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IIM-A having excess of funds
IIM-A (Indian Institute of Management, Ahmedabad) has for the first time surplus amount of operating funds –Rs 6.83 crore. Despite of spending more than a crore on its golden jubilee celebrations and 60% hike in pension liability, institute was successful in saving this much amount.
IIM-A witnessed a change in its funds in 50th year of its existence. The balance sheet of the institute reveals that despite of an operating loss of Rs 50.49 lakh in 2009-10 and Rs 6.33 crore in 2008-09, IIM-A was successful in generating more income than expenditure, Rs 11 crore in 2010-11. The institute transferred Rs 4.38 crore of Rs 11 crore to its corpus thus raising a surplus of Rs 6.83 crore.
This was for the first time when institute attained an operating surplus in 2011 after fully financing the pension liability of the institute. IIM-A achieved this despite of the 60% hike in actuarial value of the pension liability to Rs 860 million (due to recommendations of sixth pay commission) at the end of 2011.
IIM-A sees this as a big achievement and decided not to seek any grant from the Ministry of Human Resource Development in 2012. This was made possible only through wise management of costs and creation of opportunities.
Rs. 61.59 crore were collected by the institute through fee and rest of the income from long term programs and Rs 51.22 crore from MDPs (management development programmes) and projects.
Presently IIM-A has about Rs 55 crore in its corpus. In 2008-09 IIM-A’s corpus had Rs 44 crore drop of over Rs 7 crore in the previous 2 years (Rs 51 crore). There was a dip in the corpus due to the Sixth Pay Commission.
The institute celebrated its golden jubilee which included 4 global conferences, publication of a series of management books, alumni reunions with participation across batches and many other activities.
The institute has been approaching its alumni for the funds and also proposes to tie-up with the corporate to generate funds. Institute generated a fund of Rs 38 crore from its alumni by organizing several alumni meets on its silver jubilee celebrations.
Source: Times of India
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