DU to Launch Endowment Fund, Encourages Alumni to Invest
The Endowment Fund of Delhi University is aimed at raising Rs 1000 crore along with encouraging its alumni to invest for the sector of their choice which could be anything from buildings to research funds.
The University of Delhi (DU) will soon be introducing an endowment fund in order to meet the requirements of the Institute of Eminence (IoE) tag that was recently granted.
The Endowment Fund of Delhi University is aimed at raising Rs 1000 crore along with encouraging its alumni to invest for the sector of their choice which could be anything from buildings to research funds.
The circular signed by the vice-chancellor Yogesh Tyagi states that the university would help the students and faculty attain academic excellence. It would also assist them with the necessary support and the best and most up-to-date facilities and educational infrastructure.
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The IoE tag awards the university with Rs 1,000 crore from the government for five years. It also focuses on raising the same amount from its own. The circular also mentions that the university is currently amongst the top 500 universities as put forward by the QS World University ranking. It is further aiming to be in top 100 universities by the next ten years. According to the circular, Delhi University is falling behind in building new institutions in the fields.
To encourage more investment for the cause, DU elaborated that the funds will be 100 per cent exempted from tax with no restriction on the contribution amount. The investor or donor can choose the field in which he/she would want to invest and the information about how the contribution would be utilized would be shown on the official website of the university. 50 per cent of the total funds have been set aside for girl students. The Controller and Auditor General (CAG) of India would also take part wherein an audit has been made compulsory of the endowment by the CAG of India.
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Over 10 founder alumni have recently launched the global alumni endowment fund worth Rs 250 crore at IIT Delhi in presence of President Ram Nath Kovind. The varsity said that the funds will be used for the 'Each One Teach One' Scheme and under the same, each student will be assisted with $10,000 to support their education from the alumni endowment fund.