THE COMMISSION
ENDOWMENT FUND
In order to improve the financial health of COMSATS for the success of its international programmes and initiatives, the Prime Minister of Islamic Republic of Pakistan as the Chairperson of COMSATS in 2012, during the 2nd General Meeting of COMSATS held in Islamabad, proposed creation of COMSATS Endowment Fund worth US$ 10.00 million and pledged seed money of US$ 1.00 million as the Government of Pakistan’s contribution to this effect. The proposal was highly appreciated and unanimously endorsed by all the participants of the Meeting. During this meeting, representatives of other Member States also made pledges to contribute towards COMSATS Endowment Fund. COMSATS Secretariat has framed rules for regulations of the Endowment Fund. In formulating the rules, Endowment Act 1890 and Trust Act 1882 of United India, as well as Endowment Fund rules in practice by various developed and developing countries were consulted as guidelines. Two bank accounts, one in US Dollars and the other in Pakistan Rupee (PKR), have also been assigned for the Endowment Fund. COMSATS Secretariat has contributed token amounts of US$ 5,000 and PKR 500,000 to operationalize this Fund.
The draft Rules and Regulations of the COMSATS Endowment Fund were prepared by COMSATS Secretariat in order to complete the legal formalities for establishing the same. Subsequent to the necessary scrutiny, the Rules and Regulations of the COMSATS Endowment Fund were endorsed by the 3rd Meeting of COMSATS Consultative Committee (26th October 2015) and approved by the 3rd General Meeting of COMSATS (27-28 October 2015), which also increased the Fund size to US$ 20 million. Donations are being accepted from COMSATS’ Member States, organizations, and, individual, since the approval of the Rules and Regulations.