UHE approves Rs165m endowment fund

LAHORE : The Finance and Planning Committee of the University of Home Economics (UHE) Lahore has approved the establishment of an endowment fund amounting to Rs 165 million.

The decision was made during a 15th meeting of F&PC chaired by the UHE Vice Chancellor Prof 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 varsity. 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. Dr Faleeha emphasised that the principal amount of the endowment fund shall not be utilised 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 utilised for the promotion of its aims, and objectives with 40 per cent 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 VC highlighted those contributions from various sources, including gifts, donations, aid, and financial assistance from federal, provincial, and local governments, will bolster the endowment fund.

Addressing the meeting, Dr Faleeha said the syndicate had initially emphasised the creation of an endowment fund valued at a minimum of Rs 65 million. However, after a thorough review and rationalisation of the university budget, the decision was made to establish a more substantial Endowment Fund of Rs 165 million.