Whereas, since the last many years, Alumni who are one of the principal stakeholders of the institute have been holding reunions of 10-year, 25-year, 40-year, golden jubilee and other periods and whenever such meetings of the Alumni of NITW’ were being held, the members who were attending those meetings were expressing their deep feelings of gratitude and being ’beholden to their Alma mater and are wishing to GIVE BACK TO THEIR ALMA MATER for what they are today.
In the recent past several such GIVE BACK initiatives were planned and Alumni batches have created corpus to the tune of over Rs. 1 crore.
Several Alumni have also donated bulk amounts with a focused objective like Innovation, Design thinking and Tinkering etc.
The underlying theme and notable feature of all such initiatives is that Alumni do have and feel great affinity akin to filial bonds of children towards their parents, and were conveying a deep Fund strong urge to do some significant, unique and substantial service in all possible ways and means, by working in tandem and association with NITW and play a supplementary and even a complementary role in the promotion of studies, research and development in the fields of science, engineering and technology, including futuristic studies as also nascent and emerging technologies (like Nano technology, cloud computing, Big Data, VLSI, Renewable Energy, ITS and new branches of science like life sciences etc.,) and create necessary infrastructure and organizational setup.
In addition to these initiatives, several corporates are willing to support academic institutions by setting up Centers of Excellence with substantial funding from their CSR grants. Such initiatives have also larger perspective of not limiting the benefits of such support to our institute, but in turn spread and share these facilities for the improvement of technical education in the region.
The institute has some of the best talent pool of technocrats and researchers who are young and are willing to explore uncharted areas and challenges. In order to meet the aspirations and requirements of such researchers, funding from within institute budget may not suffice. In such circumstances, departments or individual faculty can float a project proposal for funding with clear details of objectives, achievable deliverables and value addition to curriculum or to the institute. Such project proposals can be vetted by the NITW Endowment Fund management committee (hereafter referred as “COMMITTEE”) and floated to alumni and corporates seeking support and funding. The support can be either in the form of funding or executing a project in BOT mode.
Thus, broadly the category of financial contributions can be in the following forms:
Donation/Contribution by individual or others without any stated purpose of its utilization
Such contributions shall be pooled into the Institute corpus and the interest accrued on the corpus shall be utilized by the institute based on the recommendation of the COMMITTEE.
Donation/Contribution by individual or others with a stated purpose of its utilization
Such contributions shall be managed by the COMMITTEE with additional members coopted from the DONORS to oversee and manage the contributed fund for the stated purpose and objectives of the DONORS.
Donation/Contribution by individual or others in response to a stated / defined project proposal
Such contributions shall be managed by the COMMITTEE with additional members coopted from the project initiators/user departments to oversee and manage the contributed fund for the stated purpose and objectives of the DONORS.
The receipts, expenses and utilization of the fund shall be audited every year as per statutory regulations and the copies of Audited accounts be shared with bulk donors as well batch representatives who have contributed as a batch.
