Endowment Fund

Madan Bhandari University of Science and Technology Endowment Fund Information

Madan Bhandari University of Science and Technology (MBUST) – a research-oriented multi-disciplinary university - is being conceived as a vehicle for assisting Nepal in upgrading the technology of production by creating new knowledge and technology and production of human resources with capacity to engage in Research, Development and Innovation (RDI). MBUST is planning to align its academic programs and research with areas of economy having significant potential for contribution to the rapid economic growth of the country. It will also address the needs for upgrading technology of production in general in order to improve livelihood of the people. MBUST plans to follow a problem-based learning approach. In cooperation with enterprises and community, students will be introduced to real life problems right from the beginning. They will be encouraged to identify problems they would like to work on and be able to follow a flexible curriculum to align with the problems they have chosen. The planned incubation center will assist them in developing prototypes of products.
MBUST will be free of corruption, nepotism and favoritism, discrimination based on gender, ethnicity, religion and political preferences. All staff will be recruited and promoted solely based on their merit relevant to tasks they are designated to perform. All staff are expected to be of impeccable integrity, hardworking, committed to the cause of the university, highly competent and committed to improve performance continuously. Cognizant of the fact that a new governance framework is needed for building a world-class university, the MBUST Bill tabled in the Parliament marks a significant deviation from acts of existing universities.

The Bill envisages significant institutional autonomy, which, among others, includes the followings:
• The university will be governed by a seventeen-member Board of Trustees (BOT) accountable to the Government.
• The first appointment of fourteen non-government BOT members shall be made by the government upon recommendation of a search committee. Subsequent appointments of these members shall be made by the BOT.
• The BOT Chairperson is to be elected from among non-government trustees by the BOT.
• The University President shall be appointed by the BOT.
• Foreigners are eligible for serving as trustees, search committee members, presidents, faculty, and researchers.
• The BOT shall have the authority to frame rules.
• The university shall have the authority for staff appointments and setting terms and conditions of their service.

MBUST Development Board was constituted on April 23, 2019 by the Government of Nepal with the objective of carrying out preparatory activities for establishment of MBUST. The land for the university has been identified/acquired at Chitlang, Thaha Municipality and Panchkhal/Namoboudha Municipalities. Construction of physical facilities are underway at Chitlang. The Board is aiming at initiating PhD and Master's Degree programs in 2021 and bachelor's degree programs later. The ratio of post graduate to undergraduate enrolment is expected to be 1:1.
The Board has chosen artificial intelligence and IOT; tourism; water resources and energy; and hill economy as priority economic sectors for its engagement at the initial stage. The primary focus of the Board has been identification of priority areas for research in these sectors, which could make a significant impact on economic development.

Endowment Fund

At present the source of funding for the university is the government. In spite of the strong commitment to the university, the government funding alone would not be sufficient to develop it into a world-class university. Therefore, the Board, in order to ensure sustainable funding for the university, has established an Endowment Fund. The amount deposited in the Fund will not be used by the Board but will be invested on term deposits and the yield thereof will be ploughed back to the Fund. The amount in the Fund will be transferred to the university upon its establishment.
The use and management of the Endowment Fund will be governed by Rules formulated by the BOT. But as a matter of principle the university is expected to at least retain in perpetuity the true value of money donated to the university. The amount left over is expected to be primarily used for financial assistance to qualified needy students and RDI. Other areas of fund utilization may include educational materials and laboratory equipment, buildings, maintenance and repair, and Chair Professorships.


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