IIM Ahmedabad Launches Endowment Fund, Aims to Raise Rs 1000 Crore over a Period of Five Years. Read More
Indian Institute of Management, Ahemdabad has announced the launch of the ‘IIM Ahmedabad Endowment Fund’ with an initial corpus of 100 crores from its alumni members.
The fund was launched via a webinar attended by the teachers and alumni of the institution. IIM-Ahemdabad is the first management school in India to come up with this first-of-its-kind fund and has set up a benchmark for other institutes.
The initial contributors who are the founders of the endowment fund include Deep Kalra, founder, Makemytrip, Sandeep Singhal, and Kavita Iyer, co-founder of WestBridge Capital, VT Bharadwaj, co-founder, A91 Partners and Arun Duggal, Chairman, ICRA.
The endowment fund will be utilized for the purpose of research, scholarships, program support, and flexible spending in various developmental projects carried out by the institute.
Moreover, the institute aims to raise Rs 1000 crore over a period of five years, which will act as an important source to support key strategic initiatives and innovative projects.
The endowment fund will be governed by the director of IIM-A and alumni of the institute to maintain transparency in the operation of the funds.
Furthermore, A team of 10-20 members also will be constituted for the effective functioning and utilization of the fund.
Kumar Mangalam Birla, Chairperson, IIM-A Board of Governors has also appreciated this initiative and has praised the Founder alumni for their generous contributions to kick-start the IIM Ahmedabad Endowment Fund, which will play a significant role in the growth of the institution.
Why are college endowments so important?
College endowments form the backbone of all great universities around the world as it allows them to grant scholarships and set tuition amounts (among other things)
Educational Institutions with larger endowments always have an edge as they can offer bigger financial award package to students.
These funds are created from donations received from alumni and others that the college uses for its growth.