Skip to content. | Skip to navigation

Personal tools
You are here: Home Chapters + Events Reunions Class of 1990 Legacy Project

Legacy Project

 

 Reunion Image

Legacy Project

 

 

 

 

Silver Jubilee Class of 1990 Legacy Projects and why should we have them?

 

The Silver Jubilee Reunion is a time for homecoming to our alma mater, to connect and renew bonds of old friendships. It is also an opportunity 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. Further, all that was done at ridiculously subsidized rates. We grew not only into qualified professionals, but also into independent-thinking adults. We gained rich experiences and made lifelong friends at IITB. So, think of the Legacy Project as a token of our gratitude for the place and people who made us what we are.

 

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 you would like to contribute, but "giving back a month of income" sets a nice goal 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 focus of 1990 batch's Legacy Project?

 

IITB has built up an enviable reputation for itself by now, and today as many as 65% of the top 100 JEE rankers join IITB every year. However, the institute is still facing some major challenges in achieving its best:

 

  • The student population at IITB has dramatically grown to over 9,000, and maintaining a healthy student-faculty ratio has been difficult.Recruiting qualified faculty to meet this increased student intake has been a daunting task because of salary constraints.
  • The institute continues to be more focused on teaching as a result, and has some distance to cover to become more visible on the global research stage. Great progress has been made in nurturing innovative ideas at IITB, and the support for innovation need to be strengthened.
  • There continues to be a need to be more inclusive through the growth, be it our retired faculty, the campus, or its environment.

 

We have worked closely with IIT Bombay and the IIT Bombay Alumni Association to identify projects which address these crucial areas of concern and help enrich the tradition of academic excellence at IIT Bombay. We are counting on raising up to $1 million or Rs 6 Crores for the following projects.

 

Legacy Project #1: Young Faculty Awards Program (YFA) (Ongoing Project)

 
  • 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, 88 and 89.
  • 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 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.
 

Legacy Project #2: Retired Faculty Wellness Fund (RFWF) (Ongoing Project)

 

  • Many of the teachers who taught us are now retired and aged, and lacking appropriate medical coverage in an era of spiraling medical costs.
  • We are one of the batches which will be privileged to give back to these teachers because we bond with them. This will not be the same after about 4 years from now because these teachers would not have taught the subsequent batch which may result in minimal desire to give back towards this project.
  • 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, 88 and 89.
  • Currently on its 5th  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 the coverage of Rs 1.5 lakhs in total but from last  year onward, it  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.
  • The premium paid each year is Rs. 33 lakhs. In view of the proposed increase in annual premiums we propose to allocate Rs. 50 Lakhs to RFWF. Out of this, we would like to pay Rs. 33 lakhs as the premium for the year 2016 and the rest Rs. 17 lakhs to be transferred to the corpus.  
 

The rest of the collection will be distributed amongst the following projects.

 

Legacy Project #3: Innovation and Research Fund (New Project)

Goal –To apply and extend the precious knowledge gained at the institute, thus providing a significant boost to the institute. Students as well as faculty at IITB who have innovative ideas deserve to be encouraged and supported.

 

Scope

 

IITB Innovate Program through SINE: The Society for Innovation and Entrepreneurship (SINE) is an organization at IITB that is focused on promoting entrepreneurship. It incubates new businesses emerging from within the institute.A critical need of ideators is to demonstrate a working prototype of their idea and prove the concept, before thinking about a startup business. Prototypes based on new engineering or scientific ideas can require significant investment that is beyond the individual student’s or faculty member’s capacity.SINE has started a program called ‘IITB Innovate’ to meet this critical need. Alumni of the batch of 2002 have taken up this initiative and provided a one-time fund of Rs. 18 Lakh. Eight to nine shortlisted projects with the potential to benefit society are being supported through these funds. There is a clear need to continue and expand this program.

Faculty-driven research is another area requiring strong backing. We believe that research can be given a boost through appropriate financial support and reward mechanisms. While there is more work to be done before a concrete program can be announced, we are confident that this will make a big difference to the institute’s contribution and reputation. We already see examples of good research that will make a difference to people’s lives, which is what applied research aims for.

Distributions from this fund will be managed by a committee comprising of our batchmates and appropriate representatives from IITB such as the Dean, R&D. Student and facutly-run projects to incubate innovate ideas will be sponsored through SINE. Our batch will support multiple such incubation projects. We also plan to support faculty-driven research projects. 

 

Legacy Project #4: Clean, Green Campus (New Project)

Goal –To create a model clean, green campus that will be the benchmark for every other institute in India.  This will also include the lakes that are partly on IIT land, but mostly on municipal area

 

Scope

 

Clean Campus on a sustainable basis involving the Institute, the Students and the IITB Alumni: The campus is far from clean with construction waste, as well as regular garbage. At parts it feels like not the serene, clean, green place we used to be students at. What is clear is we do not want to do a ceremonial ‘ jhadoo ‘ ceremony, we feel that there could be a benefit in providing alumni impetus to making existing systems and processes work in a more hard-lined manner through the involvement of students and the institute authorities. While we could easily get tempted to improve / beautify / modernize hostels, we will work towards regular upkeep and cleanliness leading to beautification, not funds being utilised towards painting hostels etc. (for which funds already exist).

Clean Lakes (Powai &Vihar) on a regular, sustained basis with involvement from the Institute, Government bodies, and Not-for-profit organizations: In recent times, 40% of Powai Lake has disappeared. The lake has deteriorated due to accelerated growth of residential, commercial and industrial area around the lake. The untreated disposal of waste from nearby residential and slum colonies have affected the quality of the water. Known problems include silting, growth of water hyacinth, weed, and eutrophication of the lake. In 1995, the National Lake Conservation Plan (NLCP) of the Ministry of Environment and Forests (MoE&F), reviewed the condition of Powai Lake and included the lake in its list of ten major lakes in the country for revival and improvements. The restoration/revival programme, fully funded by the NLCP, was launched in April 2002, and implemented by Brihanmumbai Municipal Corporation (BMC). A fresh revival effort is necessary to sustain restoration, we already have a couple of batchmates who have started the liaison work with the local authorities as well as with not-for-profit organizations.

Green IITB Campus Initiatives which could be invented and incubated at IITB centres and transferable across communities (academic and otherwise): IITB Campus has a Green Office Committee set up under the aegis of the Ministry of Human Resources. There have been projects undertaken like installing solar panels, vermiculture on wet garbage etc. The goal of IITB is to convert to a Zero Garbage Zone – and our project could work closely with the Green Office Committee towards this end. We could take up new projects to “make IITB green” – this could be taken up under Faculty Research or with the Green Office.

We would need to resource Clean, Green Campus Legacy Project with an able project manager to liaise with the multiple stakeholders and to help deploy funds with our input. This project also needs champions from the alumni – who can lead specific streams, help with liaisoning, as well as regularly monitor progress.

Distributions from this fund will be managed by a committee comprising of our batchmates and appropriate representatives from IITB such as the Green Office Committee.

 
           

How to CONTRIBUTE?

 

We are counting on raising up to $1 million/Rs. 6 crores in total contributions towards the Class of 1990 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. :) )

 

We are looking to you to contribute in a big way to the 1990 Batch Legacy Projects, and we know you will do so.

It is very easy to contribute to the Legacy Project. First you will need to pledge so that we know you will eventually contribute. Please CLICK HERE and pledge your support first. You can opt for the instalment route or a one-time donation, but we intend to hand over a cheque to the Director of IIT Bombay on the Alumni Day which happens to be our last day of reunion on the campus- 27 December 2015.

Whichever method you use, please remember to indicate that your contribution is for the "Class of 1990 Legacy Project".


 

How to actually DONATE?

 

 

Donating online with a credit card:

 

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 1990 Legacy Project" when you donate funds by cheque.

 

 
US Residents should send checks written in favor of
 
 
"IIT Bombay Heritage Foundation" to:
 
IIT Bombay Heritage Foundation
 
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- Donation Account" 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.office[at]iitbombay.org

 

 
 

Wire Transfer:

 

 

For wire transfer from India and rest of the world, please write to iitbaa.office[at]iitbombay.org or dean.acr.office[at]iitbombay.org or call +91 22 2576 7086 

 

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

 

 

Donating Securities:

 

 

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

 

 

USA: 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 Foundation

 

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 1990 Legacy Project", name, address, date of transaction, number of shares transferred, name of company etc.

 
 

Keeping donation anonymous:

 

 

Absolutely. All  donations can remain confidential. IITB’s policy is not to publicize individual donations (unless requested by the donor). When one sends the donation, you need not tell your batchmates how much you have donated. Your check goes directly to the Heritage Fund in the US and to IIT Bombay in India. The team will only publicize statistical information such as number of donors, average and median contributions to track fund raising progress.

 

For more queries click here. If you do not find what you are looking for, please feel free to write to IIT Bombay Alumni Association at iitbaa.office@iitbombay.org

 
 
 
 
 
 
 
 

 

Document Actions