IIT-M launches endowment fundraiser through alumni

The Indian Institute of Technology Madras recently launched a fundraising platform for raising endowment funds through alumni. Launched on the occasion of ‘Alumnite’ held to welcome the 2017 batch, which graduated on July 21 into the Alumni fold, the ‘Joy of Giving to IITM’ intends to aid IIT Madras’ journey towards global distinction. It will work towards raising endowment funds for the institute through alumni and corporations from around the globe, said a press release.

It aims to place IIT-Madras among the ‘Top 50’ education and research institutes in the world.

The crowd funding initiative of IIT-Madras has brought in Rs. 1 crore in retail funds. Around 250 new donors have joined the initiative with the average donation size being Rs. 35,000.

The alumni and funding under Corporate Social Responsibility (CSR) initiatives have cumulatively helped raise Rs. 177 crore in the last eight years from 5,000 donors. More than 30 companies are engaged with IIT-Madras at the moment. Fund raising by IIT-Madras from grew by 22 per cent in 2016-17.

Prof. Bhaskar Ramamurthi, Director, IIT Madras, presented the Distinguished Alumnus Award to Prof. Anand Raghunathan, Purdue University, and Distinguished Visiting Professor, IIT Madras. A total of 12 Distinguished Alumnus Awards were announced this year.

He also conferred the YBG Varma Award for “Excellence-in-Teaching in Chemical Engineering”, “Excellence-in-Research” award (instituted by Dr Prakash Keshaviah), the “JC Bose Patent Award” (instituted by IIT-Madras alumni, Anil Kumar and Kundan Kumar, along with other faculty and student awards. An Institute Chair, Endowed in the name of late Prof S Sampath by alumni of the 1964-66 batches, was also launched on the occasion. Prof. Ashok Jhunjhunwala is current occupant. A new initiative to honour the “Founding Professors” with a Chair was also announced during the function.

‘AceMicromatic Chair Professorship’ in Machine Tools and Manufacturing Technologies was also launched during the function. P Ramadas, Managing Director of the company, will be the Chair. A book written by the Department of Management Studies alumna Rajeshwari Victor was released at the event.

M. Subramanian, Chief Executive Officer (Development Office), IIT- Madras Charitable Trust, said, “Thanks to the active involvement of the IIT-Madras Alumni community,  Rs. 55 crore was raised in 2016-17, up from Rs. 45 crore in the preceding fiscal.