IIT Madras Foundation: Celebrating A US$40 Million Milestone in Alumni Giving
IIT Madras Foundation is thrilled to announce that over US $40 million was raised towards funding a variety of Research, Innovation, Faculty, Student, and Facilities-related initiatives. IIT Madras Foundation, a 501(c)(3) Charitable organization that enables US-based alumni to contribute to their beloved institution, was founded in 2015 by a group of alumni that came together for the love of the institution and with a mission to raise US $100 million in endowments.
Dr. Girish Muckai who recently completed a very successful 6-year term as the CEO of the Foundation, charted a course for rapidly scaling fundraising. “The solid groundwork laid by our founding team helped us bring the operational and systems discipline needed to scale our efforts. It has been a terrific journey partnering with IIT Madras on this noble endeavor” said Dr. Muckai. Of the $40 million raised, $9 million was raised in 2023 alone.
Dr. Anandkumar (Andy) Kannurpatti (1992) recently took charge as the CEO from Girish. “We at the Foundation are very fortunate to be supported by the generosity of our Alumni who went on to take leadership roles at various Fortune 1000 companies, excelled in the world of Academia, Entrepreneurship, Venture Capital, Private Equity and other areas. Giving to IITM is a way of giving back to India. The collaboration with the IIT Madras leadership has been outstanding. With the support of our Alumni, we look forward to attaining our goal of US $100 million” said Andy.
Through the foundation’s exemplary work, here are some projects that are funded by our US based alumni:
* The Innovation Fund
* The Bhupat and Jyoti Mehta School of BioSciences
* The Gopalakrishnan-Deshpande Centre
* The Centre for Innovation
* Women Leading IITM
* The Wadhwani School of Data Science and AI
* The FedEx Center of Excellence at IIT Madras
* Project BrIIghT Future / Merit-cum-Means Scholarship
* Emory Global Diabetes Research Center (EGDRC)’s collaboration with IIT Madras’ College of Medical Science & Technology
The Foundation uses multiple channels to raise funds, including named endowments, special projects, class reunion gifts, Corporate Social Responsibility efforts led by IIT Madras, and other means. The donations from alumni range from a few hundred dollars to several million dollars. While raising funds is important, equally important is donor stewardship and transparency. In this regard, the Foundation collaborates very closely with IIT-Madras’ Office of Alumni & Corporate Relations. Personalized reports are produced on an annual basis for donors who contribute significant sums. “IIT Madras Foundation has been instrumental in raising awareness of Alumni giving and serving as advocates of IIT Madras’ needs in the USA. We are thankful for all the wonderful collaboration and the leadership shown by the Foundation. For our US-based Alumni willing to contribute to IIT Madras, the Foundation serves as the primary vehicle for giving,” said Prof. Mahesh Panchagnula, the outgoing Dean of Alumni & Corporate Relations at IIT Madras.
Besides fundraising and donor stewardship, the Foundation works very closely with IIT Madras on defining various programs and offers to our alumni. Class reunions serve as major catalysts to mobilize alumni to give legacy gifts representing their classes. IIT Madras Alumni Association (IITMAA) plays an instrumental role in collaborating with the Foundation in organizing class representatives to not only plan the reunion but also mobilizing attendance and planning of the class gifts.
“With the support of our generous Alumni and the Foundation’s very active Board and Volunteer Team, I look forward to supporting the Foundation in scaling Alumni giving in the US further and playing its part in raising the profile of IIT Madras as a world-class institution” said Prof. Ashwin Mahalingam, the incoming Dean of Alumni & Corporate Relations transitioning the responsibility from Prof. Mahesh Panchagnula.
