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Legacy Project FAQ

 How to donate to IIT Bombay?

(a)    Donating by check
 
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, 1-408-252-1664      
Fax: 1-408-498-5404
iitbhf @ iitbombay.org
 
Indian and Rest of World Residents should send checks written in favor 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, 91-22-2576-7019      
Fax: 91-22-2572-3475
iitbaa @ iitbombay.org
 
Note: Write "Class of 85 Legacy Projects" in memo section (for US), and on back of the check (for India).
 
 (b)   Donating securities
 
To learn about the possible benefits of donating securities: http://www.iitbombay.org/giving-back/stockdonation.
 
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 giving opportunities – “Class of ’85 Legacy Projects”, name, address, date of transaction, number of shares transferred, name of company etc.
 
(c)    Wire transfer
 
For Domestic and International Wire Transfers, please contact IITBHF at +1 (408) 252-1664 , +1 (408) 252-1664 or write to treasurer [at] iitbombay.org.
 
(d)   Donating online with a credit card
 
Note that bank fees of 3-4% reduce the net benefit of donations made via credit card and hence this mode of donations is not encouraged.
For “Donation Type”, select “Class of 1985 - Legacy Projects” from the drop-down menu
 
For “Program”, enter “Class of 1985 – Legacy Projects”
 
Note: India Rupee donors are charged 3-4 % over and above the amount they wish to donate. So if you intent to donate Rs 1000, you will be charged Rs 1040. In order to avoid extra charges, please donate via check.
 
Is my contribution tax deductible?
 
US Residents: Donations made via the IIT Bombay Heritage Fund (IITBHF), which is a 501(c)(3) organization, are generally tax-deductible under US tax law.
 
IITBHF's US Federal Tax ID number is 77-0428724. Please consult with your financial and tax advisors regarding your specific situation. A copy of the latest financial report and registration can be obtained by contacting IITBHF: http://www.iitbombay.org/contact-us/contactusfile.
 
Indian Residents: 100% exemption from Income Tax is generally available under Sec. 80G (2) (a) (iii f) of the Income Tax Act. Please consult with your financial and tax advisors regarding your specific situation.
 
Tell me about Company Matching Program (http://www.iitbombay.org/giving-back/how-to-donate)
 
Many companies match charitable donations, and therefore your donation to the IIT Bombay Heritage Fund may be eligible for a matching grant, which could potentially double or even triple your donation. Please take a few moments to get a Matching Gift Form from your personnel office and follow the directions to initiate a match.
 
Please check with your company's Human Resources or Personnel Department to see if they offer gift matching. Even if they do not, you may want to ask your company to start one. If your employer does offer this program, your Human Resources or Personnel Department will usually explain the process for obtaining a company match for your gift. The IIT Bombay Heritage Fund (IITBHF) office will verify receipt of your gift and provide you with all the necessary assistance to obtain the matching funds.
 
Conditions and criteria for gift matching vary by employer. Some companies offer a payroll deduction plan. For more information or if you are not sure if IITBHF qualifies for your company's gift matching program, or to obtain a copy of the latest financial report and registration filed by IITBHF, send an email to treasurer @ iitbombay.org and/or call 1-408-252-1664, 1-408-252-1664. The IIT Bombay Heritage Fund (IITBHF) is a public charitable organization under US Internal Revenue Code Section 501 (c) (3), whose mission is to fund and promote education and research among students, faculty and alumni of the Indian Institute of Technology, Bombay. IITBHF's US Federal Tax ID number is 77-0428724.
 
How much amount did the previous batches donate?
 
In recent times, each batch has championed their legacy projects with great pride and enthusiasm. Funds raised for previous legacy projects have ranged around $500K.
 
Who provides oversight for funds donated by alumni?

The Board of the IIT Bombay Heritage Fund (IITBHF) provides the necessary oversight for disbursement and usage of funds donated via IITBHF. IIT Bombay itself has well established governance processes to oversee the usage of funds donated via IITBHF or directly to the Registrar, IIT Bombay. IITBHF and IIT Bombay discuss pending projects and actual spending on a regular basis. IITBHF's Executive Committee authorizes the release of funds to IIT Bombay only after it feels comfortable with its due diligence with regard to specific proposals. Once a project has been approved and funded, there is regular communication between IITBHF and the IIT Bombay leadership to review progress on the deliverables, milestones and actual spending.
 
How do I know that funds are used appropriately and not wasted on overhead costs?
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