Fund in perpetuity
When I was the District Collector of Krishnagiri, construction of district stadium was already in progress. While the SDAT contributed 50% funds, the rest had to be mobilized by the district administration. We not only did mobilize the funds that were barely needed to complete the infrastructure, but also did the following so as to give the stadium more facilities and a state of the art ambience through good maintenance:
- We created a “Krishnagiri Sports Development Society”; then created an Infrastructure Development Corpus Fund (called Fund in Perpetuity) of Rs.1.00 Crore from 100 people, at the rate of Rs.1.00 Lakhs from each person/patron. The concept was called “Fund in Perpetuity “to maintain the Krishnagiri District Stadium. This has allowed the Public to become Life members of the Krishnagiri Sports Development Society by paying INR 0.1 million by cheque, for which they were issued with a receipt which explicitly stated that this is a refundable contribution and could be withdrawn after a lock in period of 1 year, on the condition that that
member would bring in a new member. While the corpus would not be used, only the interest portion would be used for paying sports coaches, landscapist and gardeners, on a monthly basis. Each member was given a handbook mentioning the details of the society, its byelaws and details of all other members. The stadium is probably the one of the most beautiful and best-maintained stadia in Tamil Nadu, thanks to the above innovation.
- A similar Rs.1.00 Crore corpus was raised from 100 patrons for the professional maintenance of Govt. District Hospital Krishnagiri.
- Officers Club Krishnagiri Members Profile