Name

The name of the Committee shall be “STUDENTS’ BROTHERHOOD FUND COMMITTEE” (abbreviated as SBFC) under the aegis of Indian Institute of Technology Bhubaneswar.

Definition

In these rules framed hereunder:

• ‘Rules’ mean rules framed by the Committee.
• ‘Committee’ means Students’ Brotherhood Fund Committee.
• ‘Director’ means Director of the Institute who shall remain as the Patron of the Committee.
• ‘Chairman’ means Chairman of the Committee.
• ‘Secretary’ means Secretary of the Committee.
• ‘Donor’ means Donor for the Fund.
• ‘Fund’ means Students’ Brotherhood Fund of IIT Bhubaneswar.
• ‘Students’ means the on-roll students of IIT Bhubaneswar and who contribute to SBFC Fund through their semester fees.
• ‘Member’ means a Member of the Committee as contemplated in (E).
• ‘Session’ means Academic Session staring from the month of July of every year and continuing till the month of June in the next calendar year.
• ‘Bank Account’ means an account in a Bank as contemplated in paragraph H (i) below.
• ‘Auditing’ means auditing as contemplated in paragraph H (ii) below.

Credits to the Fund

To the fund shall be credited:

• All subscriptions from the students received as contribution collected generally during every Autumn semester registration as well as the subscriptions received – if any, by the students joining the institute newly in the Spring semester.
• All donations receivable from students, ex-students (i.e., Alumni), teachers, staff of the Institute and experts approved for work in the Institute.
• Any money collected by IIT Bhubaneswar by way of fines imposed on the students involved in disciplinary committee proceedings and subsequently credited into the SBFC by an Office Order.
• Passing out students and alumni can also be requested to donate towards the Fund.
• Options can be exercised by passing out students to donate the “Caution Money” due to him/her subsequent to completing the degree enrolled.

Objectives of the Fund

• To promote the feeling of oneness in the student fraternity of IIT Bhubaneswar within the Halls of Residence as well as outside.
• To provide funds as “Loans of Honour” (interest free but to be refunded) / “Donations” (non-refundable) to the deserving student applicants to meet their own educational/medical expenses.

Composition of the Committee

Tenure

As would be deemed fit by the Director.

Frequency and Quorum of the meetings

At least once in every semester and five members shall be the quorum for a meeting of the committee.

Membership of the fund

The membership shall be mandatory to all the students of the Institute.

• All student members shall contribute to the Fund an amount of Rs.200 per head per year which shall be collected generally during every autumn semester registration and subsequently transferred to the Bank Account of the “STUDENTS’ BROTHERHOOD FUND COMMITTEE”.
• As the fund is mainly to help the needy and deserving students, the contributions by the students shall not be refunded.
• Generally, the needy students are to apply in a SBFC Form for “Loan of Honour” and on a plain paper for the “Donation” to meet their own educational and/or medical expenses.
• Such applications accompanied with all relevant paper documents must be addressed to the Chairman, SBFC through (a) the concerned Head of the Dept./ School and (b) any of the Academic Deans (Dean, UGP/ Dean PGRP).
• The Committee may also invite applications from the needy students for such types of financial assistance through a circular to all concerned.
• Such circular must contain all the detailed procedure of applying for the purpose.
• “Loan of Honour”/ “Donation” amount will not ordinarily exceed Rs.2,00,000 at a time.
• Depending upon the merit of the case, SBFC may decide upward revision of the aforesaid upper limit to an applicant in an exceptional condition/ situation whatsoever.
• Subject to availability of funds and merit of the case, such assistance amount may be made available (a) twice to a student during the total span of his/her stay at this Institute to continue studies in a 4/ 5 year programme and (b) once to those in a 2/ 3 Year course.

Student Members (who are sanctioned “Loans of Honour”) are required to repay the loan of honour amount when their financial position improves either during their study period at the Institute or immediately after their placement on completion of their studies.

• Reminders may be sent at periodical intervals after a period of 2 years (from the date of sanction of the loan amount).
• The Committee shall have the power to write-off, with the prior approval of the Director, any amount lying outstanding against student members for the last five years.

Management of the fund

The fund shall be managed by the Committee, consisting of two members, viz., the Chairman and the Secretary.

Accounts of the Fund

• All money received by the Fund shall be deposited in two separate Savings Bank Accounts known as “Students’ Brotherhood Fund Committee” and “SBFC Special Fund”.
• Both the accounts will be with the Canara Bank, SRIC IIT Bhubaneswar.
• The “SBFC Special Fund” will be operated exclusively meant for ‘donations’ sanctioned to the students (which need not be refunded) in the Canara Bank, SRIC IIT Bhubaneswar.
• Both the accounts shall be jointly operated by the Chairman and the Secretary.
• The Committee shall have the power to invest surplus money of the fund in a suitable manner duly ratified by the Committee.
• The Accounts of the Fund shall be audited annually on Academic Session basis (i.e., from July to June) by a member of the Institute with the approval from the Director.
• The audited statement of Accounts shall be considered by the Committee and submitted to the Director with their observations.

Mode of Operation of the Fund

• To operate and maintain proper bank accounts and ledger registers, etc., for Students’ Brotherhood Fund Committee and also to arrange auditing the accounts of the same.
• To submit periodic reports on the activities on an academic year basis and statements of accounts on a financial year basis to the Director, IIT Bhubaneswar.

Amendment to the Rules

• The Committee may amend or delete any of these rules or introduce any new rule or rules subject to approval of the Director.
• These rules repeal all previous rules.