GOLDEN REUNION OF CLASS OF
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On legacy project donations:
· What are the tax consequences of my donations?
The IIT Bombay Heritage Fund is a US 501(c)(3) public charitable organization in the US and your contributions are tax-deductible. IITBHF's US Federal Tax ID number is 77-0428724.
Similar rules apply for India. 100% exemption from Income Tax is generally available under Sec. 80G (2) (a) (iii f) of the Income Tax Act.
Check with your financial advisor for more information.
· Is my donation confidential?
Absolutely. It is our policy not to publicize individual donations (unless requested by the donor) . When you send in your donation, you need not tell your batchmates how much you donated. Your check goes directly to the Heritage Fund in the US and to IITBombay in India. The team will only publicize statistical information such as number of donors, average and median contributions to track fund raising progress.
· Can I donate stock instead of cash?
Yes and please do! When you donate stock, the full value of it goes to the charity. If you sell the stock first, then you may have to pay tax on it before donating the proceeds. Check with your financial advisor for more information.
The easiest way to transfer securities is through a "DTC Transfer", which results in an electronic transfer of the securities to the Heritage Fund. To do a DTC Transfer, the alumnus needs to write a short letter to his/her broker (or company stock administration dept., as the case may be) which should have the following information:
Please DTC transfer "xxxx" shares of "yyyy" company (Stock Symbol) from my account ("Your Account Number") to the following account :
Account Name : IIT Bombay Heritage Fund
Account Number : 912-221440
DTC Number : 0044 Waterhouse Securities
After giving the above instructions, tell them to contact Shankar Narayan at firstname.lastname@example.org and provide the following Information:
Date of transaction
Number of shares transferred and name of company.
Other fundraising facts:
1. Stocks received are sold within a day or two.
2. Receipts will be mailed within two business days of receipt and will include the fund's Tax ID #.
3. 100 % of contributions received are passed on to IITB.
4. Credit card donations are encouraged - easy for donor, no hassle to write check and mail - payment is deferred for 30 days or so, less paperwork for us too.
5. Transfer of funds to IIT Bombay is usually done by check sent via Federal Express
· Can I stretch out my donations over multiple years?
Yes and please do! There are 2 big benefits in doing this. (a) It is easier on your cash flow and (b) You can double your tax benefits. Lets say that you can deduct a maximum of $5,000 per year for charitable contribution. If you donate $5,000 before December 2012 and $5,000 again in January 2013, you will get the tax benefit in each year.
· Which individuals will have access to the amount of my donation?
There are officials at the Heritage Fund and the IITB Alumni Association who will have access to the data on all donations across all batches. This is part of their official duties and normal function. There will be 2-3 individuals from our batch who will have access to the same information for our batch as part of our Legacy Project (LP) team. All of them are duty bound to keep such information confidential. The LP team has spent a considerable amount of time reviewing confidentiality rules and takes it very seriously.
About reunion registration:
• Who is the executing agency for the Golden Reunion of 1964 batch?
The IITB Alumni Association will be the executing agency for the Golden
• I am planning to arrive early and leave a day late. What do I do?
Block booking has been made for the guest house rooms from January 15 to
January 21. Please note that the charges for the guest house rooms will have to be paid by you as per actual either in advance or at the time of checking out. The allotment will be on a first-come first-served basis. Any request for longer stay should be shown on the registration form.
• What are the registration fees for the reunion?
There is no charge for registering and attending the Reunion. But you need to
fill the online registration form and book the guest house rooms as per your
• We would like to spend time with friends, whom we have not met for decades.
There are small-group interactive sessions on 15th evening, 16th morning, 16th afternoon, 16th evening and 17th forenoon, 17th afternoon. We will make the most of it.
• Are there any separate spouse programs?
The wives are invited to join all the programmes January 15-17. They are
assured that they will be thoroughly bored, but will still enjoy being bored with
the joy shown by their husbands. There will be no separate spouse programs.
• Are there any outings with overnight-stay planned before or after the reunion?
None till now. In case there is an overwhelming demand, it can be planned,
preferably after the reunion.
• Can we make any suggestions regarding the programs?
Of course. All suggestions are welcome. The will be given due consideration
• Whom do I contact, in case of difficulties?
For any assistance, please feel free to contact email@example.com.
Nothing to be paid for the Reunion functions
There is no registration fee for attending the Golden Reunion Class of 1964.
The complete registration kit, catering, transport and organizational expenses for the 15th evening and 16th morning and evening is underwritten by sponsors. The dinner is hosted by Mr Dahanukar.
Only pay for your Guest House charges. The lodging expenses, transport to campus and incidentals will be borne by you.