The Finance and Planning Committee of the University of Home Economics (UHE) Lahore, has greenlit the formation of an endowment fund amounting to Rs. 165 million.
The decision was made during a 15th meeting of F&PC chaired by Vice Chancellor Prof Dr. Faleeha Zahra Kazmi.
The endowment fund was earmarked for initiatives such as student scholarships, research, and the overall welfare of academics and staff of the university.
In addition to approving the establishment of the endowment fund, the committee also approved the Board of Management structure for overseeing its operations.
A six-member Board of Management will serve for a term of three years. Vice-Chancellor Prof Dr. Faleeha Zahra Kazmi emphasized that the principal amount of the endowment fund shall not be utilized 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 said that the net income earned from the principal amount of the fund after meeting the operating expenses shall be utilized for the promotion of its aims, and objectives with 40 percent 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.
