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IITM foundation fee disclosures

IITM Foundation Board has approved the establishment of a Fee for all Project Funding Remittances to IITM effective February 2017.

This Fee is on a sliding scale starting at 5% and stepped down by 1% steps as shown in the table below, with a cap for funds above $2Million.

IIT Madras has committed to make up this fee, when the Funds are received and prior to deployment.

Fee Structure:

$0 to $250K — 5% fee (range $0 to $12.5K)
$250K to $500K — 4% fee (range $12.5K to $20K)
$500K to $1M — 3% fee (range $20K to $30K)
$1M to $2M — 2% fee (range $30K to $40K)
More than $2M — 2% (capped at $40K)

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