Who provides oversight for funds donated by alumni ?
The Board of the IIT Bombay Heritage Fund (IITBHF) provides the necessary oversight for disbursement and usage of funds donated via IITBHF. IIT Bombay itself has well established governance processes to oversee the usage of funds donated via IITBHF or directly to the Registrar, IIT Bombay. IITBHF and IIT Bombay discuss pending projects and actual spending on a regular basis. IITBHF’s Executive Committee authorizes the release of funds to IIT Bombay only after it feels comfortable with its due diligence with regard to specific proposals. Once a project has been approved and funded, there is regular communication between IITBHF and the IIT Bombay leadership to review progress on the deliverables, milestones and actual spending.
