Published: 16th May 2022
Bringing in the big bucks: IIT Madras fundraising reaches all-time high of Rs 131 crore in 2021-22
The institute is targetting to accelerate fundraising by improving alumni networks and increasing engagement with corporates, philanthropies and high-net-worth individuals
The Indian Institute of Technology (IIT), Madras has recorded an all-time high sum of Rs 131 crore fundraised from alumni, donors and corporate firms during the last financial year to further its philanthropic and socially relevant projects, stated a PTI report. The institute is targetting to accelerate fundraising by improving alumni networks and increasing engagement with corporates, philanthropies and high-net-worth individuals, said the institute. The fundraising activities are headed by the Office of Alumni and Corporate Relations, which has a dedicated team of professionals who work with corporate firms, alumni and donors.
"Despite the COVID-19 pandemic, the fundraising from alumni, donors and corporate firms has been increasing by over 30 per cent 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," said Mahesh Panchagnula, Dean (Alumni and Corporate Relations), IIT Madras, as quoted by the PTI report.
"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," he was quoted saying. The funds raised have been vital in supporting infrastructure development, scholarships, chair professorships, research and initiatives to mitigate the COVID-19 pandemic in particular, as per the PTI report.
During the pandemic, the institute collected over Rs 15 crore from its alumni network toward COVID-19 relief projects that were deployed to provide essential medical equipment, such as BiPAP and oxygen concentrators to the governments of Tamil Nadu, Karnataka and Telangana, stated the PTI report. "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," said Kaviraj Nair, Chief Executive Officer, Office of Institutional Advancement, IIT Madras. "We also have entirely volunteer-driven alumni chapters across the world, with alumni who are passionate about supporting their alma mater in its pursuit of world-class research creating a global impact," he added.