Former DU Executive Council member said that endowment fund in CUs will lead to private players entering their financial management.
Central universities to have endowment fund
NEW DELHI: Former Delhi University Executive Council member, Rajesh Jha, termed the Ministry of Education’s move to set up endowment funds in central universities ‘a step towards privatization and selling off of universities’. MoE recently issued ‘Guidelines for Central University Endowment Fund’ directing universities to create accounts and CUEF board to get donations and invest funds.
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Sharing the guidelines, Jha said in a tweet, “Another concrete step by MoE towards privatization & sell off of the universities in the name of endowment fund – 1. CUs forced to fix targets 2. In the name of donors, the pvt players to enter in CUs’ financial management 3. Corporatisation of CUs (pt 6).”
Another concrete step by MoE towards privatization & sell off of the universities in the name of endowment fund –
1. CUs forced to fix targets
2. In the name of donors, the pvt players to enter in CUs’ financial management
3. Corporatisation of CUs (pt 6) pic.twitter.com/nUjT4n9mQ7
— Rajesh Jha (@jharajesh) August 16, 2022
Jha alleged that in the name of donors for funds, private industries will manage finance of central universities. He called the 6th point in the MoE guidelines which states, “The Governing Board of the endowment fund may decide on how the fund will be managed and the need to open a new section 8 company or trust. If the latter option is taken, then the vice chancellor will be the chairman (ex-officio) of the board of this company or trust,” corporatisation of the universities.
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The guidelines include creating a separate bank account for donations, maintenance of separate and transparent accounting, investment of donations for intended purposes, etc. The Board will take the decision about the utilization of funds and place the report in the finance committee meeting of the university.
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