This fund consists of all specified and non-specified allocations to the Endowment Fund for the setting up of endowed chairs. The amounts from different donors are pooled and invested after aggregation in order to earn better returns but separate individual ledger accounts are maintained for each donor to provide full transparency. The endowment fund is administered by Friends of IBA Trust (FIBAT). Quarterly reports are produced and disseminated widely including the website and portal of the IBA. Individual statement of accounts for each donor is also prepared at a mutually agreed interval. Audit of the endowment fund is carried out annually by a reputable firm of chartered accountants.
Audit of the endowment fund is carried out annually by a reputable firm of chartered accountants.