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.
Endowment required for instituting student award on perpetual basis:
|Options||Total Endowment required (in Rs)|
|Gold Medal (to be given during Convocation) 22 Karat||15,00,000|
|Gold Medal (to be given during Convocation) 18 karat||12,00,000|
|Annual Cash awards of various denominations are available starting Rs. 25,000 with a Certificate||6,25,000|