The Ministry of Corporate Affairs, The Government of India, has notified Section 135 and Schedule VII of the Companies Act, 2013, as well as the provisions of the Companies (Corporate Social Responsibility Policy) Rules, 2014, to come into effect from April 2014.
With effect from April 1, 2014, every company, private limited or public limited, which either has a net worth of INR 500 crore or a turnover of INR 1,000 crore or net profit of INR 5 crore, needs to spend at least 2% of its average net profit for the immediately preceding three financial years on corporate social responsibility activities. The CSR activities should be undertaken with respect to any of the activities mentioned in Schedule VII of the 2013 Act and be undertaken/implemented in India to be considered as a CSR expenditure.
IIT Dharwad’s major areas of focus are eligible for funding under Schedule VII: Scholarships,creating chairs to support societal research with a huge gamete of covering Hunger, Poverty, Malnutrition and Health, Education, Rural Development Projects, Gender Equality and Women Empowerment, Environmental Sustainability, National Heritage, Art and Culture and building infrastructure for the institute.
The Corporate board of the company forms a CSR committee that (a) formulates and recommends to the Board a Corporate Social Responsibility Policy which shall indicate the activities to be undertaken by the company as specified in Schedule VII; (b) recommends the amount of expenditure to be incurred on the activities; and (c) monitors the Corporate Social Responsibility Policy of the company from time to time.
IIT Dharwad solicits CSR funds for CSR Innovation Cell, however, if any corporates approach CSR Innovation Cell directly then it will be channelized through District leadership.
CSR funds received through CSR Innovation Cell will be eligible for IIT Dharwad’s in India to be utilised exclusively on projects approved through global grant guidelines.
IIT Dharwad’s CSR Innovation cell supports receipt of CSR funds and support the development and administration of grant applications.
The minimum CSR contribution is ₹.10,00,000.00 inclusive of 5% will be kept as CSR Innovation Cell administrative cost.
Yes, the project will be conceived and delivered by the club, however, the reporting to the corporate will be done by CSR Innovation Cell. The project will be implemented following global grant guidelines. All necessary reporting will need to be provided by the club/District to CSR Innovation Cell.
Clubs/Districts/Rotarians may approach corporates for CSR contributions with the CSR kit comprising of the TRF Annual Report, CSR Brochure, and Areas of Focus brochure. After discussions with corporates resulting in an ‘in principle’ approval by the corporate; CSR Innovation Cell will provide the required due diligence documents of CSR Innovation Cell to clubs for onward submission to corporates.
IIT Dharwad’s or district solicits funds from corporates and will be the implementing partner for the Corporate’s CSR project through IIT Dharwad’s global grant program. MoU will be signed between RF (I) and C0rporate. The grant reporting of the project will be done by CSR Innovation Cell to Corporate.
CSR INNOVATION CELL will provide all due-diligence documentation to the clubs as and when they solicit funds from corporate.
CSR contribution will be counted to a club and/or district’s restricted/other giving. No Foundation Recognition Points will be available for CSR funds
Yes, CSR funded global grants that include a match of more than ₹.100,000 from the World Fund will be reviewed by Trustees.
CSR Innovation Cell will provide the project report along with the Utilization Certificate for activities upon project completion, based on the reporting done by project chair to CSR Innovation Cell. Reporting will be submitted on the template approved by Corporates in the signed MOU.
The reporting timeline and reporting template are part of MoU signed between IIT Dharwad CSR Innovation Cell and the Corporate. Hence, project reporting will be done annually.