Presidency University looks for 'friends' to raise funds

Presidency University will seek to convert its vast pool of well-wishers, including alumni around the world, into donors to finance scholarships, faculty positions and infrastructure development.

The premier institution will float an organization named Friends of Presidency University for the purpose. Its first chapter will be in the US and then in Europe. Funds will be spent in accordance with wishes of donors.

Thus, funds which have been eluding state universities severely dependent on the state government will not be a deterrent in Presidency University's path of progress.

The decision was proposed by the Presidency Mentor Group at its last meeting in the city. Mentor Group chairman Sugato Bose said: "Just as people can make tax exempt contributions in India, it will also be possible for those in the US to send tax deductable contributions to the fund. It will take a little while to set up the entity since legalities are involved. We found that all IITs have a similar organization. So we proposed the same for Presidency University, too. At the council meeting, the members approved the plan to set up the entity called the Friends of Presidency University."

Donors can contribute for scholarships, faculty positions and infrastructure. They will be able to indicate their preferences. The university authorities will also be able to indicate their preferences and specify areas where funds are needed.

Presidency vice-chancellor Malabika Sarkar said cent percent tax relief is guaranteed for contributors from India, as Presidency has already got the status of an institute of national eminence. "But the institution has a very large number of alumni in the US, many of whom are in touch with me and have expressed a desire to send contributions. Once the new body is set up, it will become easier for them to donate for the development of the university," she added.

"I have already created a VC fund for excellence which is a general fund to avoid overt dependence on the government. The state government also has its limitations. The funds provided by the donors will be spent according to the wishes of the contributor. Fund raising will start from January. The two main funds will be the '2017 Bicentenary Fund' and the 'University Development Fund'," said Sarkar.

The Bicentenary Fund can be spent on plans that need to be completed by 2017 and the University Development Fund can contribute towards achieving excellent research facilities. "The buildings, labs, faculty housing and other infrastructure need to be created or upgraded," she said.

After the US, the next chapter will be in a country in Europe. "Presidency is building its own alumni database. We can inform the alumni about fund raising and it is up to them to contribute. In the new year, the organization will launch a website. Users will then be able to see the funding options at the click of mouse. A fund raising committee will also be formed," the VC added.

They also reported how motivated the children were by outside factors like getting good grades. Not surprisingly, at the start of the study, kids with high IQs performed the best at math.