IIT Bombay Alumni Association Benevolent Fund
Charter Of IITBAA Benevolent Fund
1.1. The Fund shall be called IITB-AA Benevolent Fund.
1.2. The Fund is for the benefit of persons associated with the Indian Institute of Technology, Bombay, at present or in the past, and their families. The Fund has been created primarily to provide financial assistance to tide over emergencies such as unexpected crisis or major downturns causing undue hardships in their lives.
2. Scope of Benevolent Assistance
2.1. An Unexpected Crisis is defined as any event or combination of circumstances which needs immediate expenses or any pressing need due to a sudden and unexpected event, which could not have been foreseen by the applicant.
2.2. Undue Hardship is defined as any circumstances peculiar to the applicant's situation, not deliberately caused by the applicant, which are of such magnitude or severity that the applicant does not have or can not raise sufficient money to reasonably tide over them.
3. Eligibility To be eligible for assistance, the applicant must:
3.1. Be a present or past Student or Employee of the Indian Institute of Technology, Bombay, or a present or past Employee of any of the hostels of the Indian Institute of Technology, Bombay, or a widow/widower/dependent of any of the above;
3.2. Have a lawful and bona fide financial need to tide over an emergency such as an Unexpected Crisis or a requirement arising out of Undue Hardships in her/his life;
3.3. Be willing and able to substantiate the need in writing and provide whatever documentation that is requested.
4. Guidelines Governing Assistance
4.1. Assistance will be given for needs arising from unexpected, calamitous events and circumstances defined above.
4.2. Assistance will be provided as a one-time support and not on a continuing basis or for ongoing expenses.
4.3. Assistance can be a grant or a loan. The terms and conditions shall be decided on a case-to-case basis by the Benevolent Fund Committee.
4.4. The Benevolent Fund Committee may decide to make the payment directly to a third party.
4.5. No single grant from the Fund will exceed the upper limits which will be set by the Board of Directors of the IIT Bombay Alumni Association (IITB-AA). The upper limits may be revised by the Board from time to time depending upon the availability of funds.
4.6. The Board of Directors may, however, by a special resolution, grant an assistance exceeding the upper limits, in exceptional cases.
4.7. The application for assistance should be in writing and should be recommended by at least two life members of IITB-AA.
4.8. The Benevolent Fund Committee may ask an applicant to appear for discussions and clarifications necessary to process the application. An applicant may appear either in person or via tele-conference, to present his/her case before the Committee.
4.9. The Convener of the Benevolent Fund Committee shall have the discretionary power to provide assistance without the prior sanction of the Committee in case of emergencies.
5. Source of Funds
5.1. IITB-AA has made an initial grant of Rs. 100,000 (Rupees One Lakh only) to establish this Benevolent Fund.
5.2. Funds may be raised through donations or legacies from IIT Bombay alumni and employees, other individuals, companies and firms, trusts, etc. or through special fund-raising events.
5.3. Donors may make suggestions but not designations or restrictions concerning the identity of the needy individuals or the utilisation of their donations.
6. Administration of Funds
6.1. The Board of Directors of IITB-AA shall appoint a Benevolent Fund Committee to administer the Fund. The Chairman of the Board of Directors shall be the exofficio Convener of this committee. The Committee shall have at least one lady member and at least one member who has never been associated with IIT.
6.2. The Benevolent Fund Committee shall
6.2.1. create, maintain, and distribute application forms;
6.2.2. receive and review applications for assistance;
6.2.3. adopt procedures that are efficient, responsive to emergency needs, protective of privacy rights of applicants, and consistent to Fund goals;
6.2.4.maintain accounts and provide quarterly reports to the Board of Directors of IITB-AA on the status and working of the Fund;
6.2.5. submit an annual report to be included in the Annual Report of IITB-AA;
6.2.6. give appropriate publicity to the existence and working of the Fund.
6.3. The accounts of the Fund shall be audited as per the procedure by which the accounts of IITB-AA are audited.
The Board of Directors retains the rights to the final interpretation of all guidelines, to modify and amend the guidelines, and has full and final discretion as to the approval of assistance.