Endowment Fund Proposal
Date of Proposal : July 23rd, 2014
Name of Fund Raising Group : Batch of 1985 , BITS, Pilani.
Endowment Under : BITSAA BENEVOLENCE FUND
Details of proposed Endowment Fund
Name of the proposed Endowment Initiative : BITS 85 Helping Hands
Funds Donated by :
Predominantly from the BITS, Pilani 1985 alumni, but open to contributions from any BITS, Pilani alumni.
Purpose of the Endowment :
The purpose of the endowment is under the broad category of medical aid by BITSAA. The specific initiative is to provide medical aid including expenses for rehabilitation to Alumni who might be facing distressed circumstances in life.
Further, the endowment could be used to provide medical help and educational scholarships to the immediate family of Alumni.
In addition, it can be extended as decided by the nominees of the Fund Raising group within the definition of benevolence and charity and within the limits of the general charter of BITSAA. All disbursements out of the fund shall be made only upon the receipt of a request from the Fund Raising group through their nominees via a formalized application process.
The Returns on the Endowment Fund accrued have to be made available for an entire period of one financial year for deployment. The funds that lie unutilized beyond the end of that financial year, will be added back to the Endowment Fund. The unutilized portion of returns shall be invested back into the endowment fund and cannot be used for any other purpose except in conformity to the Inclusions mentioned above.
Updation of Capital
In the first year of the fund, the capital raised will be utilised to an extent not exceeding 25% of total fund donated. This utilisation will only be extending medical help, including expenses for medical rehabilitation and well within the inclusions of the fund. The balance needs to be transferred to the endowment Capital and deployed for return on Investment.
In the event that the Fund reaches a total of $200,000, in following years after Year 1, only the interest will be used for distribution.
The Fund Raising group will endeavor to raise the Capital of the Endowment periodically. The returns on the Endowment Fund, which lie unutilized, are to be treated as Updation of Capital at the end of the next financial year viz., Returns at the End of Year 1 get added back to the Capital at the beginning of Year 3.
Categories of Donors
The following four categories of members are envisaged for the Fund raising Group from the alumni :
1. Patron Donor: A sum of USD 2,500/INR 1,50,000 or above donated to the Capital Fund
2. Donor : A sum of USD 1,000/INR 60,000 or above donated to the Capital Fund
3: Affiliate Donor : A sum of 250 USD/ INR 15,000 or above donated to the capital Fund
4. Associate Donor : Those who are not part of the 85 batch but have donated to the Capital Fund a sum no less than USD 250
A donor might choose to complete his/her 2,500 USD in a span of three years and his/her membership status would change to Patron Donor. An Affiliate might chose to complete his/her 1,000 USD in a span of three years and his/her membership would be changed to Donor.
Management of the Fund Raising Group
The Management Group would comprise the following persons:
1. Two members from among the group of Patron Donors
2. Two members from among the group of donors
3. One member among the group of Associate Donors
The Management group will elect three members, to form a Managing Committee, who will be authorized to recommend to BITSAA on disbursal of funds to humanitarian proposals which are sanctioned by a simple majority of the Management Group.
Awarding of Assistance
The Fund Raising group will communicate to BITSAA through its Managing Committee, who are designated to make proposals for Awarding Assistance. BITSAA can grant the award and process the request if all three nominees endorse a proposal, passed by a simple majority in the Management group, and make a request by mail.
Future Use of Endowment
In the event that the original fund raising group is no more, BITSAA will take reasonable measures to continue the Endowment in a way that is best suited for the intended purpose of the original donation. The original fund raising group may request BITSAA to bequeath the returns on the fund to finance medical aid, educational scholarship within the limits of the Inclusions of this fund.
Guidance to Donors
Donations/Contributions in US:
There are multiple ways to donate/contribute in the US: Checks, credit card, stocks, securities, matching gifts, life insurance policies and bequests.
a. Payable to: BITSAA International
b. Please send the checks to the following address:
Attn: CFO, BITSAA International,
1560 Sunnyvale Saratoga Road,
Suite 200, Sunnyvale, CA 94087-4597
c. Please add ‘BITS85 Helping Hands Fund’ and your name to the memo so that the money transfer can be tracked and credited to the Fund.
2. Credit card:
Use the link: http://www.bitsaa.org/donations/donate.asp?id=11498
3. Stocks, securities, matching gifts, life insurance policies, bequests and others:
Visit http://www.bitsaa.org/?page=howto_donate towards the end of the page. You may have to click on Show/Hide. For any questions/clarifications on these forms of donations, please contact firstname.lastname@example.org.
· The donations in the US are 100% tax deductible
· For credit card donations you will get a receipt subsequent to your donation
· For donations using checks, you may request a receipt
· For any questions, please contact the BITSAA fundraising team at email@example.com
Donations/Contributions in India:
Donations/Contributions in India can be done in below mentioned ways:
1. Remittance to the following Bank account of the Trust:
Account Name: BITS PILANI ALUMNI ASSOCIATION INDIA TRUST
Account No.: 008010102013929
Account Type: Savings
IFSC Code: UTIB0000008
Bank: Axis Bank Ltd
Bank Address: 6-3-879/B G Pulla Reddy Bldg;Greenlands, Begumpet Road, Hyderabad – 500016, Telangana (India)
2. Cheques may be sent to the following address:
Mr. O P Jagetiya
4A, Falcon Crest,Road No 10, Banjara Hills, Hyderabad-500034, Telangana (India)
· The Trust does not have approval to accept non INR donations currently
· Please do not forget to give the transaction narration – ‘BITS85 Helping Hands Fund’ and your name so that the money transfer can be tracked for issue of receipt and credit to the Fund
· Donors can also inform through email (to firstname.lastname@example.org) about the money transfers giving the transaction reference, date, amount, donor’s name for easy tracking
· The Trust will issue a formal receipt if asked for. Receipt will be issued in the name of the person/institution sending the money. No receipt will be issued if cash is deposited to the Trust account, only bank instruments (Cheque/DD/Net transfers etc) are accepted
· For enquiries, contact OP Jagetiya @ +919490795711 / email@example.com