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Naming Rights for Awards
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Naming Rights for Awards

(Version 1.0, Last Update: 9th February, 2013)

 BITSAA hosts a series of named awards every year for the students at various campuses of BITS. Some of these awards are started to honor academic merit where as some other awards are meant for encouraging budding leaders, entrepreneurs, musicians etc.  See Appendix A for a sample of some of the awards that have been instituted in the past. 

To start a Named Award for students:

Time limited endowments for 10-20 years can be started to honor student excellence in academia, humanities (music/dramatics) or sports as given in the table below.  These awards could also encapsulate the events in any of the technical, business or cultural festivals events (APOGEE/Quark/Oasis etc) at any of the BITS campuses.  An award of ~$500 will be awarded in the respective category chosen by the donor with the endowment.

Duration (yrs)

Endowment Amount ($)

Award Amount ($)

10

4K

500

15

5K

500

20

7K

500

 

1.      The above table refers to endowments supporting a payout of $500 for a limited time period. If the donor wishes to provide higher amounts as awards (or if the nature of the event warrants so), the adjustments will be made accordingly and communicated.

2.      Instead of endowing the amount, if the donor wishes to pay yearly, a commitment for a period of at least 5 years is required. For periods higher than 5 years, endowments work out best.

3.      BITSAA will work with donors on a case by case basis to accommodate these changes.

To start a Named Faculty Excellence Award:

A one-time $8.5K donation will enable honoring/encouraging a young faculty member for outstanding research for 5 years. A yearly donation of $2K for a minimum of 5 years would effectively achieve the same.

Please Note:

a      A small percentage (historically around 0.5% to 1.5% and upto 5-6%) of this contributed amount shall be deducted for administrative/ overhead expenses that BITSAA incurs as an organization and shall be pro-rated based on actuals at the end of the year

b        Please note that these numbers are subject to being re-worked in consultation with the donors depending on the type of award and number of students / faculty to be supported per year

c    For endowments - an interest rate between 4 to 8% is considered in the US. Historically, BITSAA endowment fund (BEF) has consistently achieved interests of 5%-6%. See how our funds have performed over the years at  - http://www.bitsaa.org/?endowment

 If the funds are directly endowed with the Alumni account at BITS Pilani, BITS Pilani shall invest funds transferred in suitable instruments as determined by its investment policy for its own funds.  For accountability and transparency of funds, please refer to our memorandum of understanding with BITS-Pilani and fundraising governance at http://www.bitsaa.org/?page=governance

d        The naming rights might be revised on a regular basis and the donors will be informed about the same.

e         If you are not sure about which initiative to contribute to but still want to make a difference, contribute to the General Endowment. Contributions to the General Endowment (Student Enrichment Fund) will be used for the project with the most need.

f       All contributions are 100% tax deductible in India and in the USA

g      Instructions for making donations (via cheque, online, other methods etc) are here

 h      For any further questions or clarifications, please contact scholarships-team@bitsaa.org

Appendix A:

Faculty Awards:

a)      Prof. S. Venkateswaran Faculty Excellence Award - http://www.bitsaa.org/?SVenkateswaranAward

Few Student Awards:

a) Srikant Visweswariah Analog Design Award and Fellowship - http://www.bitsaa.org/?page=SrikantAnalogAward

b)      Prof. Suresh Ramaswamy Memorial Award - http://www.bitsaa.org/?page=SuRa_Award

c)      Awards via Student Project Fund :  http://www.bitsaa.org/donations/fund.asp?id=4378

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