(Shutterstock)Indian Institute of Management (IIM) Ahmedabad on Tuesday launched an endowment fund similar to foreign universities with an initial commitment of Rs 100 crore from its alumni. IIM Ahmedabad aims to raise endowment funds of Rs 1,000 crore over the next five years, according to a release. The practice of having an endowment fund is a recent phenomenon among Indian institutes. According to the Harvard University website, the university spent $1.9 billion of its endowment fund on operating expenses in the 2019 fiscal. The contribution from the endowment fund amounted to 35 per cent of its operating expenses.

Source: The Telegraph June 23, 2020 20:48 UTC