BITS Pilani and Indian Institutes of Technology (IITs) Delhi, Madras and Kanpur, among others, are looking to fill their coffers through efforts such as donation campaigns, encouraging collective donations through chapters or batches, organising leadership delegations to countries where alumni reside, increased reunions and alumni get-togethers, encouraging high net-worth donors to set up centres of excellence, forging close connections with companies for corporate social responsibility (CSR) funding and setting up alumni chairs.
Aiming high
BITS Pilani is targeting funding of ₹55 crore in this financial year, compared to ₹1 crore per year it raised prior to 2018, with a goal to raise $100 million (about ₹850 crore) in four years. IIT Kanpur has received funding commitments of more than ₹750 crore in the past three years, and it has plans to quadruple its funding over the next five years. IIT Delhi is looking to hit the ₹1,000 crore mark for its endowment fund in the coming years. It has received a couple of donations in excess of ₹50 crore each.
“In the years to come, funding through endowment would play a critical role in investment by higher education institutions in strategic thrust areas that would be a differentiating factor for their growth,” said Arya Kumar, senior professor, Department of Economics and Finance, BITS Pilani, Pilani Campus.
At BITS Pilani, the largest endowment pledge stands at $3 million (about ₹25 crore) by entrepreneur Rakesh Verma, chairman of tech company MapmyIndia. The number of endowments over $1 million runs into double digits. With its proposed $10 million fund, BITS Pilani intends to provide 100 scholarships to meritorious girls every year, create three-four new research centres of excellence, support 100 undergraduate research projects, establish a large fund for student and alumni startups, and set up 15-120 chairs in emerging areas, Kumar said.More push, greater efforts
At IIT Delhi, which received a total of ₹210 crore in the past three financial years, the majority of contributions came from a few alumni donating large amounts.
“Going ahead, new fundraising products are planned which include a large number of alumni making smaller donations,” said Prof PVM Rao, dean, alumni relations, IIT Delhi.
Touching close to 100 endowed chairs, the institute is looking at chairs to support younger and new faculty members. It has a new fundraising initiative to reconstruct five student hostels, each requiring about ₹100 crore to rebuild.
“Giving back and donations are likely to increase as we are ramping up our alumni engagement activities,” Rao said.
IIT Kanpur has established the IIT Kanpur Development Foundation, a not-for-profit professionally managed company with a mandate to engage with stakeholders such as alumni, corporates, philanthropists and foundations to raise resources to meet the institute’s growth aspirations. Initiatives started by the foundation include strengthening alumni engagement through regular networking events, reunions, communication campaigns, corporate partnerships and encouraging graduating batches to contribute by highlighting the importance of giving back.
“Contributions from our alumni and corporate partners are instrumental in driving innovation, research excellence, and academic growth,” said Prof. Amey Karkare, dean of resources and alumni, IIT Kanpur.
Funding received at IIT Madras is mainly for research, student scholarships and infrastructure, and the institute is actively planning to raise more money in terms of donations and endowments.
“The process starts with connecting alumni and corporates to the institute, finding causes that the institute and these stakeholders are mutually interested in and working with them to craft the contours of the donation that they will give,” said Prof. Ashwin Mahalingam, dean (alumni and corporate relations), IIT Madras.
BITS Pilani’s Kumar said, “Excellence in higher education in India would be much backed up by deeper engagement, involvement and contribution to endowments by alumni in the coming years – which has been the case for top world-renowned institutions.”
