A number of Annual Cash Awards/ Gold Medal and Silver Medals have been created in the Institute with the help of donations received from its Alumni, former Faculty members, well-wisher and friends to encourage meritorious students/faculty and staff in the Institute. We have around 75 Endowment Awards which include student awards, faculty awards, staff awards, community awards & awards for school children.
The student Awards are given to the student recipients during 'Convocation' ceremony and during 'Academic Excellence Award Ceremony'. These Awards instill motivation and enthusiasm in the students to excel in their academic endeavor and also provide financial assistance to meritorious and needy students.
Few Cash Awards have been created for Institute Faculty members from the donor's fund. These are awarded on Teacher's Day (in case of Institute Award) and Department's Day (in case of departmental award)
A number of Awards have been created from the donations for children studying in the schools located in IIT Kanpur campus. Similarly, Institute has created many Community Awards for faculty and staff members to encourage community services.
Endowment required for instituting student award on perpetual basis:
|Options||Total Endowment required (in Rs)|
|Gold Medal (to be given during Convocation) 10gm||12,50,000|
|Gold Medal (to be given during Convocation) 5gm||6,50,000|
|Annual Cash Awards of various denominations are available starting Rs. 25,000 with a Certificate||6,25,000|
In case the donor wants to institute a gold medal or silver medal of specific weight and purity, the endowment money required can be worked out accordingly based on the cost of the medal.
The donation may be given in two installments. In such cases the Award will be established as soon as the first installment of donation is received in the Institute.
The Academic Senate of the Institute is the authorized body to approve the student AWARD. Approval of Board of Governors (BOG) is required for Faculty Award.
As soon as the donation and details for creating an AWARD are received in the Institute, the proposal is sent to Senate through 'Chairman, Senate Scholarship and Prize Committee' (SSPC) (in case of student Award) or to BOG (in case of Faculty Award) for approval of the AWARD. The AWARD is announced after getting approval from the Academic Senate/Board of Governors.
The AWARD can be named after either the donor or any other person that the donor may decide. A separate ledger page is maintained in Dean R & A Office for each AWARD donation.
A Utilization Report is sent to all donors at the end of the financial year by the Dean, R & A Office to inform about the financial status of endowment and the name of the recipient students/faculty/staff.
As per the Institute norms 4% of the interest earnings of the AWARD endowment (approx. two third of interest earning) is utilized for AWARD. The excess interest earned (after deducting the AWARD amount) is added to the endowment to be used to cover drop in interest rates, inflation and growth in future.