The Indian Institute of Technology Madras experienced a significant increase in donor funding in the financial year 2023-24, reaching `513 crore compared to `218 crore the previous year. This boost in funding was achieved through contributions from alumni, corporates, and other donors, reflecting a 135% increase.
The institute’s success in fundraising can be attributed to its dedicated team of 55 professionals, which includes a 12-member fundraising and marketing squad consisting entirely of alumni. Working tirelessly at the IIT’s office of Institutional Advancement, this team focused on identifying potential donors and securing their support.
Director Professor V Kamakoti stated, “The institute has attracted the highest amount of external funding among academic institutions in the country for the past two years. We’re confident of crossing the `500 crore mark in the coming years as well.”
Kaviraj Nair, CEO of the office of Institutional Advancement, emphasized the efforts made to recruit professionals from various industries. He highlighted the competitive nature of securing funds from corporate social responsibility (CSR) and alumni contributions, noting that donors are convinced of the impact and scale of their donations to IIT-M.
In addition to the funds raised, there are pledges exceeding `200 crore that will be fulfilled over the coming years. This funding, along with `900 crore in grants from the Centre and `45 crore from tuition fees, is used for salaries, day-to-day operations, scholarships, research and development, and establishing new departments and buildings.
V Shankar, chair of the IIT Madras alumni charitable trust, credited the alumni community’s efforts in fundraising, which have been ongoing for 20 years. He highlighted the personal connection established when alumni reminisce about their experiences at the institute.
Of the total funds raised, two-thirds (`368 crore) came from alumni, `95 crore from corporate entities, and `50 crore from other donors. The majority of donors (960 out of 1,072) are alumni.
Shankar also mentioned that recent efforts to enhance transparency and donor stewardship have been effective in attracting more donations from alumni worldwide.