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Endowment /Merit appreciation Scholarships

Endowment /Merit appreciation Scholarships
Thanks to the generous contribution by various individuals and corporates, we were able to raise awareness among the community about the need to support the needy and meritorious students. Thanks to our events, we were able to attract more interested individuals, each of whom are talking about supporting the deprived students. “These individuals approached us with newer ways of spreading awareness, by instituting endowments in the memory of their near and dear for which we have accepted their proposal to make our organisation a means to educate more and more needy and meritorious students in the name of their beloved ones”. While instituting the Endowment, the family members set up certain criteria and the same will be followed and accordingly selection of the candidates are finalised for awarding scholarships from the Endowment.

Criteria for Instituting Endowment: Any individual or any one or all the family members can institute an endowment in the memory of their beloved ones. The endowment shall start with a minimum of Rs. one lakh or in multiples thereof. All endowments instituted for Rs. 500000 (rupees five lakhs) and above will be considered as individual endowments, and others when distributed will be clustered with other endowments and will be passed on to the beneficiary .Donors can always add to the endowment already instituted in one or more years to a sizeable endowment with contributions from the self, friends and near relations. Regular updating will be maintained with all details for each endowment at back end office and will be communicated to the principal donor as and when additional contributions are made. The ultimate objective is that the a full-fledged self-reliant individual is created out of the Endowment creation, thereby giving the donor the immense satisfaction that the donation helps in transforming the families for generations together in terms of Education and Social standing.

Endowment scholarship: The student i.e. the beneficiary will be awarded scholarship every year with the interest earned on the endowment amount and also any additional funds given on year on year basis will be supported till he completes the course for which the beneficiary is selected and the quantum of money is not fixed.

Pre-conditions of Endowment: The donor can always while instituting an endowment can put certain precursors to fulfil the objective of instituting an endowment in perpetuating the memory ,such as supporting a beneficiary from a specific district or region, a specific course, or a specific field such as music, art, professional/ technical /medical education/ competitive services. However the pre-conditions shall always be supported with sufficient interest accrual on endowment amount.

Parking of Endowment: Donations received are parked in fixed deposits with nationalised banks as prescribed under income tax act for each endowment separately to get the best yield for best possible maximum period so that each endowment is identified separately. The fixed deposit receipt will be separately maintained for donor’s reference. A separate file is maintained for each Endowment wherein the initial contributions by the family members and the additions made there after by other family members over a period of time.

Procedure for Distribution: A student will be selected for endowment as per the decision of selection committee and donors precondition statement. Every year the beneficiary will be given scholarship till the completion of study. The donor or his family members will be called upon to be present at annual award ceremony to present the award with their own hands, thereby providing a platform for the donor and beneficiary to know each other and other antecedents, The donor not only gives the scholarship amount but also a certificate to the beneficiary detailing the endowment specifics. The photographs of the event and details of beneficiary will be furnished to the main donor (to be specified while instituting the endowment) after the event.

Admin procedure: The organisation after collection of cheque acknowledges the receipt and on realisation of cheque issues a receipt cum 80(g) exemption certificate together with relevant enclosures. The donor is required to arrange a high resolution photograph and a brief profile of the person in whose favour the endowment is instituted. All Cheques and D.D’s may kindly be drawn in favour of Vedavyasa Vidya Vignana Varadhi payable at Hyderabad. All online transfers can be made to IDBI Bank, Basheerbagh Branch, Account No. 002104000328371, IFSC code: IBKL0000002, MICR code: 500259002,

Foreign contributions to the organizations are covered under FCRA Act, 2010 with Regn. No. 010230915, Ministry of Home Affairs. For N R I Remittance Details of FCRA Account.

A/c.No. 0002104000508407 , IDBI Bank, Basheer Bagh, Hyderabad, Swift code : IBKLINBB002 All donors shall invariably furnish their communication address , cheque no, Bank , Amount, and PAN No. for our record purpose.

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