing Annual Progress Report to IITDEF (Foundation) Board and Donors.

What will be the frequency and scope of Reports relating to IITD projects for which these funds will be utilised?

There will be an Annual Progress Report on IITD projects and this will be provided to the IIT Delhi Endowment Fund Board and the donors.

What will be the Role of Dean, AAIP and staff of AAIP regarding the Endowment Fund and its operation?

Dean, AAIP is on the Board of IITD Endowment Fund and a permanent Invitee to IITD Endowment Management Foundation. AAIP will continue to handle all Alumni related functions other than fundraising which will be handled by IITD Endowment Management Foundation. There will be common and overlapping matters for which the two Organisations will coordinate closely.

What is the status of IITD Vision and Strategy Document 2030 being prepared by Mckinsey with inputs from IITD Faculty and Alumni?

IIT Delhi Vision and Strategy Document 2030 prepared by Mckinsey and was approved by Board of Governors of IIT Delhi.

What is the relationship between IITD Alumni Association and IITD Endowment Fund?

IITD Alumni Association is an independently registered society which functions through an elected executive body and a President. There is no formal link between IITDAA and IITD Endowment Fund.

Can I donate funds to IITD Endowment Fund thru IITD Alumni Association?

We request you to donate funds to IITD Endowment Fund directly as indicated in Question 4 above.

What is the role of IIT Delhi Excellence Foundation in raising funds for IITD Endowment Fund in the US?

IIT Delhi Excellence Foundation is organising various Alumni activities in the US including acceptance of donations for remittance to IIT Delhi. Now that we have de-novo Organisation IITD endowment fund US. We suggest that any donation over $1000 to be sent to IIT Delhi may be sent to IIT Delhi Endowment Fund US.

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