BITS Pilani Alumni Association
The Official Global Alumni Network of BITS Pilani
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In 2011, we (BITSAA) engaged with BITS Pilani leadership to clarify issues pertaining to the raising and governance of Funds raised by alumni. This was to enable a clear and productive working relationship between BITS Pilani (the University) and BITSAA International (on behalf of all individual Chapters and BITS Alumni in general). This covers alumni fund raising, fund transfers and fund disbursements for various causes. It enables a sound, fiscally transparent responsible relationship between BITSAA and BITS-Pilani. Further the MoU is expected to strengthen the alumni bond with BITS Pilani and give alumni in general the confidence that any funds donated by them will be used promptly, prudently and as desired by the donor.
We have agreed that funds raised by BITSians globally (US, India, elsewhere) will all go into a single account at BITS (independent of BITS's own accounts). Funds from BITSian's in India can go directly into this account whereas those in US will be routed through BITSAA International into the same. This enables tax-benefit to the tune of 100% for all alumni (more in certain categories). Further the protocol and responsibility for accounting and oversight has been clearly defined. The following attachment has the text of a recently executed MoU and the following is a short summary outline what we have achieved. We want to make this really simple for the extended BITSAA chapters and batches to get on board with.
To have an ACCOUNTABLE, CENTRAL, TAX-DEDUCTIBLE way for Global BITS alumni to contribute funds to.
BITS has agreed to:
Online visibility to BITSAA account so that the BITSAA CFO and BITS can operate efficiently with no need for back & forth communication for quick turnaround visibility of funds.
We feel that this set up is a fine way to start things off. We have the transparency and dedicated accounting that we have wanted for years. This is in tune with Chairman Raju's stated goal of streamlining the governance within BITSAA/BITS - and achieve "fundraising accountability"
Viggy Mokkarala (1976) BITSAA's Global Fundraising Chair and Kris Ramachandran ('67) Advisor to the Chancellor, BITS Pilani were the key movers in executing this document. The key stake holders from BITS who weighed in were Vice Chancellor Prof. B N Jain, Chairman Alumni Affairs Prof. K E Raman, Director (Pilani) Prof. G Raghurama, Director (Hyderabad) Prof. V S Rao, Director (Dubai) Prof. R K Mittal and Faculty-in-charge Alumni Affairs (Pilani) Prof. Arya Kumar. The other team members were Raju Reddy ('76) Chairman, SP Kothari ('74) Chairman Emeritus, Aalap Tripathy ('04) CEO, Kaushik Subramanian ('02) CFO, Rajesh Chelapurath ('88) CIO, Rohit Koul ('02) COO and the rest of the Board of Trustees and extended Chapters on behalf of BITS Alumni.
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