Published: 23rd June 2020
IIM Ahmedabad launches Endowment Fund on Tuesday, to make the institute 'self-sufficient'
IIMA is the first management school in India to come up with this first-of-its-kind fund setting a benchmark and inspiring other institutes, the institute said in a statement
The Indian Institute of Management, Ahmedabad (IIM-A) on Tuesday announced the launch of the 'IIM Ahmedabad Endowment Fund', with an initial commitment of Rs 100 crore from 10 founding alumni. The endowment aims to raise Rs 1000 Cr over a period of five years.
IIMA is the first management school in India to come up with this first-of-its-kind fund setting a benchmark and inspiring other institutes, the institute said in a statement. Speaking on the occasion, Kumar Mangalam Birla, Chairperson, IIMA Board of Governors said, "Endowment funds help ensure financial health of any institute, thereby encouraging growth and self-sufficiency. We truly appreciate the Founder alumni for their generous contributions to kick-start the IIM Ahmedabad Endowment Fund.
These funds will play a significant role in realizing the long-term goals of the Institute and retain its autonomy. "Since its inception in 1961, IIMA has produced over 33,000 alumni working across India Inc, contributing significantly across corporates, fields of entrepreneurship, academia, public policy and service. With one in seven CEOs with a management degree from IIMA, the Institute has the highest number of alumni in CEO/CXO-level roles in India's top 500 companies.
IIM Ahmedabad alumni have also founded some of the finest business enterprises in the country. Prof Errol D'Souza, Director, IIMA said, "Alumni are a source of pride and strength for the Institute. While they have contributed in many ways to support the Institute's priorities; the endowment corpus will be very impactful as we expect it to emerge as an important source to support key strategic initiatives and innovative projects.
Such a critical funding support has been missing for most Indian educational institutions and we are happy to create a benchmark. "Under the guidance of the IIMA Board of Governors, the endowment fund will be managed by an independent Endowment Committee consisting of initial alumni contributors and the Director and Dean (Alumni and External Relations â AER) of IIMA, in their ex-officio capacity, the release added