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Project Donation FAQ

  • What is a suggested donation amount?
    We want each donor to consider the value of their IIT experience and their current economic situation and decide how much they wish to contribute. This is not a contest. Our first priority is to have a great reunion and enjoy meeting each other once more after 25 years. With the record number of registrants, we are confident that it is going to be a blast.
    Many of our batchmates have been financially successful and can afford to make a donation. For them, we want to offer some guidelines. A simple one is 1% of career earnings to date. Someone who has made, lets say $2 million to date can consider a $20,000 donation. Another guideline is 1 day's salary for every year that you have worked. If you have worked for 25 years, then this equals roughly one months salary. For someone earning $150,000 a year, it is over $12,000. Also, if you look at past year donors, the average US donation is in the $3,000 - $5,000 range. As you can see, there is no one suggested amount. We expect most donors to be in this range with some of the extraordinarily successful alumni making really big donations.
  • The world economy is in a turmoil. What rate of donations do you expect?
    Most of us are affected by the ongoing global financial crisis. Each one of us will have to decide what to donate in light of this. Irrespective of the size of the contribution, we are targeting a 100% participation. No matter what, lets have a great reunion!
  • 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.
  • How do I make a donation?
  • You can donate via check, credit card or securities. The SJRU LP campaign is in full swing. Please contribute generously.
  • Details of contribution logistics are at: http://www.iitbombay.org/giving-back

Checks to US

Checks within India

Send Checks 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
US Residents should send checks written in favor of "IIT Bombay Heritage Fund"

Send checks to
IIT Bombay Alumni Association
Alumni Center,
1st Floor, Gulmohar
Indian Institute of Technology
Powai, Mumbai 400076
Indian Residents should send cheques written in favour of "Registrar, IIT Bombay"


Make sure that the checks mailed to the US are denoted as such in the memo field – below is an example:
DONATING STOCK/SECURITIES
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 Sandeep Pandya, Sandeep@ieee.org or at 408-257-7711
and provide the following Information:
Date of transaction
Number of shares transferred and name of company
Other fundraising facts and suggestions:
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 - fund expenses are minimal and paid for by a separate targeted campaign
4. All IITBHF officers are volunteers and no one receives any compensation for their services.
5. 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.
6. Accountability: To maintain the tax-deductible status, the IRS (Internal Revenue Service, US Tax Authority) requires a very detailed statement of how the money is spent by IITB. You can get a copy of this if you would like.
7. Transfer of funds to IIT Bombay is usually done by check sent via Federal Express
8. Travel expenses of IITB professors for visits to the US are paid by IITB and not the Heritage Fund.


  • • What about corporate matching?
    It is critical that we take advantage of corporate matching programs wherever they are available. Many employers in the US (think HP, Cisco, Google etc) will match the charitable contributions of their employees 100%. This is an easy way to double the value of your donation.
  • 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 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.
  • What information about donations will be made publicized?
    The team will only publicize statistical information such as number of donors, average and median contributions to track fund raising progress.

  • What if I do not wish to make a donation?
    Just tell the volunteer that has approached you about your decision. We hope you will consider making a donation in future years. If you do not want to be contacted further about this, let us know. We will have our own “do not call” list for people who have chosen this option.
  • How to get additional information?
    Email Raminder Bajwa at raminder@gmail.com or Dushyant Pandya at dushyant@gmail.com with your questions. 

 

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