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Legacy Project

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What is the Legacy Project?

In addition to getting together for the Silver Jubilee Reunion, each Silver Jubilee Batch also takes on a "Legacy Project" to leave a lasting legacy of that batch for the IIT.  We all have gained tremendously from the quality of education IIT imparted to us, and a large part of our success can be traced back to the opportunities the IIT education created for us.  And, all that was done at a ridiculously subsidized rates.  So, put all of these concepts together, and think of the Legacy Project as a way for us to give something back to our alma mater and leave behind a lasting legacy and remembrance of our silver jubilee reunion.

Traditionally, the organizers have challenged each alum to think in terms of giving back one day of income for each year since we graduated.  Or, roughly a month of your current gross income.  Let each individual judge what that means and how much they would like to contribute, but "giving back a month of income" sets a nice bar for each of us.

The kind of projects each batch has undertaken has varied in nature.  You can think of
- projects that benefit the environment of IIT (e.g. one batch undertook cleaning of Powai lake)
- projects that help invest in the infrastructure of IIT (e.g. one batch took up the task to re-build the gymkhana)
- projects that help recruit/retain the faculty (e.g. sign-on bonus / moving allowance for new faculty to attract the best talent to IIT-B vs other IITs)
- projects that help the student community (e.g. financial assistance to the needy students)
- etc.

 

What is the theme of 1984 batch's Legacy Project?

We have chosen initiatives for our Legacy Project that follow the theme of Past / Present / Future -

  • Past : We want to say "thank you" and recognize those who have made a big difference in our lives.
  • Present : We want to enhance and improve the quality of life on the IIT campus, by serving the environment in a meaningful way.
  • Future : We want to contribute towards one or more factors that improve the attractiveness of the institute to students and/or faculty.


What is the 1984 batch Legacy Project?

We have chosen to fund three initiatives under the aegis of the 1984 Legacy Project:

Initiative #1 : Retired Faculty Wellness Fund

  • Why?
    • Saying "Thank You" to several of our teachers, many now retired and aged, and lacking appropriate medical coverage
    • No medical coverage offered to faculty that retired prior to 2003
  • What?
    • The fund will set up a corpus to supplement medical coverage for the faculty retired prior to 2003
    • There are 165 faculty members who are in this pool today
    • Allocate at least $200K of the Legacy Project capital to set up the fund corpus, which can then be supplemented by future class reunions
  • How?
    • KK Iyer, Sharat, Mahesh Patil  have been working on the implementation.
    • We expect future classes to help supplement this corpus and expand the coverage to future retirees as needed

 

Initiative #2 : Soneri Baug

  • Why?
    • Widespread deisre in the batch to have at least one "green" initiative that benefits the current residents of the campus.
  • What?
    • Designate a ~10 acre stretch sandwiched along H8, Guest House and Powai Lake, as a nature preserve (nature center, brick trails, signage)
    • Rich biodiversity in this area.  Project to be developed with guidance from World Wildlife Fund
  • How?
    • Allocate $50-75K towards Soneri Baug project
    • Implementation Team: Mahesh Patil, KK Iyer, Sharat and Shirish Waghulde

 

Initiative #3 : New Faculty Sign-on Bonuses

  • Why?
    • IIT faculty compensation is government funded and has been a hot issue of late
    • Sign-on Bonuses will become an important component of faculty compensation at IIT Bombay, to help compete with private sector, given government limitations.
    • In general, it is also a good practice for each batch to fund some of the existing projects rather than starting all new initiatives.
  • What?
    • Class of 1982 set up a corpus, which offers sign-on bonuses to new faculty joining the institute each year
    • However, the current corpus is inadequate to meet future needs
    • Sign-on bonuses are paid out over three years to improve retention in addition to attracting the best talent.
  • How?
    • Allocate $50K+ of the Legacy Project capital to the existing "Faculty Sign-On Bonus" initiative started by the Class of 1982
    • IITB Dean for Alumni and Corporte Affairs is handling the corpus.

 

That's Fantastic - How do I CONTRIBUTE?

 

We are counting on raising up to $500K in total contributions towards the Class of 1984 Legacy Project.  For us to reach this goal, we need each and every graduate of the Class of 1984 to contribute!  As a rule of thumb, think in terms of giving back one day of income for each year since we graduated.  Or, roughly a month of your current gross income.  We leave it up to you to decide what that means for you, but thinking along these lines sets a nice target to shoot for.

It even gets better.  Contributions to the Legacy Project are tax deductible as a charitable contribution both in India and in the USA.  (We make no promises about your individual situation -- please consult your tax advisor for that. :) )

You can also contribute with your time in helping with the implementation.

It is very easy to contribute to the Legacy Project:

Whichever method you use, please remember to indicate that your contribution is for the "Class of 1984 Legacy Project".

 


Donating online with a credit card
Note that bank fees of 2-3% reduce the net benefit of donations made via credit card.
US Dollar Donors ... link.jpg

Indian Rupee Donors ... link.jpg


Donating by Cheque

Please remember to provide written instructions that you want to support the "Class of 1984 Legacy Project" when you donate funds by cheque.
 
US Residents should send checks written in favor of
"IIT Bombay Heritage Fund" to:
IIT Bombay Heritage Fund
21710 Stevens Creek Boulevard, Suite 115
Cupertino, CA 95014, USA
Tel: +1-408-252-1664
Fax: +1-208-498-5404
office [at] iitbombay.org
Indian Residents should send cheques written in favour of
"Registrar, IIT Bombay" to:
IIT Bombay Alumni Association
Alumni Centre
1st Floor, Gulmohar Building
Indian Institute of Technology, Bombay
Powai, Mumbai 400076, INDIA
Tel: (+91-22) 2576-7019
Fax: (+91-22) 2572-3475
iitbaa [at] iitbombay.org

 


Donating Securities

 
Click here to learn about the possible benefits of donating appreciated securities.

US Residents wishing to donate by transferring securities should instruct their broker to DTC transfer "NUMBER" shares of "XYZ" company (Stock Symbol) from my account ("YOUR ACCOUNT NUMBER") to the following account:

A/C Name: IIT Bombay Heritage Fund
Account Number: 912-221440
DTC Number: 0188 TD Ameritrade
 
Donors should send an email to treasurer [at] iitbombay.org and/or call +1-408-252-1664 with donation details including the fact that this contribution is to be directed towards "Class of 1984 Legacy Project" , name, address, date of transaction, number of shares transferred, name of company etc.

 


Wire Transfer
 
For Domestic and International Wire Transfers, please contact IITBHF at +1 (408) 252-1664 or write to treasurer [at] iitbombay.org.

 

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