August 17, 2022
India: Education Ministry Urges Central Universities to Raise Money Through Donations
N News reports say that the Central Government has issued guidelines to central universities for setting up endowment funds through donations and contributions in an effort to encourage them to raise funds independently. The Union Ministry of Education shared the guidelines for the Central Universities Endowment Fund (CUEF) with the vice chancellors of central universities last month.
The guidelines were developed "for the purpose of mobilising donations, funds and contributions from well-wishers, alumni, philanthropists and industries for the development of students, faculties and institutions," according to the guidelines.
…the board will consist of the university's finance officer, two professors from various departments or streams, and three "prominent" donors who have been nominated by the university's Executive Council for three years…
In India, IIT Delhi established the first alumni endowment fund in 2019, and many other IITs and IIMs soon followed.
In accordance with the guidelines, a 7-member board led by the vice-chancellor will oversee the endowment fund in accordance with the regulations. The board will consist of the university's finance officer, two professors from various departments or streams, and three "prominent" donors who have been nominated by the university's Executive Council for three years. The board will make decisions regarding the fund's use and present a report to the finance committee of the university.
The regulations also permit institutions that anticipate receiving foreign donations to open FCRA accounts. They propose setting up a separate bank account for the fund, which would receive contributions for both the general corpus and donations for specific purposes such as chairs, scholarships, and infrastructure development.
Posted in News and tagged News, India, Union Ministry of Education, Central Universities Endowment Fund, CUEF, IIT Delhi, FCRA Accounts
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