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| IIT-B alumni pledge 1% of pay to institute |
| BS Reporter / Mumbai Aug 10, 2010, 01:11 IST |
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The Indian Institute of Technology, Bombay (IIT-B) may soon have enough corpus to fund various activities on its campus. The premier engineering institute has initiated a new fund-raising drive — Give one for IIT Bombay — by its alumni.
The movement, which is voluntary, involves each IIT-B alumnus to contribute one per cent of his or her income to IIT-B for life time.
So far, more than 735 students out of 1,000 in the graduating class of 2010 have signed up for the initiative.
An IIT-B graduate earns an average annual salary of Rs 7 lakh. This means the institute will be able to generate over Rs 51 lakh (Rs 7,000 per student per annum) when these student begin contributing in the first year. The amount however, would double next year when more number of students sign up.
“The aim is to engage alumni early. We would be using the funds to meet various needs like infrastructure, joining bonus for faculty, green initiatives on the campus or benevolent fund for the faculty members and IIT-B staff,” Bakul Desai, ideator, IIT Bombay Alumni Association, told Business Standard.
The programme has been created by the association in collaboration with the IIT Bombay Heritage Fund.
The fund-raising drive was seen as a soft launch of the programme with the motto ‘pledge now and pay later’.
The institute plans to keep an account of the contributing members and also provide them a timely update on wherever the funds are being used. The students can suggest to the association if they wish to divert the fund to a specific venture on the campus.
“The institute realises that graduates striking out on their own for the first time need time to settle down before they can start repaying and hence while they pledged now they will probably start honoring their pledges in a years time when they are more settled into their careers. Also, this would encourage older alumni members to come forward and contribute,” added Desai.
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