Q1 What is legal status of CIIT Endowment Fund?
AThe CIIT Endowment Fund is a non-profit organization, registered under The Trust Act 1882.
Q2 Is CIIT Endowment fund a Government, semi private or private organization?
A CIIT Endowment Fund is a private entity
Q3 What is mission of the organization?
AThe CIIT Endowment Fund has been established to provide financial support to CIIT for the smooth running of its affairs for accomplishment of its objectives.
Q4 What is governance structure of CIIT Endowment Fund?
A The Fund has a two-tier governance structure. It is lead by a 17-member Board of Governors having a balanced representation from academia, government and eminent citizens.
The second tier comprises of a Management Committee, with representation from the Higher Education Commission (HEC), COMSATS Headquarters, the Institute itself, the business community and civil society.
Q5 Are donations to the Fund tax exempted?
A The Federal Board of Revenue (FBR) approved NPO status to the ‘CIIT Endowment Fund’ under section 2(36) of the Income Tax Ordinance 2001. This approval entitles the donors, individuals as well as corporations, to claim tax rebate as per applicable laws.
Q6 What are the uses of the income of CIIT Endowment Fund?
A All contributions to the Endowment Fund are prudently invested to make maximum profits. The proceeds/profits are used for financial support to deserving students of the Institute, promotion of training and research, construction and maintenance of buildings, sports activities, pursuit to excellence and launching new initiatives.
Q7 How can we support the fund?
A You can support the fund either by financial or non-financial support. Financial support comprises of giving unrestricted contribution, sponsoring a professorship, lectureship, fellowship, scholarship, books, prizes and medals for outstanding students, sports, awards of excellence, equipment for research labs, building blocks, campuses etc. Non-financial support includes making an effort to raise the awareness of the CIIT Endowment Fund campaign known among your friends and family and motivates them to share in this noble cause.
Q8 Can we give in kind?
A The Board of the Fund may receive contributions in kind or bequests.
Q9 Does the Institute itself contributes to the Fund?
A Yes. We contribute to the Fund though our savings from different allocations.
Q10 Other public service initiatives of the Institute?
A Each employee of the CIIT i.e. from the Rector down to the naib qasids contribute one per cent of their monthly gross salaries towards the TALEEM fund. CIIT then augments this amount by two times. This Fund, is also utilized to provide financial assistance to needy students, enrolled in the CIIT system.
Q10 How the risk factor is covered?
AThe endowed amounts are prudently invested by the Endowment Fund secretariat, which is over seen by the Managing Committee operating through its designated Investment Committee.