Endowments

Organization

The term “organization” means any corporate, private or public organization (non-religious and apolitical) with a significant inclination towards the betterment of the society. Padakshep reserves the right to consider an organization ineligible for this purpose.

Endowment

The term “endowment” will be used only for the special fund created for a named scholarship or other projects at Padakshep and will not signify any endorsement of an individual, group or organization by Padakshep.

Sponsor

The term "sponsor" will be used only for those who take responsibility for the financial liabilities of the endowment fund. A sponsor can be added or removed by the founding sponsors upon discussions with Padakshep at any point in time. Written communication along with signed agreement will be mandatory in such cases.

Supporter

The term "supporter" will be used only for those who donate to particular endowment fund(s) and do not claim the responsibility of the financial liabilities associated with the endowment fund. Supporter(s) are not bound by any agreement with Padakshep. However, they will subscribe to the terms and conditions. Supporters can donate to an endowment fund only if the sponsors allow such donation.

For all other terms, Padakshep bylaws and Padakshep-UK constitution should be consulted.

1. Donors of Padakshep who have donated at least in each of the immediate past two years will be eligible to have their own named endowment funds.
2. For an individual or a group of people or an organization who are not past donors of Padakshep or who are donors for less than two years, they will be asked to first build a committed membership record with Padakshep for at least two years or provide seed fund of a major portion of the budget. The details are explained in financial liabilities.
3. Core group members, BOD members, office bearers, trustees at Padakshep and Padakshep-UK or any future branches of Padakshep cannot start their own endowment fund under Padakshep group of nonprofit organizations. They can, however, donate to an endowment fund within Padakshep provided the sponsors allow additional support.
4. Padakshep reserves the right to decide on the eligibility to start an endowment fund.

1. An endowment fund must have a name and it may be named after any person, living or deceased and/or family names and/or organization names.
2. In case of joint endowment funds, the number of persons/organizations mentioned in the name of the endowment should not exceed 3. For more than 3 names, a separate endowment fund should be created.
3. As Padakshep is a non-religious and non-political organization, the name should not include any religious and political personality.
4. The name should also not indicate any endorsement by any public personality (living or dead) unless the sponsors provide Padakshep with sufficient proofs of endorsement.
5. Additionally, in case of a name which includes the name of any public personality in part, with no endorsement from the person, a statement indicating the same shall be clearly displayed on the website or any communication from Padakshep.
6. Padakshep reserves the right to reject names that may hurt the goals and ideas of Padakshep.

The purpose of the endowed fund can be

• providing scholarships to the underprivileged students in West Bengal, India.
• promoting education.
• anything consistent with Padakshep's goals.

For regular donors of Padakshep

1. An endowment fund should be started with a seed fund of 75% of the annual budget in case of scholarships for up to 2 students at the higher secondary level and 75% of the first two years of budget for up to 2 students at undergraduate level. After that, actual expenditures towards the beneficiaries of the fund should be paid on a quarterly basis.
2. For endowment funds intended for more than 2 students, the seed fund will be decided by the core group of Padakshep. After that, actual expenditures towards the beneficiaries of the fund should have to be paid on a quarterly basis.
3. Defaults in fund payments for three quarters in a row will be considered an end of funding. This will automatically cancel the named endowment fund and the projects will be ended immediately unless decided otherwise by Padakshep.

For new donors (or donors for less than two years) of Padakshep

1. An individual, group of people or an organization should start an endowment fund with a seed fund equivalent to two years budget for each beneficiary on the fund in higher secondary level, or three/four years budget for each beneficiary on the fund in undergraduate level depending on the course of study. After that, actual expenditures towards the beneficiaries of the fund should be paid on a quarterly basis.
2. For more than 5 students, Padakshep core group members will decide on the amount of seed fund and after that, actual expenditures towards the beneficiaries of the fund should have to be paid on a quarterly basis.
3. Defaults in fund payments for three quarters in a row will be considered an end of funding. This will automatically cancel the named endowment fund and the projects will be ended immediately unless decided otherwise by Padakshep.

1. An endowment fund can also benefit any project other than scholarships run by Padakshep. However, a specific project should be chosen by the sponsors for a particular endowment fund and the funds will not be transferable to other projects.
2. All the endowment funds for scholarship projects will have one common bank account owned by Padakshep. A separate bank account can be created in case the endowment has purposes other than just scholarships. All the financial details will be available via individual websites dedicated to each endowment fund and the details will be communicated to the donor members periodically.
3. For a group of people with more than 3 persons, there shall be maximum of 3 sponsors. For a group of 3 or fewer persons, at least one of them should become a sponsor.
4. For an endowment fund, sponsored by more than one person, there shall be one primary contact representing the group for any discussion with Padakshep regarding the fund. If the primary contact remains unavailable, it will be his/her responsibility to notify Padakshep and nominate someone in his/her place, else Padakshep will be eligible to make decisions regarding the fund without consulting the group.

1. Please refer to eligibility for issues related to people involved in Padakshep’s functioning.
2. The selection of beneficiaries for a particular endowment fund will be decided solely by the core group members of Padakshep and the selection process cannot be influenced by the sponsors or supporters. Cancellation/renewal of support to a student based on his/her performance will be decided solely by the core group members.
3. For endowments other than for scholarship projects will also be managed by Padakshep and the sponsors or supporters will not influence decision making at Padakshep.
4. If a conflict of interest arises, the person(s) involved will have to exit the endowment fund management or decision-making process.
5. The case of conflict of interest will be decided by the core group of Padakshep and then approved by the BOD or trustees or the governing body of Padakshep group of nonprofits. The person(s) alleged to have a conflict of interest will be given reasonable chances to make his/her case.

In case of discontinuation of support to any student under an endowment fund, there will be no refund. However, the donor(s) will be informed about utilization of the remaining funds. The remaining fund will be used for the corresponding projects or similar projects at Padakshep. Cancellation of support to any student will be decided by the core group members at Padakshep.

This section is intended for only "supporter(s)" as defined earlier. General donations to an endowment fund will be subject to the terms and conditions cited in this page. Donors to a particular endowment fund will be termed "supporter(s)" as defined in the beginning of this page. Donations by the supporters or anyone else will have to be explicitly permitted by the sponsors.