Punjab University’s Endowment Fund

Dr Lubna Zaheer

Pakistan’s fragile economic situation has affected the institutions as well as the ordinary citizens. Just talk to people, they will surely cry about inflation. The situation of the national institutions is no different as every institution is suffering from a lack of funds. Take the example of government universities in the country. They are seen meeting their expenses with great difficulty.

In a previous column, I submitted that the situation has reached such a level that it has become difficult for a renowned university like the University of the Punjab to maintain a balance between income and expenditure. The treasurer has to make regular manipulations every month to pay the teachers' salaries and pensions. Hundreds of poor and deserving students also look to the administration for fee waivers. As inflation is multiplying, the number of such students is also increasing. The source of revenue for public universities is either student fees or government funds. The problem is that the funds of the federal and provincial governments, which are under economic pressure, are shrinking instead of increasing. In this situation, where should universities meet their expenses? Where to give scholarships to poor students? Where to get the expenses of research and construction works?

Now just look at the famous universities around the world. How do these universities with annual budgets of millions and billions of dollars meet their expenses? First, their governments are not submissive to the IMF like our governments. Therefore, along with student fees, government funds are also their source of income. In addition, world-renowned universities connect with their graduates through alumni networks. Regular fundraising campaigns are conducted by millions of graduate students. Prestigious universities have also established systems of endowment funds containing huge sums of money. Billions of dollars in donations from charitable campaigns are deposited in the endowment fund.

Take the example of Harvard University in the United States. The Harvard University Alumni Association is considered the most influential and well-funded alumni network in the world. This association has connected with 400,000 graduate students. From 2013 to 2018, the Harvard campaign raised nearly $10 billion. Harvard is also home to the world's largest educational endowment fund. This fund has $50 billion. Also, take the example of Stanford University which has an endowment fund of $37 billion. The Stanford University Alumni Association consists of 230,000 graduate students. These students help their university receive billions of dollars in aid. Similarly, MIT has $24 billion, Columbia University $15 billion, and Oxford University 4 billion pounds, while Cambridge University has endowment funds of 3.5 billion pounds. This is a mention of a few universities as all the major universities of the world have established endowment funds. Most of the lesser-known universities also have funds established. These funds are used to provide scholarships to poor and deserving students. Apart from this, expenditure on research activities, construction works, international initiatives, and various teaching posts are also taken out of this fund.

These things came to my mind when it was reported a few days ago that Punjab University has established an endowment fund. PU is one of the oldest universities in the subcontinent. Professor Dr Khalid Mahmood deserves to be congratulated for this historic initiative that has taken place during his tenure. We often tell the stories of the endowment fund established at Government College University Lahore. There are also reports of aid amounting to millions of rupees from Old Ravens. According to Dr Khalid Mahmood, it was learned that the Alumni Association of King Edward Medical College University has taken over the payment of fees for all the MBBS students of this college. Apart from this, the college actively participates in research and construction works. It is thought that millions of graduates of PU are spread all over the world. If contacted, many would surely want to help their alma mater and its poor students. This work requires sincerity and hard work. The graduates of PU have been and still are holding important positions. Among them were a few prime ministers of the country. If an attempt is made, they will want to repay the debt of their alma mater's knowledge.

The problem is that in Pakistan we have not promoted the idea that supporting religious madrassahs, mosques and hospitals as well as educational institutions is also a reward. Otherwise, we have no dearth of good people. Here, the wealthy and wealthy people donate millions of rupees and actively participate in charity work. It’s necessary to convince the rich and the good people that the assistance of the poor and deserving students, who want higher education, is also a good thing and a continuous charity. It’s the responsibility of the Alumni Association of Punjab University and the management of the Endowment Fund to promote this concern in society.

It is also the practice around the world for graduate students to return to their academic institutions when they get back on their feet to donate something in return. The example of Oprah Winfrey, the well-known American television host, is in front of us. Oprah, who lived a life of extreme poverty and poverty, studied communication with a scholarship from Tennessee State University. Oprah continued to give her alma mater millions of dollars as she became the most successful and expensive television host. Another story is of Howard Schultz who turned a small coffee shop chain into Starbucks. Michael Bloomberg, the former mayor of New York City and the founder of the well-known company Bloomberg, also continued to donate millions of dollars to this educational institution, which gave him the opportunity to get free education in times of poverty. If you research, there is a long list of such eminent persons who have been giving generous support to their educational institutions.

We must guide the successful people in Pakistan to get back to their alma mater to spend on these institutions and students to repay the debt of these educational institutions. As PU has set the precedent, we should make this project successful. Dr Khalid Mehmood's conversation also revealed that a bank account has been established in this regard. It is the policy that instead of receiving cash, the aid money goes directly to this account. Well-wishers can donate their zakat, charity, and relief funds to this fund. The proceeds will be invested through interest-free Islamic banking. The profit will be given as a loan to poor and deserving students under an agreement. The student will be able to repay this loan within 10 years. May this project be a success. Its success will make it easier for many poor but intelligent students to get an education.

-- The writer is a professor and analyst specializing in media and communication studies. She can be reached at lubna.zaheer91@gmail.com

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