Lahore (Friday, January 05, 2024): The Finance and Planning Committee of the University of Home Economics (UHE) Lahore, has greenlit the formation of an endowment fund amounting to Rs. 165 million.
The decision was made during a 15th meeting of F&PC chaired by Vice Chancellor Professor Dr. Faleeha Zahra Kazmi. The Endowment Fund is earmarked for initiatives such as student scholarships, research, and the overall welfare of academics and staff within the university.
In addition to approving the establishment of the endowment fund, the committee also approved the Board of Management structure for overseeing its operations. The six-member Board of Management will serve for a term of three years.
Vice-Chancellor Professor Dr. Faleeha Zahra Kazmi emphasized that the principal amount of the endowment fund shall not be utilized under any circumstances unless approved so by the Syndicate in very special circumstances. The dedicated bank account shall be established for the Endowment Fund in a scheduled bank.
She briefed that the net income earned from the principal amount of the Fund after meeting the operating expenses shall be utilized for the promotion of its aims, and objectives with 40 percent of the generated income being reinvested into the fund. A significant portion of the income, 20 percent, will be allocated for student scholarships, while 40 percent will be dedicated to research, academics, and employee welfare.
Furthermore, the Vice-Chancellor highlighted those contributions from various sources, including gifts, donations, Aid, and financial assistance from federal, provincial, and local governments, will bolster the endowment fund.
This marks a historic milestone for the university, as it establishes an endowment fund for the first time, aimed at ensuring the security and well-being of university teachers and employees.
During the meeting, Dr. Faleeha Zahra Kazmi informed members that the syndicate had initially emphasized the creation of an endowment fund valued at a minimum of Rs. 65 million. However, after a thorough review and rationalization of the university budget, the decision was made to establish a more substantial Endowment Fund of Rs. 165 million.
Samina Durrani, a member of HEC, Shahid Mehmood, a nominee of UHE Syndicate, and representatives from Finance, HED, and Punjab HEC were also in attendance.