The Indian Institute of Technology Madras has launched a new fundraising platform. This is to raise endowment funds through alumni. It was launched on the occasion of ‘Alumnite,’ held to welcome the 2017 batch into the Alumni fold.
Endowment funds through ‘Joy of Giving to IITM’
The fundraising program named ‘Joy of Giving to IITM’ is intended to aid IIT Madras’ journey towards global distinction in the fields of engineering education and research. It will work towards raising endowment funds for the institute through alumni and corporations from around the globe.
Joy of Achieving through to IITM Alumni
Crowd funding is a new initiative of IIT-Madras, which has brought in Rs. 1 crore in retail funds. Around 250 new donors have joined the initiative. The average donation size has been a very promising figure of Rs.35,000. More than 30 companies are engaged with IIT-Madras at the moment. Fund raising by IIT-Madras from grew by 22 per cent in 2016-17.
M. Subramanian, Chief Executive Officer (Development Office), IIT- Madras Charitable Trust, said, “Thanks to the active involvement of the IIT-Madras Alumni community, the Rs. 55 crore was raised in 2016-17, up from Rs. 45 crore in the preceding fiscal.”
Prof. R. Nagarajan, Dean, International and Alumni Relations, IIT Madras, welcomed the 2017 batch info the Alumni fold. IIT-Madras had successfully regained the No.1 ranking in NIRF for the second consecutive year. This was made possibly due to the contributions of the faculty, students, staff and the alumni.
Future Target
Traditionally, alumni associations in India do not engage in fund raising. Their primary responsibility is to build the network. But IIT-M has successfully made the transition of tapping the alumni for fund raising. Taking a cue from the model practiced in the West, primarily from the US universities, IIT-M is now planning to raise Rs 500 crores by 2020 as endowment fund.
