171 STATUTE FOR ACCEPTANCE AND MANAGEMENT OF BEQUESTS, DONATIONS AND ENDOWMENTS (Approved by Executive Council vide Agenda No. 4 in its 3rd meeting held on 12-01-2009) Received the assent of Chancellor vide Letter No. HRB-UA-30(3)-08/1313 dated 30th January, 2009 172 173 ACCEPTANCE AND MANAGEMENT OF BEQUESTS, DONATIONS AND ENDOWMENTS.
(Statute under Sub Clause (k) of Section 30(5) of the Haryana Act No. 26 of 2008)
PART-I
1. In this Statute or any Regulation, unless the context shall otherwise require:
“Bequest” means a gift of any amount or property to be given to the University in a donor’s will after his/ her death.
“Donor” means any individual, firm, corporation, association, foundation or other entity that makes a Donation or a Gift to the University;
“Endowment” means any Gift given to the University where the principle is to be kept intact in perpetuity and only the income earned from the investment of the principle may be expended, when available and approved, for general or restricted purposes of the University;
“Donation” or “Gift” means a contribution, grant, testamentary disposition or otherwise, property and money, equipments and books from a Donor that the University receives without making any commitment of resources or services with a commercial value in return, other than naming opportunities and using the Gift as the Donor may designate;
“Gift Purpose” means the use of the Gift as intended by the Donor which may include, but is not limited to, the support of undergraduate and postgraduate education, research, fellowships, professorships, equipment, facilities, and buildings.
2. The Vice-Chancellor is authorized to set priorities for fund-raising and to review and set administrative policies and procedures concerning Gifts to the University.
Gift Acceptance
3. The University shall promote the solicitation, acceptance and stewardship to Gifts to secure resources that would enable the University to further advance its priorities and commitment to excellence in teaching, learning and research.
4. The University shall not accept any Gift that precludes the University from accepting Gifts from other Donors. The University shall not accept Gifts that violate any applicable law or regulation and reserves the right to reject any Gift.
5. The act of giving a Gift to the University shall be irrevocable whilst the Gift and the Gift purpose shall be subject to the University’s prevailing policies and procedures.
6. In recognition of a Gift made by a Donor, the University may offer the Donor a naming opportunity within the University. The Executive Council shall set the minimum Gift level, on the recommendations of the Vice-Chancellor for naming opportunities, which may be offered.
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7. 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.
8. All Gift-related naming opportunities shall be approved by the Executive Council on the recommendation of the Vice-Chancellor. In the case of a Gift-related naming of a Faculty, such naming shall be approved by the Executive Council upon the recommendation of the Vice-Chancellor.
Donor Rights
9. Subject to Clause 14 below, all Gifts shall be used in accordance with the Gift Purpose.
All information pertaining to a Donor and his Gift will be handled with respect and given confidential treatment to the fullest extent available at law.
10. The University shall appropriately acknowledge and recognize Donors and their Gifts according to such criteria as may be stipulated in the Regulations.
Management of Funds
11. The University shall have the sole right to administer the Gift Purpose.
12. The University shall have the sole right to invest Gifts and all Endowments subject to this Statute.
13. The University may charge all reasonable costs and expenses incurred in administering a Gift or a Gift Purpose to the relevant fund.
Gift Purpose
14. The Executive Council has the authority, on the recommendation of the Vice-Chancellor to make changes to a Gift Purpose, which has in whole or in part ceases to provide a suitable or effective way of using the relevant Gift, but only after reasonable efforts have been made to consult the Donor. The University shall endeavour to use the Gift for such purposes as nearly as possible akin to the original Gift Purpose.
Gift Processing
15. All gifts must be accompanied by a recording document in the nature of either a letter from the Donor, a Gift Form as stipulated by the University or a gift agreement that includes at least the following information:-
(a) Donor’s name and whether the Donor is an individual, firm corporation, association foundation or other entity;
(b) Gift amount
(c) Gift purpose and whether the Gift is an endowment or not.
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PART-II ENDOWMENT FUND
1. The Pt. B.D.Sharma University of Health Sciences Endowment Fund (defined below) shall be managed and administered in the manner hereinafter mentioned.
2. In this Statute unless the context shall otherwise require:
“Financial Year” means the period commencing on 1 April of a year and ending on 31 March of the next following year;
“Fund” means Pt. B.D.Sharma University of Health Sciences Endowment Fund;
“Fund Income” means any and all income earned from the investment of the Fund; and “Investment Committee” means the committee to be constituted as under for the management and investment of funds to generate consistent stream of income to support the activities of the University as a public institution of higher learning:-
(i) Vice-Chancellor Chairperson [1] [2] (ii) Deleted
(iii) Director, PGIMS Member
(iv) Dean Academic Affairs Member
(v) Registrar Member-Secretary
(vi) Controller of Finance Member The Fund
3. All Endowments donated to the University shall be placed in the Fund and shall constitute the capital of the Fund. All payments required to be paid under this Statute shall be paid out of the Fund Income.
Management and Powers
4. The University shall have sole discretion in the management and control of the Fund.
5. The Investment Committee is authorized to invest the Fund in the name of the University in any investment instruments permitted by law and in accordance with any prevailing University policy to earn income.
6. The University shall, out of the Fund Income, pay all expenses for managing the Fund.
Subject to Clauses 7 and 8 below, the University may also periodically pay a proportionate share of the administrative expenses of the Faculty, Academic Unit, Research Institute, halls of residence or non-academic office of the University which is administering an Endowment and apply the balance thereof to the University’s common pool of funds for all or any of the purposes of the University.
7. The University may at any time and from time to time apportion such part of the Fund Income to form part of the capital of the Fund as may be necessary to preserve the value 176 of the capital of the Fund and offset any depreciation in the value of the capital of the Fund due to inflation or other factors and shall invest such sums accordingly.
8. At the start of every Financial Year, each Endowment shall receive an annual distribution of expendable income at a pre-determined fixed rate to be decided by the Investment Committee.
Meetings
9. (i) The Committee shall meet as often as deemed necessary by the Chairperson, however, it shall hold at least one meeting during an academic year.
[1] [2] (ii) The Chairperson, if present, and in his absence the officer who will be looking after the duties of Vice-Chancellor shall preside over all meetings of the Committee.
(iii) Three members shall form a quorum.
(iv) All issues shall be decided by a majority of votes of the members present. The Chairperson shall have a vote and in case of equality, he shall have a second or a casting vote.
Payments
10. All payments out of the Fund Income shall be made by the Registrar.
Accounts
11. The University shall cause proper books of accounts and records of the Fund to be kept.
The accounts relating to the Fund shall be subject to audit annually by the Auditor.
Dissolution
12. The University shall have the power to terminate and dissolve the Fund with the consent of the Executive Council.
177 REFERENCES OF AMENDMENTS/INSERTIONS/SUBSTITUTIONS
1. Added vide Haryana Act No.7 of 2009
2. Approved by the EC vide Agenda item No. 45.23 in its 45th meeting held on
27.06.2022 and assented by the Hon’ble Chancellor vide letter No. HRB-UA- 30(3)-08/6492 dated 30.08.2022 178