How MyGift UMP Is Managed
UMP is willing to discuss in detail about the proposed activity, benefits gained from the sponsorship and its direction, in line with the need and strategic direction of the organisation. UMP has a variety of mechanism to facilitate industries wishing to make contributions to the university.
UMP will also set up a Special Endowment Fund, with the name to be agreed upon by the industry. In principle, the principal value of contribution/sponsorship will be maintained and further expanded. The expenditures from the Endowment Fund are based on financial fund management such as investment and money market.
An endowment fund can also create a special Excellent Chair with a recommended minimum amount that is based on discussions between the two parties. Returns from that amount will determine the number of the people eligible for the Chair, the duration and academic programmes to be worked upon. Expenses from the Endowment Fund are based on returns from financial fund management such as from investment and money market activities.
The endowment financial management is handled by the University Treasury Office, by putting into enforcement all the university's financial provisions and regulations. The University's Management also forms the UMP Endowment Fund Board of Trustee that acts as the main regulatory body that manages the fund.
However, for every Special Endowment Fund, a Trust Accounts Committee will be set up. If the fund is no longer active for a period of more than three years, or if the objectives are already achieved and completed, the University's Management has the power to close the fund account and transfer the balance to UMP Wakaf Fund. This is an effort to maintain the sanctity in the principles of the Wakaf.
Individuals who contribute to the Endowment Fund can obtain tax relief receipt that is recognised as justifiable expenses under the income tax assessment, as stipulated in the Section 44(6) of the Income Tax Act 1967.
Various Means of Contribution
1. Cash: A one-time contribution of the intended amount
2. Cash: Contributions made on regular basis until the intended amount is achieved
3. Cash: Contributions made on regular basis based on the time and amount agreed.
Donors can also make contributions using cheques and made under the name of 'Bendahari UMP' and kindly send the cheques to the address below. The cheques must include details of the donors to allow us to contact you.