Every year Legacy batches have been contributing a part of their fund to the following purposes to support the Institute.
Retired Faculty Wellness Fund (Gurudakshina)
The Retired Faculty Wellness Fund (RFWF) is a supplementary medical insurance program initiated by Class of 1984 as ‘GURUDAKSHINA’ for their teachers who had retired prior to 2004. The genesis of the program was the fact that regular medical coverage was not available to those IITB faculty who had retired prior to 2003. The RFWF provides supplementary medical insurance from ICICI Lombard to all retired faculty members (and their spouses) who retired prior to 2004. This is a family floater plan for a ‘closed group’ consisting of retired professors, spouses and spouses of deceased professors — no new faculty members will be admitted to this group. The entire annual premium for this closed group policy is paid out of the Retired Faculty Wellness Fund.
Creation of a fund to provide scholarships to economically disadvantages students. Each year alumni sponsored scholarships, fellowships, awards and prizes are received by numerous IIT Bombay students to encourage them to engage in a variety of activities. These grants help not only to lessen the impact of rising tuition costs and decrease the amount and number of loans that the students need to resort to, but also allow them more time to focus on their studies and other activities, thus adding to the financial assistance provided by the government.
Young Faculty Award (YFA)
IIT Bombay is undergoing this rapid growth phase even as other institutions in India and abroad are planning to expand too. This creates significant challenges in attracting faculty to IIT Bombay. Given the current hiring spurt, the Young Faculty Award program was designed to have a substantial long-lasting impact on IIT Bombay and its faculty profile. YFA awards can ensure that IIT Bombay offers a more attractive package to achieve better results in recruitment. The “Young Faculty Joining Bonus”, initially a Class of ’82 Legacy Project, has been awarded from 2010 onwards. Class of ’78, '83, ’84, ‘85 and ‘88 have also joined this project. Nomura has also contributed to the YFA. The project focuses on supporting young faculty in their academic pursuits in order to attract outstanding young faculty to replace retiring faculty and to augment current faculty as a key element for IITB to maintain its long term competitiveness.
Financial Aid Program (FAP)
The Financial Aid Programme (FAP) originated in July 2007 with a generous endowment of Rs.54 lakhs from the Class of 1981. The objective was to provide educational funding to IIT Bombay students with social and economic disadvantages. Today FAP donors are spread across geographies and generations spanning batches between 1967 and 2020.
The FAP scholarship is essentially a self-revolving peer-to-peer assistance program, where students receive assistance and then return the money as a donation once they graduate so that it may go to the next student who needs assistance. All students across all programs and disciplines are eligible for support.
FAP covers the entire registration fee of students including tuition fees, mess bills, etc. Other value additions in the recent years include mentoring opportunities, industrial visits, etc. Most students donate back the money in timelines suited to their individual situations once they secure a job, thus keeping the endowment perpetual and growing.