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The Straits Times – More wealthy donors setting up private charity funds
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The Straits Times – More wealthy donors setting up private charity funds

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More wealthy people are setting up private charity funds through which they can give away their riches, according to a foundation that helps such individuals set up the funds.

The Community Foundation of Singapore (CFS) said it has seen the number of individual donors rise from seven in 2008 to 97 this year. Each of the funds must have at least $200,000.

The benefactors are getting younger, too. There was just one under the age of 50 in 2008 when the foundation was set up, but the number has soared to 39 this year.

The number of charity funds under the foundation’s care rose from seven in 2008 to 110 this year. A charity fund can support several causes over a longer period of time compared to a straight-up, one-time donation to a charity.

Said foundation chairman Laurence Lien: “We observe that donors are not waiting till retirement age to start thinking about philanthropy and giving back.”

The foundation was set up and registered as a charity in 2008 as a vehicle to boost philanthropy among Singapore’s growing number of millionaires. It helps the donors set up the funds, look for suitable beneficiaries and disburse the money over a period of time. The donors get to name their funds and decide what causes to support.

When the foundation started, five donors – three individuals, Swiss Bank UBS AG and the Khoo Foundation – gave $13 million in total to kick off the foundation.

The individuals were property developer Simon Cheong, retired businessman William Bird and businessman Stanley Tan.

The total donations raised by the foundation through these private charity funds crossed the $100 million mark this year.

From 2008 to 2013, the foundation handed out $12 million in grants to about 130 charities. By this year, it gave out five times more money – $60 million – to 400 charities.

Besides donating more money, donors are also asking more questions and getting involved by volunteering in the charities they give to, Mr Lien noted.

“Philanthropists today are increasingly sophisticated,” he said, adding: “They look for more involvement and greater accountability for their donations. They want to find out who they are truly helping and whether programmes can be sustained after funding ends.”

Such donations from wealthy individuals are expected to grow. “We think that there are many latent givers in Singapore – those who want to give more but do not know how, so they end up putting off their giving,” he said.

There are about 152,000 millionaires in Singapore, according to the Credit Suisse Research Institute’s 2017 Global Wealth Report. A millionaire is a person whose net worth – assets minus debt – is worth more than one million dollars.

The trend of more younger people donating to charity is not restricted to millionaires.

The National Volunteer and Philanthropy Centre (NVPC), the national body that promotes volunteerism and philanthropy, said its survey showed that those between 35 and 44 donate more than those in other age groups.

“The mid-lifers, dubbed as ‘Generation Stretched’, are still giving in spite of the various demands in life,” said NVPC chairman Mildred Tan.

While younger people may be donating more, she added: “We hope to motivate and encourage people to continue giving throughout their lives.”

Read more.

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The competition was organised by City Harvest Community Services Association and received support from FUN! Fund, a Community Impact Fund jointly established by the Community Foundation of Singapore and the Agency for Integrated Care, with the aim of addressing social isolation among the elderly.

Senior Minister of State, Ministry of Communications and Information & Ministry of National Development Mr Tan Kiat How attended the event. He encouraged the elderly to stay physically and mentally well, as well as urging them to participate in community activities and enjoy their golden years together.

Learn more about FUN! Fund at https://www.cf.org.sg/fun-fund/.

 

The programme provides the children with a non-threatening platform to connect with peers and have positive conversations. In addition, it exposes them to different people who can assist to broaden their perspectives.

L.S., a volunteer with the Reading Odyssey programme @ Spooner Road

中心“常胜将军”胡锦盛:比赛限时反应要快

现年92岁的胡锦盛是最年长的参赛者。自2017年退休后,他几乎每天都到活跃乐龄中心报到,从此爱上了玩拉密,每次可玩上三个小时,在中心是“常胜将军”。

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Opinion

Sustainable Philanthropy Matters: The History of Caring and Charity

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poster about sustainable philanthropy: the history of caring and charity

In this three-part series ‘Sustainable Philanthropy Matters’, we explore the surprisingly intimate relationship between philanthropy and sustainability and how the practice of one can in fact, lead to the advancement of the other. Both of these issues are close to our hearts here at CFS and we want to share how our philanthropy can help preserve our planet, our communities and our future.

Believe it or not, philanthropy and sustainability are concepts that have been around for millennia. Our forefathers understood the need for charity and living with the future in mind long before we had frameworks and modern models for them.

Examining the Roots of Giving

Although the word philanthropy, or philanthropia as the ancient Greeks called it, first emerged about 7000 years ago, it meant a love for one’s fellow people, not so much the donation of drachmas.

In fact, it was not until about 5000 years later, as described in the Bible, that a form of community where those who shared what they had with those who had not really began. Although some may argue that this was communism, not charity; however, this was an early record of giving resources to help those in need. While the term sustainability seems like a pretty modern buzzword, elements of this actually existed 3,000 years ago. It was discovered that humans in the late Neolithic period had developed a method of sustainably obtaining their firewood, avoiding deforestation and ensuring they would always have a way to keep warm (Dufraisse, 2008, pp199-210).

This could be said to be the distant ancestor of the 1713 Principle of Saxony formulated by Hans Carl von Carlowitz. His forestry treatise discussed the “continuously enduring and sustainable use” of the forest for wood (World Ocean Review, 2015).

Philanthropy in the Present

Giving to others has continued to exist till today, expanding from religious origins to permeate many facets of society. Tithes still exist but now one can donate through the Government or via non-profit and voluntary welfare organisations. The range of beneficiaries has also expanded, with those in need ranging from children and people with disabilities to isolated seniors, ex-offenders and so much more. The underlying commonality is that they are almost always in financial need of some sort. And it is the act of giving a monetary donation to support these beneficiaries that is the philanthropy we have come to know today.

However, evidence of financial contributions towards the environment only came along in the middle of the 20th century. It began in 1941, to be exact, with Rockefeller funding conservation activities across the United States, amongst his numerous other philanthropic efforts (Rockefeller Brothers Fund, 2022). And it was only seven years after that that the International Union for Conservation of Nature—the oldest environmental organisation in the world, mind you—was only established on 5 October 1948.

The Purpose of Philanthropy and Planning Ahead

For those who give, whether to social or environmental causes, there is a variety of reasons as to why we do so: a sense of obligation, concern over a particular issue, a desire to see a better future and, yes, even tax relief. It is alright to be pragmatic!

However, giving towards social causes has a deep-seated, almost unconscious need to grow the community. From ancient times, we humans have understood the strength in numbers, which is why we formed communities, or tribes as they were called back then.  

However, in banding together, there was an inevitable strain on resources. This created the need to be responsible for how we consumed our natural resources and, in a larger sense, be mindful of how our actions impacted the environment.

Charity + Conservation = Sustainability

Without the ever-present danger of a larger tribe taking over our own, or at least not in Singapore, there is little direct and personal benefit to us as a donor, apart from tax deduction and a sense of well-being.

We give simply because we care. That is the link between the two.

Whether it is towards social or environmental causes, community or green philanthropy, our contributions show that we care for others. It could be for the present, through financial assistance for daily living for instance, or for future generations, through conservation efforts. Because, after all, the children of our children will need a liveable world in which to grow up.

It can be a little daunting, given the sheer range of needs that society faces today, to consider also the needs of those who have not yet been born.

Leave a Legacy

Thankfully, the world (and its needs) does not rest on one’s shoulders alone. With years of experience in studying philanthropic trends and working to understand the needs of the community and environment, The Community Foundation of Singapore (CFS) can help you add your footprint to humankind’s long and ongoing journey of giving.

We value the creation of positive impact while keeping in mind the bigger picture of how the contribution will create sustained change.

At CFS, we steward our donors, through their funds, to make their mark on our community and our planet. Whether they contribute today or over the years, it will be their legacy. To find out how you can leave your legacy for tomorrow, please visit here.

To learn more about CFS’s Corporate Sustainability efforts, please read more here.

To read the other 2 stories in the ‘Sustainable Philanthropy Matters’ series, please click below:

This article was written by Adam, a Principal Consultant with CFS and an experienced sustainability practitioner. He is an advocate for sustainable practices. His colleagues are still wondering how his monthly household utilities bill is only around $70.

Disclaimer: The opinions expressed in this publication are those of the author. They do not purport to reflect the opinions or views of CFS or its members.

References

  1. Alexa Dufraisse. (2008). Firewood management and woodland exploitation during the late Neolithic at Lac de Chalain (Jura, France). Vegetation History and Archaeobotany 17(2).
  2. World Ocean Review 4. (2015). Sustainable Use of Our Oceans – Making Ideas Work. https://worldoceanreview.com/en/wor-4/concepts-for-a-better-world/what-is-sustainability/
  3. Rockefeller Brothers Fund. (Accessed 2022). Conservation and the Environmenthttps://www.rbf.org/about/about-us/conservation-and-environment
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Stories Of Impact

Heart Of Goodness: The Vocal Prowess Of Stefanie Yuen Thio

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She stands out for her irreverence. Her saucy humour. Her no-holds-barred views on a gamut of issues from cryptocurrencies to shady KTV business owners. However, right now, flanked by vibrant Pop Art in her living room and two energetic dogs, Stefanie Yuen Thio is in “pensive mode”. In fact, she is downright disturbed.

As part of the Singapore Together Alliance for Action (AfA) to tackle types of online harm, the corporate lawyer has just come from a discussion about the growing harassment women face. “It’s not just sexual grooming and revenge porn,” she says. “Women, more than men, face a higher incidence of gender-based abuse on the internet such as cyberstalking, trolling and violent threats, and teenage girls are even more vulnerable. 

“We need to take a stand. It’s time the community took control,” she says. AfA is a government-led initiative, tapping youths, tech companies and academics, as well as corporate figures such as Yuen Thio, to come up with ways to make the online world a safer space. Foremost is to raise public awareness of the need for it, as victims typically have little idea what to do. 

Other goals are to create a code of best practice, to offer assistance and to scrutinise how social media is shaping online behaviour as well as mental wellness. A recent study from Nanyang Technological University, for example, found that the more time we spend on Facebook, the greater our risk of suffering from depression. 

A Voice For The Underprivileged

Yuen Thio knows well how social media can define us. Her voice is regularly heard on LinkedIn, where she has over 13,000 followers and was ranked one of Singapore’s top voices in 2020. She can also be heard on the BBC, where she is a guest commentator. Her tongue-in-cheek posts can be uninhibited, sometimes raising eyebrows and drawing flak. But this is not distracting Yuen Thio, who is clearly comfortable marching to the beat of her own drum, from championing the causes she believes in and sparking conversations that could galvanise change.

The online harms alliance, launched in July, is the latest of Yuen Thio’s advocacy work outside of her day job as joint managing partner at TSMP Law Corporation, a boutique corporate-law practice. She is also bringing her energy and savvy to the pandemic’s exigencies: as Singapore battled Covid-19, she has been driving efforts to help frontline workers and those hard hit by the cratering of the economy. 

“I read a story about an ambulance driver who was turned away from a chicken rice stall and about nurses who could not get a taxi home,” she says. It dredged up memories of SARS, when hospital staff were shunned during the 2003 outbreak for fear of them somehow carrying the virus. “I thought f— that! We’re not doing that again,” she says.

Empowering Others To Help

So, early on in the crisis, she helped put in motion the Sayang Sayang Fund with the Community Foundation of Singapore (CFS), a nonprofit that promotes philanthropy. Yuen Thio, who sits on the board of CFS, seeded the fund with a $20,000 gift. Managed by CFS, the Sayang Sayang Fund has since ballooned to over $9.6 million and supported more than 359,302 people in the Republic. 

Her law firm, too, has stepped up. With many of its staff working remotely via laptops, TSMP is donating unused desktops to the needy. The firm, which sets aside 10 per cent of annual profits for charitable giving, has been sponsoring meals and care packs for hospital workers. And, in Cheng San-Seletar constituency — its MP is Nadia Ahmad Samdin, a former TSMP lawyer — its staff have befriended and accompanied seniors to get vaccinations. 

This hands-on volunteering is in addition to the pro bono work the firm does. All its lawyers are encouraged to do 25 hours per year, to improve access to justice for the under-served. The firm takes a special interest in cases where migrant workers are treated badly and works with groundup initiatives such as Humanitarian Organisation for Migration Economics, Transient Workers Count Too and It’s Raining Raincoats

Yuen Thio, who was an advisory board member for the NUS Centre for Pro Bono & Clinical Legal Education from 2018 to 2020, recalls a tea that TSMP organised for foreign domestic workers. “We talked about their rights. And so many of them cried because nobody had ever looked at them with much humanity,” she says.

The Law Firm That Gives

The firm has also established the TSMP Law Foundation to allow more structured giving, something Yuen Thio is hoping to prod more wealthy Singaporeans into doing. With husband Thio Shen Yi, who co-founded TSMP with his mother, the couple has created a #GivingBack Foundation through CFS, which helps individuals set up and manage funds and grants. The foundation also works with over 400 charity partners in Singapore. 

Through these plans, she hopes philanthropy will be less ad hoc and will become more a part of the Singaporean DNA. As part of their legacy gifting outreach, for instance, CFS is encouraging everyone to leave something in their wills to charity, be it properties, equities, art or wine. But beyond that, she wants Singaporeans to start on their philanthropic path earlier in life. 

“Charity should start early and not only after you die,” says Yuen Thio. CFS can help set up foundations within as little as 24 hours and is reaching out to the well-off through private bankers and family offices. 

She also advocates getting the next generation involved to further institutionalise giving. “The tragedy of this generation is a sense of purposelessness. There are too many safety nets,” reckons Yuen Thio, who has a son studying in London. 

However, she notes that the youth of today also have an altruistic streak and can be swayed by causes such as climate change and social inclusion. Their motivations, compared to “my generation whose goal was to make money first”, will undoubtedly shape the future of philanthropy.

What is also firing her up at the moment is how women are reshaping philanthropy. She describes the no-strings attached, big-ticket giving by MacKenzie Scott, ex-wife of Amazon tycoon Jeff Bezos, as inspiring. In her opinion, “…Women are more concerned about impact, not control. We look at needs and, in my experience, are much more ready to open our wallets when a cause resonates with us. We tend to give from the heart, men from the head. Men are less emotional, they think of data and longevity of legacy,” she says.

Another generous giver is Melinda French, the ex-wife of billionaire Bill Gates. Both Scott and French are donating to causes that empower women and boost education — things that Yuen Thio believes could turn the tide for gender equality. Reflecting further on how these women have come into their own after their divorces, she says, “Sometimes, when the wife has lived in the shadow of her husband, you need a marriage to break down for a woman to really shine.” 

Strength in Solitude

For herself, she has found solo travel to be empowering. Yuen Thio embarked on her first one three years ago and chose Beirut. “I had never lived by myself or had my own space. I wanted to feel how it was to be my own person in the world, out of my comfort zone,” she says.

Armed with her telephoto lens, the photography enthusiast made her way to the Lebanese capital and was thoroughly struck by the city’s contrasts. A memory of the bombed-out Holiday Inn rubbing battered shoulders with the palatial Intercontinental Phoenicia stands out for her, attestation to the resilience and durability of the human spirit.

Women, more than men, face a higher incidence of gender-based abuse on the internet such as cyberstalking, trolling and violent threats, and teenage girls are even more vulnerable. We need to take a stand. It’s time the community took control.

When she turned 50, she packed her bags for a solo trip to Bordeaux and then to Auschwitz-Birkenau. She chose the wine region in the southwest of France because she speaks French, and the concentration camps in Poland to try and comprehend the past. “I wanted to understand human history,” she says, adding that we shouldn’t run away from confronting terrible things. Walking through the extermination chambers, she was shaken by the banality of evil. “I remember thinking, ‘This is what evil feels like. It creeps up on us.’” 

Covid-19 has halted her travels, both for work and for leisure, but it has also given her time to slow down, connect more, write more. 

“I’ve always liked writing,” says Yuen Thio, who spent one holiday during her university days as a cub reporter for The Straits Times Life!. Whether advocating for clients, the under-served, or simply musing on an issue that moves her, Yuen Thio makes an impact with her inimitable, eloquent voice.

If you would like to begin your journey of giving back, get in touch with us.

This article was originally published in A Magazine here. Permission required for reproduction.

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Stories Of Impact

IFPAS Renews Partnership with CFS, Commits $200,000 to IFPAS Love Fund

In celebration of their 55th Anniversary, the Insurance and Financial Practitioners Association of Singapore (IFPAS) extended their commitment to the Community Foundation of Singapore (CFS) by pledging an additional $200,000 over the next five years to their donor-advised fund (DAF), named the ‘IFPAS Love Fund’.

In celebration of their 55th Anniversary, the Insurance and Financial Practitioners Association of Singapore (IFPAS) extended their commitment to the Community Foundation of Singapore (CFS) by pledging an additional $200,000 over the next five years to their donor-advised fund (DAF), named the ‘IFPAS Love Fund’.

At the handshake ceremony between CFS and IFPAS, IFPAS President, Mr Ng Eng Beow, expressed his gratitude and vision for the partnership. He said, “Insurance is rooted in love. Love motivates us to protect ourselves and our loved ones. The IFPAS Love Fund was established seven years ago to channel our love to the wider community, and CFS has been our trusted partner in reaching out to those who need our help and support. We appreciate this collaboration, and we are excited for the future possibilities.”

IFPAS Love Fund was established in 2017 with the goal to enhance the organisation’s philanthropic efforts and create a sustainable platform for giving back to the community. To date, the fund has surpassed its initial target, disbursing a total of $225,000 towards programmes supporting children with special needs, disadvantaged communities, and healthcare initiatives.

Charities supported by the fund included SHINE Children and Youth Services, Dyslexia Association of Singapore, Special Needs Trust Company, the National Kidney Foundation, SPD, Down Syndrome Association (Singapore) as well as Daughters of Tomorrow.

We are very grateful for the support of IFPAS over the past seven years. Through their generosity, many individuals have received subsidised dialysis treatment, children from lower-income families have benefited from literacy programmes, and people with disabilities have received work integration support. IFPAS has truly made a significant impact on the lives of those in need.

We extend our heartfelt congratulations to IFPAS on 55 years of remarkable service. We look forward to continuing our partnership and working together to create a more caring and resilient society.

CFS offers personalised advice to help private and corporate donors achieve their philanthropic goals. Discover how you can begin your journey with us here: https://cf.org.sg/donors/how-we-assist-donors/.

News

Singapore Tatler: Living Legacy

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Engaging magazine article highlighting living legends, individuals whose exceptional contributions have made them iconic figures in their respective domains.

More people are starting to think about philanthropy and giving back, instead of leaving it as a post-retirement consideration. Thio Shen Yi and Stefanie Yuen Thio, and Adrian and Susan Peh tell Singapore Tatler how they are making more strategic and effective giving through their private charity funds with the Community Foundation of Singapore.
Read more.

Courtesy of Singapore Tatler, October 2018

Speaking after the association’s annual general meeting at Kallang Netball Centre on Friday, Liang-Lin, a fund manager for a US$7 billion (S$9.5 billion) firm focused on green real estate investments in Asia, hopes to bring her expertise to the table and increase the amount of financial support for Singapore netball during her four-year term.

The 53-year-old took over from Deputy Speaker of Parliament Jessica Tan, who has been the association’s president since 2012. Tan had reached the end of her tenure, which saw the national team make several breakthroughs, including a gold medal at the 2015 SEA Games in Singapore.

Liang-Lin holds various appointments such as being Singapore’s representative to the G20 for Women appointed by the Ministry of Finance. She is also a board member of the Community Foundation of Singapore, which promotes philanthropy through facilitating the establishment of charitable funds.

She said: “One of the things that is overlooked when we look at philanthropy and fundraising is that sport is not really part of the things that people will automatically think about.

“Less than one per cent of the funds that we raise in the Community Foundation goes to sport. The values that sport brings need to be amplified more, so that corporates… see the need to support sport. I think that link needs to be stronger so that we get not just more corporate sponsors, but also they can come in for longer periods of time.”

While national agency Sport Singapore provides funding to netball, corporates can also do their part, she added.

She said: “If we play our cards correctly, we can get corporates to come in and hopefully support them, to see the wider purpose of sport and bring the nation together.”

She also hopes the association can be proactive in looking for financial support, adding: “We must work more strategically with governing bodies on educating corporates on the importance of really supporting sport.”

The former netball player also made references to the recent Women’s World Cup for football, noting the “ability for a game that focuses on women in the sport to bring global attention”.

She said: “I want that kind of trajectory of the limelight going to women’s sport. I think that is a trend that will continue, and I hope that netball will be part of that trend.”

Meanwhile, Tan was satisfied that she has achieved the three objectives she had set out to do when she came on board – to improve quality of play, build a fan base and create an ecosystem which involves coaches and players.

The 57-year-old added: “As much as I do feel sad about having to step down, but at the same time, leadership renewal is very important.

“I think Trina will help to galvanise the team together, and bring a lot of new perspectives and quality to the association.”

Join us in making an impact on Singapore sports scene! Reach out to us for more information.

Source: The Straits Times © SPH Media Limited. Permission required for reproduction

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The competition was organised by City Harvest Community Services Association and received support from FUN! Fund, a Community Impact Fund jointly established by the Community Foundation of Singapore and the Agency for Integrated Care, with the aim of addressing social isolation among the elderly.

Senior Minister of State, Ministry of Communications and Information & Ministry of National Development Mr Tan Kiat How attended the event. He encouraged the elderly to stay physically and mentally well, as well as urging them to participate in community activities and enjoy their golden years together.

Learn more about FUN! Fund at https://www.cf.org.sg/fun-fund/.

 

The programme provides the children with a non-threatening platform to connect with peers and have positive conversations. In addition, it exposes them to different people who can assist to broaden their perspectives.

L.S., a volunteer with the Reading Odyssey programme @ Spooner Road

中心“常胜将军”胡锦盛:比赛限时反应要快

现年92岁的胡锦盛是最年长的参赛者。自2017年退休后,他几乎每天都到活跃乐龄中心报到,从此爱上了玩拉密,每次可玩上三个小时,在中心是“常胜将军”。

Picture of admin bluecube
admin bluecube

Lorem Ipsum is simply dummy text of the printing and typesetting industry. Lorem Ipsum has been the industry's standard dummy text ever since the 1500s, when an unknown printer took a galley of type and scrambled it to make a type specimen book.

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