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Legacy Project

 

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Silver Jubilee Class of 1991 Legacy Projects and why should we have them?

 

The Silver Jubilee Reunion is a time for homecoming to your 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.

 

You 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 you. Further, all that was done at ridiculously subsidized rates. You grew not only into qualified professionals, but also into independent-thinking adults. You 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 you what you are.

 

We request you to think in terms of giving back one day of income for each year since you graduated.  Or, roughly a month's 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 you. How much you give is definitely important, but what is even more important is that each and every one of you contributes.

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.

What is the focus of 1991 batch's Legacy Project?

Of all the ideas that were brought to the Batch of 1991, and discussed, there is strong support the following 3 ideas:

1.      Retired Faculty Wellness Program

It is NOT well known that post-retirement medical coverage is not available to IIT Bombay faculty members on the lines of the medical coverage available to other government employees.  In 2004, a post-retirement medical insurance programme was started for faculty who retire from that time.  For various reasons, the programme could not cover those employees who had already retired before 2004. Hence, the batch of ’84 had set up an insurance scheme for 200 odd retired faculty and spouses who retired prior to 2004. Since this is an annual scheme, the insurance premium needs to be funded every year. The annual premium this year will be approximately Rs.40 lakhs.

2.      Student Well Being (Counseling, Therapy, Peer Support, Personal Effectiveness)

Fund the program that can enhance counseling, therapeutic support, coaching and tools to avoid stress, through the top practitioners.Life in IIT is much more than just academics. Pressure on campus has increased manifold and such issues are getting serious. Besides academics, it would be important and relevant to have a pastoral element in our Legacy Project.  IIT Bombay has already taken several pioneering initiatives and these need to be further enhanced to make more effective.

3.      Young Faculty Award Program

In its quest for excellence, IITB aggressively recruits the best young faculty candidates from around the world. About 40 faculty members were recruited last year, and a similar number are required annually over the next few years. Given the current hiring spurt by all IITs, the YFA program can have a substantial long-lasting impact on IIT Bombay and its faculty profile. YFA awards ensure that IIT Bombay offers a competitive package to achieve better results in recruitment.The YFA program awards a grant Rs. 1 lakh per year for up to 4 years to newly recruitedyoung faculty members. This is a significant incentive to the prospective faculty. The cost of this program is over Rs.2 Crore of which IITB looks to the Silver Jubilee batch to fund at least Rs.1 Crore.

4.      Setting up an Endowment

Have part of the money raised set aside as an endowment at IITB. In this way it can make a more lasting impact than a one-time contribution to a cause. Future batches/donors and also contribute to the endowment if they are in sync with the causes supported thereby, growing the corpus over a period of time. This can be the route to work on some more medium/long term ideas as part of the Legacy Project.

 

Chair Professorships are set up through endowments of Rs. 90 lakhs each to recognize the most outstanding faculty members. Several batches, such as the 1962 batch and 1985 batch, have set up Chair Professorships through their Legacy Projects. 

 

Following the top 4 ideas, there was also interest in the below ideas which we are exploring as you go along.

1.      Technology Fests (department Tech festivals)

Expand the scope and the impact of department technical festivals that suffer from an extreme shortage of funds. The Fests are run by students for generating interest among student community in core engineering. Funding would help in hosting top speakers, make the festivals more competitive and larger, and thereby create a positive upward cycle of increasing participation and interest.

2.      Green Campus Initiative

Started by the Batch of 90, this is split into four parts : Clean and Beautiful Campus, Renewable energy and Sustainability, Conservation and Driving a Culture for Clean and Green. These are backed with specific targets on reduction in energy usage and water and plastic consumption till 2020. There is a committee of 10, including 4 representatives from the Batch of ’90.

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How to CONTRIBUTE?

 

We are counting on raising up to $1 million/Rs. 7 crores in total contributions towards the Class of 1991 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 1991 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- 25 December 2016.

Whichever method you use, please remember to indicate that your contribution is for the "Class of 1991 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 1991 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.

 

US Residents, who wish to donate by contributing securities, please contact IITBHF at +1 (408) 252-1644 or write to hfoffice@iitbombay.org for instructions. 

 

Keeping donation anonymous:
 

All  donations can remain confidential. IITB’s policy is not to publicise 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 and browse through the section "About the Legacy Project". 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

 

 

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