A few months back, Delhi University was granted the tag of Institute of Eminence (IoE) and now it is trying to keep up to the requirements for the same.
In order to fulfill the needs, Delhi University will soon launch an endowment fund. The fund is named as ‘Endowment Fund of the University of Delhi’ and it aims to raise Rs. 1000 crore. This fund will be raised majorly from the alumni of Delhi University. Studentst get to choose the sector of their preference that they want to invest in, through the fund. Even in the preferred sector, they can choose whether to put the money in buildings, research funds or somewhere else.
The Vice Chancellor of Delhi University, Yogesh Tyagi has signed a circular which states that the University will help the students and the faculty to attain excellence in all aspects, academics being the priority and for this, the university will provide all the required support.
Through this fund, the University aims to provide the best and latest research facilities and educational infrastructure. The university has also proposed to open nine more institutes with this fund.
Although under the IoE tag, Delhi University will receive 200 crores every five years from the government but the University also aims to raise the same amount from crowd funding.
According to another circular, Delhi University as of now is in the top 500 universities globally according to the QS World University Rankings and the administrators aim to bring it within the top 100 in the next 100 years. According to the circular, DU is lagging behind because of its inability of building new institutions which it looks to recover using this fund.
Delhi University has also explained the benefits to the alumni for investing, which includes a 100% exemption from tax and no upper limit i.e. there is no restriction on the maximum amount of contribution which is to be made. The donor is also free to choose the area he wants to invest in. All the information regarding the contribution and the utilization of these funds will be displayed on the website of Delhi University. Another provision regarding the endowment fund is that half of the funds, meaning 50% of the amount in the fund is earmarked for the female students. The audit of the fund will be conducted by the Comptroller and Auditor General of India.