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Alumni Endowment Fund likely to be launched by Delhi University (DU). Funds of Rs. 1000 crore to be raised by the government in the next five years. Here is an overview of the Alumni Endowment Fund.
Delhi University has introduced a new alumni endowment fund. The university aims to provide funds of Rs. 1000 crore which will be raised by the government in the next 5 successive years. The funds received will help the University to take initiatives for academics. It includes developing new institutions in fields where there is a gap in the University. Institution of Eminence (IoE) was granted to Delhi University by the Government of India. IoE allows universities to receive a fund of Rs. 1000 crore from the Government. The grant is offered through the support of alumni.
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Features of the fund are listed below:
- Tax exemption of 100%
- There is no restriction on the amount of contribution
- Alumni can contribute. Family, relatives, friends, and relatives can also contribute. One who donates funds can choose the area in which he/ she wants to make a contribution.
- 50% of funds raised will be utilised for girl students.
- Information related to funding utilisation can be found on the university website.
- Regular auditing will be done by the Controller and Auditor General of India to check the utilisation of funds.
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