Summary
Despite the pandemic, fundraising from alumni, donors & corporate firms has increased by over 30% year-on-year with number of companies donating
It has hit an all-time high of Rs 131 crore in the year 2021-2022
Indian Institute of Technology (IIT) Madras has raised an all-time high sum of Rs 131 crore from alumni, donors, and corporate firms during the financial year of 2021-22 to further its philanthropic and socially-relevant projects, it said in a statement.
The institute aims to accelerate fundraising by strengthening alumni networks and increasing engagement with corporates, philanthropies and high-net-worth individuals. The fundraising activities are spearheaded by the office of Alumni and Corporate Relations, which comprises of a dedicated team of professionals who work with corporate firms, alumni and donors.
A key factor driving this fundraising has been the highly qualified IIT Madras faculty who are carrying out path-breaking research and undertaking effective execution of socially-relevant projects.
Mahesh Panchagnula, dean (Alumni and Corporate Relations), IIT Madras, said, “We are grateful to all the alumni and corporate partners who have helped us through impactful contributions. IIT Madras is fortunate to have thousands of alumni invest both time and money to grow the Institute. This group is crucial to the Institute’s future development.”
Despite the COVID-19 pandemic, the fundraising from alumni, donors and corporate firms has been increasing by over 30% year-on-year. The number of corporate firms donating funds to IIT Madras through CSR has almost doubled in the last five years. Fundraising from Corporate Social Responsibility (CSR) partnerships accounts for nearly half of the total Rs 131 crore raised in the last financial year.
During the pandemic, the Institute collected over Rs 15 crore (approximately USD 2 million) from IIT Madras alumni globally towards COVID-19 relief projects, which were deployed to provide essential medical equipment such as BiPAP and oxygen concentrators, to the Governments of Tamil Nadu, Karnataka, and Telangana.
Kaviraj Nair, chief executive officer, Office of Institutional Advancement, IIT Madras, said, “Our team at IIT Madras has been able to put in place a milestone-based tracking system with clear metrics and rigorous deployment. We have a professional donor stewardship team to ensure that all our projects are managed effectively. All donors want to ensure that their money is utilised in a transparent and impactful way, providing scalable solutions. And we meet all their requirements.”
Last updated on 16 May 2022
