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EXTRAORDINARY
PART III—Section 4
PUBLISHED BY AUTHORITY
No. 9 97] NEW DELHI, TUESDAY , DECEMBER 17, 2024 /AGRAHAYAN 26, 194 6
CG-TN-E-19122024-259497
CG-TN-E-19122024-259497
INDIAN MARITIME UNIVERSITY
NOTIFICATION
Chennai , the 10th December 2024
F.No . IMU/HQ/ADM/Notification/2024/02 –– In exercise of the powers conferred by Section 47(1) of
the Indian Maritime University Act,2008 (22 of 2008), the following Notification are published for general
information:
# Statute/
Ordinance/
Notification
Description
Executive Council Resolution
1 Ordinance No.3 of
2024 Terms and Conditions for
Acceptance of Endowments and
Donations. Executive Council Resolution No.EC 2015 -30-16
dated 25 -02-2015 amended vide EC 2024 -77-27
dated 07.05.2024.
Note: In case of any discrepancy between English and Hindi version of this document, the English version
shall prevail.
Ordinance 03 of 2024
[Ordinance 04 of 2015 Amended vide EC 2024 -77-27 dated 07 -05-2024)
“Terms and Conditions for Acceptance of Endowments and Donations”
A. Terms and conditions of Endowments for Medals and Prizes or Scholarships or for Orations
1. The following is the financials of the different categories of monetary endowments:
Medals and Prizes Scholarships Orations
Minimum Endowment
[Any proposal with a
value less than
minimum can be
treated as a donation] Endowment for a Medal or
Prize shall be Rs.1.00 lakh. Endowment for a
Scholarship shall be
Rs.3.00 lakhs. Endowment for an Oration to
be delivered in IMU for the
benefit of the students shall
be Rs.5.00 lakhs.
Denominations &
Maximum: In multiples of 10000s. No maximum limit:
Example: For a minimum Endowment
of Rs.1.00 lakh - assuming a
Fixed Deposit interest rate of
8% per annum - a Medal /
Prize of value approximately
Rs. 8,000 can be given. For a minimum
Endowment of Rs.3.00
lakh - assuming a Fixed
Deposit interest rate of 8%
per annum - a Scholarship
of value approximately Rs.
24,000 can be given. For a minimum Endowment
of Rs.5.00 lakh - assuming a
Fixed Deposit interest rate of
8% per annum – an oration
with an approx. cost of Rs.
40,000 may be incurred in a
year towards orations
2. The year for the purpose of the endowment will be the academic year.
3. The amount shall be deposited by IMU in a Nationalised Bank in Fixed Deposit in such a way as to
maximize, to the extent possible, the interest accruing to the Fixed Deposit.
4. The annual interest from the Fixed Deposit shall be utilized for Medals and Prizes / Scholarships / Orations
every year.
5. If the awardee is in receipt of other prizes / awards, a suitable methodology will be adopted, with the approval
of the Vice Chancellor, broadly in line with the donor’s intent.
6. The name of the Medal or Prize / Scholarship / Oration, its purpose, and the segment of students / audiences
to whom it can be given should be clearly specified by the donor. IMU will normally accept the donor’s
request in this regard. However, IMU reserves the right to reject the endowment or to make suitable
modifications in the name or purpose or the segment of students / audiences to whom the Medal or Prize /
Scholarship / Oration should be given if what was proposed by the donor is considered to be prejudicial to
social harmony or law and order or academic excellence or is impractical / impossible to implement.
7. Subject to what is stated in (6) above, it shall be the prerogative of IMU to select the students for the Medal or
Prize / Scholarship / Oration under intimation to the donor.
8. The Medal or Prize / Scholarship / Oration will normally be given / organised from the academic year
immediately following the year of receipt of fund, for the endowment by IMU. If the donor wants the Medal
or Prize / Scholarship / Oration to be given / organised within one year from the date of acceptance i.e. in the
year of creation of an endowment, then an additional amount equal to the value of the Medal or the Prize /
Scholarship / Oration amount to be given.
9. Two or more donors can institute an endowment jointly.
10. If for any reason the Medal or Prize / Scholarship / Oration could not be given / organised in a particular year,
IMU shall arrange to give it as soon as it may be practicable.
11. If for any reason no student is found to be eligible to receive the Medal or Prize / Scholarship during a given
year and if no oration could be organised during any year or if there is any other savings, such savings shall
be added to the principal of the Fixed Deposit.
B. Terms and conditions concerning the other forms of Endowments
1. Endowment may be created for other developmental works, which are aimed at the overall development of
students.
2. The University can accept Term Endowment which is set up for a specific period of time and when the term
expires, the contributed principal amount may be used to fund operations.
3. The University can accept Quasi Endowment which would enable the University to spend the entire principal
and income at any time at the discretion of the Competent Authority.
C. Terms and conditions concerning the Donations
1. IMU can receive donations apart from endowments which can be used directly to fund general activities or
any specific activity as desired by the donor and acceptable by IMU.
2. Principal amount may also be utilized in case allowed by the donor.
3. Types of donations which can be accepted;
i. Monetary Donation:
Money can be transferred to IMU’s designated account, through bank as per modes specified in para D
(xvi).
ii. Non-Monetary Donation or In -Kind Donation
IMU can receive donations in the following non -monetary forms:
a) Shares and Securities [Note -1]: The donor may define usages and terms and conditions of sale of the
shares / securities. In case there is no such conditions defined by donors, the Executive Council shall be
vested with the right to decide how much and when to sell and also the usage.
b) Real Estate / Personal Property – The property can be given for a short / long -term lease or can be
perpetually transferred. There are several options for giving real estate to IMU, depending on what the
donor would like that gift to support. For example, if the donor’s interest is student scholarships or
bursaries, the property will be sold and the proceeds would go to establishing an endowment that would
support financial aid for students. If the wish of the donor is that his / her property be used in a way that
will support research and education, an agreement will be created between the donor and IMU that
outlines expectations and obligations with respect to how the land will be used and for how long.
Donations in the form of real estate shall be dealt with individually with the approval of the Finance
Committee and Executive Council.
c) Planned donation: IMU as a beneficiary of insurance policies [Note -1] and legacies.
d) Books and manuscripts: The University library can receive books, including rare books and manuscripts
from donors. Accepted material should be in good condition: clean, attached covers, intact bindings, no
loose pages and no active or past damage from water or mold. These donations need to be relevant to`
IMU’s interests.
e) Lab equipment:
• The equipment intended to be donated must be in good condition and should be of relevance to
IMU.
• The equipment shall comply with Environmental, Health & Safety norms, and be free of
contamination, toxic oil and gas wastes, radiation and other potential hazards. The University has
the right to inspect equipment in this regard.
• An equipment donation may be directed for use by a particular department, research centre or
faculty member. However, IMU shall be the owner of all equipment donated, without exception.
Equipment donated will not be the property of the faculty, staff or students, even if they may have
been the primary contact or delivery point for the donation and the designated end user.
• In case the donated equipment ceases to function, the University has the right to repair or dispose it
with the approval of Competent Authority.
f) Any other tangible collection.
g) Donation through Will / Bequest
An individual can choose to make the donation / gift unrestricted or restricted in the will.
The five main types of gifts that can be left in the will are:
▪ residual
▪ percentage or fractional
▪ whole or part of estate
▪ pecuniary or specific
▪ endowment gifts
Donation of this form shall be dealt with individually with the approval of the Finance Committee and
Executive Council, in case the value of the will / bequest exceeds Rs. 10 Lakh.
[Note -1: Accepting these two modes would be subject to the framing of further guidelines by the IMU /
Vice Chancellor.]
iii. When a donor makes a donation to the University, the donor may provide terms for the use of that
donation. If the terms specify a particular purpose, the funds are “Restricted” to that purpose. If donor
terms allow a donation to be used broadly within the University, it is deemed “Unrestricted”. Both
monetary and non -monetary donations can either be restricted or unrestricted.
4. Possible activities that can be undertaken with the funds so created / usage of the funds from donations and
other forms of endowments:
i. Any activity which enhances academic / research in the University.
ii. Creation of and running Centres that are aligned with GoI / Ministry’s plan or the University’s overall
vision, mission and objectives.
iii. R&D centres in collaboration with the private sector can be established, for which the shell
infrastructure and students may be provided by the University. Students shall be provided the
opportunity to conduct R&D activities with the latest technologies under expert supervision.
iv. To carry out the activities / development which are necessary to meet the objectives of the University.
v. To carry out the activities / development for the specific purpose for which the donation has been
received.
vi. To carry out the activities / development which require Viability Gap Funding(VGF).
vii. To carry out the activities / development which are not viable even with VGF but can be implemented
under the annuity model.
5. Recognition to donors
vi. The University would also have options for naming opportunities for donation.
a) Donors could name a classroom, a laboratory or a wing of an existing building.
b) Endow and name a School or an academic division or programme.
vii. All donations which require naming shall be approved by the Finance Committee and Executive Council
of IMU including in the case of a donation -requiring naming of a School, Department, Faculty, Chair or
any infrastructure.
viii. IMU from time to time, shall set the minimum donation level for naming opportunities.
ix. If a donor who has been offered a naming opportunity by the University falls into disrepute, the
University reserves the right to discontinue the use of the relevant name.
x. For minor donations i.e. not covered in Clause 5 (i) & (ii) above, acknowledgements can be displayed
with the approval of the Vice Chancellor.
D. Broad scheme of things for Donations and Endowments and other General Terms & Conditions:
Broad scheme of things:
i. The University will prepare a wish list and publish on the website which will be updated periodically.
The list will be illustrative and not exhaustive.
ii. Before accepting any donation, the following points may be assessed;
c) Is the purpose and conditions of the donation compatible with the objectives of the University?
d) Are they reasonable and sustainable?
iii. All endowments and donations will be used only for the benefit of Indian Maritime University, its
programmes, its faculty, staff and students.
iv. All funds will be used as intended by the donors, to the extent possible and to the extent conform to
IMU norms and objectives.
v. There should be a committee approved by the Vice Chancellor to govern the fund usage.
Responsibilities of the committee to be laid down. A campus level report shall be sent to the committee
every six months.
vi. If the donor agreements contain conditions or provisions such as membership to an advisory board or
access to proprietary research, IMU shall determine if the conditions are acceptable and accordingly
accept or negate the charitable donation.
vii. In case of procurements to be met exclusively out of the funds from donations / endowments, the
donor(s) of the fund can decide the scope of work, method of procurement including single sourcing,
eligibility of vendor, provided the need for the work is justified by the IMU with the approval of the
Vice Chancellor.
viii. For each monetary endowment fund / donations, a separate fund / ledger shall be created which shall
be earmarked for the purpose of endowment fund / donation till the endowment fund / ledger is fully
utilised. Donated Assets / Inventory will be added to the Asset Register or Accession Register or
Inventory Register or Estate Register, as applicable. Administration of assets and ownership shall
always be with IMU.
ix. Those intent to create endowment or make donation in IMU are encouraged to contact the Nodal office
in HQ or Campus Directors directly to discuss donation options. The University will assist in
customizing options to suit donor needs.
Other General Terms and Conditions
x. All endowments and donations will be governed by applicable University policies.
xi. An endowment / donation once created in IMU is irrevocable and the donor or his heirs / successors /
assignees cannot ask for it to be returned. An endowment / donation is deemed to be created when
IMU has issued a letter to the donor intimating him of the acceptance of his endowment / donation.
xii. IMU shall, preferably in consultation with the donor / endower, have the power to make changes
regarding the purpose of the donation or endowment, which has in whole or in part ceased to provide a
suitable or effective way of using the relevant endowment or donation and the University shall
endeavor to use the endowment or donation for such purposes as nearly as possible akin to the original
purpose of the endowment or donation.
xiii. All tax and other requirements / details under Indian law where applicable are to be adhered to /
provided by the donor.
xiv. Where endowments are received from foreign nationals or foreign companies, due compliance with the
laws should be ensured.
xv. The University may charge all reasonable costs and expenses incurred in administering a donation /
endowment to the relevant underlying fund. However, such charging may be waived with the approval
of the Vice Chancellor.
xvi. Monetary donations and endowments will be accepted only in Electronic mode through the portal. In
case of a difficulty to transfer through the portal, endowments and donations can be accepted through
RTGS / NEFT / IMPS in the designated accounts as authenticated by the Finance Officer. In
exceptional cases, the payments can be accepted by DD / cheque. No donation / endowment can be
accepted through cash.
xvii. No donation will be solicited or received from a current student or any member of their immediate
family until such time as the student has graduated from the University.
xviii. IMU’s employees will not be allowed to create any endowment / donation in their name while in
service if they are in a conflict of interest position.
E. Unless otherwise stated, the Vice Chancellor is the Competent Authority to decide on the endowment. The
interpretation approved by the Vice Chancellor shall be the final and binding, in case of differences. Related
aspects which is not dealt with in the ordinance, will be transacted with the approval of the Finance
Committee and Executive Council.
F. The policy may be reviewed after a period of three years for further enhancements.
The Ordinance 04 of 2015 published in the Official Gazette No. 305 dated 03.09.2015 is hereby repealed.
K SARAVANAN , Registrar
[ADVT. -III/4/Exty./ 765/2024 -25]
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