Silver Jubilee Class Legacy Endowment and why should we have one?
The Silver Jubilee Reunion is a time for homecoming to our alma mater, to connect and renew bonds of old friendships also to participate in the timeless Indian tradition of Gurudakshina which goes back to the age of the sages. Every year each Silver Jubilee Batch takes on a "Legacy Project" to leave a lasting legacy of that batch for IIT Bombay.
We all have gained tremendously from the quality of education IIT Bombay imparted and a large part of our success can be traced back to the opportunities our IIT education created for us. And, all that was done at ridiculously subsidized rates. So, 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.
We request you 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. We leave you to 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. How much you give is important but what is even more important is that each and every one of us contributes.
What is the theme of 1989 batch's Legacy Project?
IITB has been assiduously re-inventing itself, both in terms of academic & research programs and today as many as 65% of the top 100 JEE rankers join IITB every year . In recent years however the Institute has been negotiating two of its biggest challenges ever
Firstly to plan & engineer the phenomenal & rapid increase in student intake from 5700 in 2008 to 9050 in 2013 (60% rise) &
Secondly to concomitantly manage the recruitment of qualified faculty to meet this increased student intake & maintain a healthy student faculty ratio - a daunting task because of salary constraints.
We have worked closely with IIT Bombay and IIT Bombay Alumni Association to identify 3 initiatives which help address these two crucial areas of concern and help enrich the tradition of academic excellence at IIT Bombay. We are counting on raising up to $500K or Rs 3 Crores for the following three initiatives.
Initiative #1: Young Faculty Awards Program (YFA)
While student intake at IITB has increased by 60% since 2008, increase in faculty intake has trailed behind at a mere 27%.
With a limited talent pool the increase in the number IITs means that IITB also needs an extra competitive edge when it comes to hiring world class faculty.
YFA was set up by the Class of 1982 offering sign-on bonuses to new faculty joining the institute each year.
Joining bonus of Rs. 4 lacs over 3 years for every new faculty hired at IIT.
Started by Class of 82 as a Legacy project and subsequently funded by Class of 80, 83, 84, 85, 87 and 88
Program has been successful in attracting new faculty to join IITB and more than 200 faculty members have been hired at a average of 33 faculty every year.
With 570 faculty members IITB is it still far short of the 830+ faculty posts sanctioned for a total of 9350 students that they have on its rolls by 2018-2019.
The Institute plans to step up recruitment to an average of 60 faculties per year during the next 4 years to plug the deficit.
Our Proposed outlay is 50% of the total - 250,000$ (US) or Rs 1.5 Crore for YFA to match the increased demand of funds in the coming years.
YFA is a successful program with well established governance models administered by the office of Dean ACR.
Initiative #2 : Scholarships for Students
- Our IIT education cost us Rs 1280 in fees and mess fees. At those rates with inflation factored in the current cost of education at IITB per semester should have been less that Rs 8500/semester.
- In reality the cost of an IIT education /semester has grown at a far more disproportionate rate and varies anywhere between 28,000 (PG fees) to 50,000/semester.
- As a result nearly 40% of the students joining IITB have difficulty paying fees as they belong to lower income families having an average annual income of less than 5 Lacs.
- The scholarships presently being provided by the institute, based on academic achievement, financial needs or some other special criterion, are far too short of the actual requirements.
- This is without considering the countless other bright young students who currently are unable to join IITB Bombay despite doing well in JEE due to financial constraints.
- We propose to set up a Scholarship endowment to reduce barriers for students and have earmarked 25% of the total $125 K (US) or Rs 75 lakhs.
- Scholarships are awarded based on applications received based on the recommendations of the Scholarship Committee set up by IIT Bombay.
Initiative 3: Retired Faculty Wellness Fund (RFWF)
Many of the teachers who taught us are now retired and aged, and lacking appropriate medical coverage in an era of spiralling medical costs.
Best way to say "Thank You" to them would be to support RFWF which provides supplementary medical insurance to many of our teachers, many who retired before 2003 and hence do not have the Institute provided post retirement medical health scheme.
The fund will set up a corpus to supplement medical coverage for the faculty retired prior to 2003.
Fund was started by Class of 84 as a Legacy project and subsequently funded by Class of 85, 87, and 88.
Currently on its 4rd year of operation with 207 lives (retired faculty and spouse + spouse of deceased faculty) currently insured under the scheme.
The Insurance is provided by ICICI Lombard, it had a coverage of Rs 1.5 lakhs in total and from this year onward has been doubled to Rs. 3.00 lacs per year for faculty and spouse.
IITB Dean for Alumni and Corporte Affairs is handling the corpus. The project is administered by IITBAA under the guidance of a Legacy Advisory Committee .
In view of the proposed increase in annual premiums we propose to allocate the remaining 25% of the total $125 K (US) or Rs 75 lakhs to RFWF.
How to CONTRIBUTE?
We are counting on raising up to $500K in total contributions towards the Class of 1989 Legacy Project. 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. :) )
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 1989 Legacy Project".
Please visit the link here now and pledge your support. You can opt for
the instalment route or the one time donation but we intend to hand over
a cheque to the director of IIT Bombay at a special function during our
Note that bank fees of 2-3% reduce the net benefit of donations made via credit card.
Donating by Cheque
Please remember to provide written instructions that you want to support
the "Class of 1989 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
Indian Residentsshould send cheques written in favour of
"Registrar, IIT Bombay- Donation Account" to:
IIT Bombay Alumni Association
1st Floor, Gulmohar Building
Indian Institute of Technology, Bombay
Powai, Mumbai 400076, INDIA
Tel: (+91-22) 2576-7019
Fax: (+91-22) 2572-3475
For US Wire Transfer details, please contact IITBHF at +1 (408) 252-1664 or write to treasurer [at] iitbombay.org.
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.