As per the guidelines for the Central University endowment fund issued by the Ministry to "all university vice-chancellors, a 7-member CUEF board comprising the Vice-Chancellor of the University, a finance officer, two professors from different departments and three donors nominated by the Executive Council for three years will govern the endowment fund."
Education Ministry releases guidelines to set up an endowment fund in central varsities, check details
The Education Ministry has released the guidelines for all central universities to set up an endowment fund for the purpose of mobilizing donations, funds and contributions from well-wishers, alumni, philanthropists and industries for the development of students, faculties and institutions.
As per the guidelines for the Central University endowment fund issued by the Ministry to "all university vice-chancellors, a 7-member CUEF board comprising the Vice-Chancellor of the University, a finance officer, two professors from different departments and three donors nominated by the Executive Council for three years will govern the endowment fund."
The guidelines further include the creation of separate bank accounts for donations, maintenance of separate and transparent accounting, investment of donations for intended purposes, etc. The Board will then take a call on the utilization of funds and place the report in front of the finance committee meeting of the university. “A reasonable percentage of the fund, not exceeding 50 per cent may be spent annually with a view to maintaining a good corpus for the future,” the guidelines stated.
The central varsities will then have to set up an inspirational value to the amount of corpus fund to be mobilized according to its alumni strength, average salary of alumni, and possibility of mobilizing donations. The ministry guidelines also allow institutes to open a Foreign Contribution Regulation Act (FCRA) account to accept donations from outside India.
However, in order to get foreign donations, the university will need to get permission from the competent authority or the ministry. Further, the education ministry asked universities to publish the information regarding the CUEF fund and its utilization on their websites to inform the concerned people.
Read More:
Follow Shiksha.com for latest education news in detail on Exam Results, Dates, Admit Cards, & Schedules, Colleges & Universities news related to Admissions & Courses, Board exams, Scholarships, Careers, Education Events, New education policies & Regulations.
To get in touch with Shiksha news team, please write to us at news@shiksha.com
She has over 10 years of experience in the education and publishing sectors. She specialises in exam coverage and content creation. At Shiksha, she writes, analyses, and presents information for students preparing f
Read Full Bio