As an autonomous institution, the Government College University, Faisalabad has to generate its own resources to carry on and improve the quality of education, research work and other services. The demand for resources has increased, since Government College University, Faisalabad has established Student Endowment Fund in line with the ones existing in some HEC recognized Public Sector Universities of Pakistan. This fund will be named as ‘Government College University, Faisalabad Student Advancement Fund Endowment (SAFE)’. The Fund by Students’ Financial Aid Office will not only sponsor university education of many bright and deserving students through scholarships but will also promote the student development through enhancement of academic resources of the University.
There are two different ways to set up a Student Advancement Fund Endowment (SAFE). One approach is to establish a non-profit organization for the sole purpose of supporting SAFE. If you decide to undertake this approach, you must make sure that the new nonprofit is registered and operates according to federal and provincial rules. The other approach is easier and requires less effort. The Student Advancement Fund Endowment is created under the umbrella of the University. In this case, its budget is separate and categorized as student endowment fund for all legal and practical purposes. The endowment fund Board of Trustees/Committee must follow the rules and regulations as required by the law but they don’t have to create an independent organization. Instead it is operated under the University Act with its own structure as approved by the Syndicate or the appropriate legal authority.
Memorandum of understanding (MOU) of SAFE was signed on 28th November, 2011 and seed money to the tune of Rs.2 Million was transferred by Dr Khalil Iqbal to initiate Endowment Fund in Government College University, Faisalabad.
Funds are also needed to support talented & deserving students for their higher education. Universities all over the world seek financial support from philanthropists and friends, as well as their alumni to contribute towards financial stability of the University. Government College University, Faisalabad too, looks to its friends and students, past and present, to help in building up its Student Advancement Fund Endowment (SAFE).
The basic principle of Endowment Fund is to keep intact its basic fund and the income earned on investment is used to give financial aid to the deserving students by placing mechanism that their donations / financial assistance would be used for the noble and constructive purposes of helping the needy & deserving students.
The Government College University, Faisalabad Student Advancement Fund Endowment (SAFE) will help set up various scholarships with the financial support of the donors. The most deserving and meritorious students of Government College University, Faisalabad with good academic record, who are financially constrained, will be eligible to apply for these scholarships at the beginning of every academic session. After scrutiny of documents and interviews of the applicants, these scholarships are awarded. Donations of any amount are welcome, while donors also have the option of naming the scholarships. Zakat and charity will also be admissible for the Fund.