Stories Of Impact

Structure Your Giving To Create A Greater Impact

Stories Of Impact

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Stories Of Impact

Structure Your Giving To Create A Greater Impact

John Doe

This article first appeared on CFS’s Legacy Giving Website. To find out more about Legacy Giving, please click here.

As part of the wealth structuring process, I often engage my clients in conversations around the meaning and purpose of one’s wealth. In the wake of COVID-19 pandemic, there has been an uptick in interest in giving, and in particular, legacy giving, a structured approach towards creating a positive change.

Angie Han believes this unprecedented year is sowing the seeds for greater giving in Singapore. “Many of us are witnessing the impact on vulnerable communities,” remarks Angie, ” As a result, in addition to wanting to give back to the community, many also wish to move beyond one-off, ad-hoc responses to a more sustainable and impactful giving.”

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It was this desire to help clients take a more pro-active approach to planning for their future that prompted Angie to make the shift from litigation to wealth planning. “I began my career handling dispute resolution,” shares Angie, a former commercial litigation lawyer at Drew and Napier, “Having seen the fallouts that take place without proper advanced planning, I thought I could use my experience to help families at the outset to put in place the necessary mechanism to protect and transfer their wealth through their key life events and avoid potential pitfalls that come with inadequate planning.”

Today, as a Senior Wealth Planner at Pictet Wealth Management based in Singapore, Angie advises clients on legal, tax and structuring solutions for estate planning and business succession planning. She enjoys engaging her clients in conversations around their core values and mission, how they can engage the next generation, as well as how they can build and pass on a legacy that reflects the values close to their hearts.

When it comes to legacy giving, Angie champions a structured and forward-thinking approach. “When you take a structured approach, you are more likely to be able to create a sustainable impact,” says Angie. “This includes carefully identifying which causes you would like to support and putting in place processes that match your intended purpose.”

She believes more advisors are needed in this area of practice to strengthen Singapore’s philanthropy ecosystem. She says, “Beyond helping our clients to achieve their personal aspirations, I find fulfilment knowing that I am helping these individuals and families to use their wealth for social and environmental good, and to make this world a better place for those who will live in it after our time.”

Related Topics For You: ADVISOR STORIES, COLLABORATION, LEGACY GIVING

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News

National Legacy Giving initiative to inspire philanthropic culture in Singapore

John Doe

Private philanthropy has an important role to play in providing much needed support for the community. The Community Foundation of Singapore (CFS) kicks off this initiative today with “A Greater Gift” campaign, to boost awareness and drive conversations for legacy giving and its value to the community.

According to a Social Pulse Survey 1, there is a disconnect between awareness and action when it comes to legacy giving. While the majority of respondents (83%) flagged awareness on what legacy giving is, only 33 per cent is considering legacy as a means of giving, but only 3 per cent would take action.

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CFS’ “A Greater Gift’’ campaign, which is digitally-led, will run over the next three months, inviting individuals, professional advisors, and charities to consider ways a legacy gift can provide meaningful support and leave a lasting impact. As part of the campaign, CFS has partnered with ambassadors to highlight the causes they support, capturing what inspired their interests in a particular cause and the legacy they wish to leave.

Going forward, CFS will work with professional advisors by providing them with resources to help them ignite conversations with clients. We will support charities, especially the smaller ones, which may not be equipped to engage legacy donors.

Legacy gifts can be broadly defined as planned, future donations to charities. While up to the individual, the gift can be cash, marketable securities, insurance payouts, CPF monies and marketable assets. Individuals looking to support a cause over a period of years can establish a donor-advised fund (DAF) with CFS, to manage grant distributions

CFS was selected to lead the Legacy Giving Initiative with its strong track record and deep experience in advisory and grant making. As a neutral entity not attached to a specific cause, CFS complements the philanthropy landscape by bridging donor intentions to causes and charities.

Mr. Edwin Tong, Minister for Culture, Community and Youth & Second Minister for Law said, “Legacy giving enables Singaporeans to leave a lasting and meaningful gift to society. We hope that more Singaporeans will consider planning their donations for the future, as it can help support our charities, and spread the spirit of SG Cares across generations. Thank you to the Community Foundation of Singapore for leading the Legacy Giving Initiative, and encouraging Singaporeans to contribute to a more caring and inclusive society.”

CFS Brand Ambassadors

Dr. Audrey Looi and Dr. Ang Beng Ti – An eye specialist and neurosurgeon respectively, this husband and wife duo have made it their mission to equip children with low-vision with skills and resources. After personally experiencing a gap in supporting their son who has a degenerative eye disorder, they committed to supporting the visually impaired via iC2 PrepHouse.

Nadia Ahmad Samdin – A lawyer whose own personal journey of receiving financial assistance in school has led her to championing support for at-risk youth and their families, who will particularly benefit from having steady care.

Dipa Swaminathan – A lawyer and TEDx speaker, her passion to improve the welfare of migrant workers here has led her to set up social initiative ItsRainingRaincoats in 2015, which has especially increased society’s kindness and compassion for this community at the height of the pandemic.

Hian Goh – An entrepreneur and venture capitalist who wants to contribute to the future of society by identifying the next big game-changers and creating opportunities for innovators to reach their full potential.

Kris Tan – A philanthropist dedicated to empowering the arts in Singapore. She set up a charitable fund with CFS, Kris Foundation, in 2009 to support young classical musicians in Singapore and will expand it to the wider arts community.

About Legacy Giving

The legacy giving campaign is part of a three-year Legacy Giving Initiative (LGI). This campaign will highlight that everyone can contribute to the community through a legacy gift, either through CFS or directly to a charity. The LGI will build awareness by helping individuals understand the ways to give and the value of planned gifts to charity. It will also support professional advisors working with clients and charities engaging their donors in philanthropy conversations. CFS is well placed to drive this initiative.

As Singapore’s only community foundation, it is a neutral philanthropy resource with experience in grantmaking advisory. Visit legacygiving.sg

1The Social Pulse Survey was started in 2016 as an on-going survey carried out by The Ministry for Culture, Community and Youth (MCCY) to gather Singaporeans’ opinions and involvement with regard to matters such as sports, arts, culture and community living. Each month, about 500 interviews are conducted face-to-face with randomly selected households, and residents aged 15 and over across Singapore. The survey sample is representative of Singapore’s resident population.

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John Doe

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”。

Related Topics For You: ADVISOR STORIES, COLLABORATION, LEGACY GIVING

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Stories Of Impact

Life after winning the 2020 Goh Soon Tioe Centenary Award: Natalie Koh’s pursuit of a career in musical excellence

John Doe

Winning the Goh Soon Tioe Centenary Award in 2020 was a pleasant surprise for talented violinist Natalie Koh, who was not usually recognised for her solo performances and had to prepare for the Award’s audition just after last year’s circuit breaker without any formal instruction.

“I am deeply honoured to have received the Goh Soon Tioe Centenary Award in 2020. Violin playing has always been something that I am very passionate about, although my growth and achievements have not always been a given,” says Natalie.

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“A lot of conscientious and diligent work was put into moulding myself into the musician that I am currently and that I am proud to be.”

Since then, the budding musician has kept herself busy and forged determinedly ahead in her musical career. These included performing in digital concert recordings, teaching the violin at Forte Musicademy as a private violin teacher, and engaging with the special needs community through various community art activities.

Apart from keeping a hectic schedule as a performer, Natalie also spends much time imparting her love of music to the next generation of budding musicians — serving as a Teaching Assistant in her Alma Mater, the Yong Siew Toh Conservatory, and as an Assistant Director for classical music concert recordings and productions by the Singapore Symphony Orchestra, alongside other local organisations.

The promising young musician was also able to present her solo recital at the Awards, for which she was extremely excited and thankful for, as her graduation recital was put off last year due to the pandemic’s restrictions. “Overall, I would say that my recital was a success, and I hope that I fared well as a representative on behalf of the Award and the music community,” Natalie recalls with pride.

The Award’s prize money has enabled Natalie to realise her dreams of going overseas to attain a Master’s in Violin Performance, which will broaden her horizons as a performing violinist, music educator and community artist. She hopes to take the experience and knowledge gained from the two years abroad and expand her musical practice upon her return to Singapore.

Natalie recognises that living and studying in Chicago will prove to be expensive, but with the $10,000 award money, she will be able to defray some of her living costs. With the reduced financial burden, the young musician will be able to focus on learning to the fullest of her abilities in the States.

The Goh Soon Tioe Award has supported yet another promising young musician in paving her way to a brighter future towards a career in music, and adding another valuable gem to the flourishing music scene in Singapore.

“I am deeply thankful for the recognition and the support from the Goh Soon Tioe Centenary Award and the Community Foundation of Singapore. This Award has raised my profile as an emerging musician in Singapore, and I sincerely hope that I can be one to shape and grow the classical music scene in Singapore,” says Natalie.

Read and learn more about Natalie’s first steps into music and how she grew to become the talented musician that she is here.

If you would like to contribute towards the arts or support causes that you are passionate about, please visit our website at https://www.cf.org.sg/.

Related Topics For You: ADVISOR STORIES, COLLABORATION, LEGACY GIVING

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News

Charitable funds boost donations in a tough year for giving

John Doe

SINGAPORE – More wealthy people are setting up charitable funds that give at least six-figure sums to their chosen causes.

There were 143 donor-advised funds set up with the Community Foundation of Singapore (CFS), disbursing $20.2 million to charitable causes in the non-profit organisation’s financial year that ended in March.

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This is double the 70 funds giving out $11.7 million in the financial year that ended in March 2015.

Donors pledge at least $200,000 to set up a donor-advised fund with the CFS, which manages the money, advises donors on the various needs in the community and disburses it according to the donor’s wishes.

Its chief executive officer, Ms Catherine Loh, told The Straits Times there is a greater awareness of the CFS’ work and preference to give through donor-advised funds, which allows donors to give in a more informed, structured and sustained manner over time. And donors get to name their fund.

For example, the donated sum can be held at the foundation in perpetuity and invested, with invested returns going to the charitable causes over time.

Ms Loh said more people are also setting up legacy funds, like those in memory of a late loved one, adding to the rise in donor-advised funds. Or donors may set up a fund to be disbursed after their deaths.

So far, the largest sum donated to start a fund has been $24 million, set up by a family in their late father’s name, Ms Loh said without giving more details.

She noted that such funds have been especially needed during the current Covid-19 pandemic, where more people are in need and many charities say donations are falling.

Since February, the CFS’ donor-advised funds have given out about $1.2 million for purposes related to Covid-19, such as topping up phone cards for migrant workers and buying masks for charities caring for seniors.

Many donor-advised funds, however, are set up to give to specific causes that donors and their families care about.

Mr Lien Ber Luen gave $200,000 in 2018 to set up the Lien Shih Sheng Foundation, which gives to educational causes among others, in memory of his late grandfather, the editor-in-chief of Chinese newspaper Nanyang Siang Pau. Mr Lien Shih Sheng was a literary pioneer here, involved in many arts, education and cultural activities, his grandson said.

The Lien Shih Sheng Foundation has funded scholarships at Raffles Institution for children from low-income families and it will also support a new programme to give financial aid to children from underprivileged families to attend preschool regularly.

Mr Lien, who is in his 40s, works in a local asset management firm and is married with two children, said: “He was a doting grandfather and a role model for me. I set up this fund to remember him and to continue his legacy of contributing to the community.”

Like Mr Lien, over half of the funds at the CFS were set up by donors aged between 40 and 60, ranging from working professionals to those with inherited wealth, Ms Loh said.

While supporting education and helping the sick and the poor are evergreen favourites, causes relating to environmental and sustainability issues are also becoming more popular. Donors are also more savvy.

She said: “We have seen donors asking more questions and moving away from just chequebook philanthropy over the years.”

Instead, they are keen to understand the root causes of social problems and to find ways to tackle them, instead of simply handing over their money.

Besides the CFS, the SymAsia Foundation, which is established by private bank Credit Suisse for its clients, also offers donor-advised funds.

The SymAsia Foundation did not reveal the number of such funds, but said its clients “typically make a commitment of $1 million for donations”.

Ms Young Jin Yee, CEO of SymAsia Foundation, added: “I would say no other cause has brought our donors together like the current Covid-19 pandemic.”

She said about a third of its donors from across the Asia-Pacific region have stepped up to alleviate the difficulties brought about by the virus. This includes giving financial aid to students in Singapore whose families were affected by Covid-19, and supporting the development of a vaccine for the coronavirus being jointly developed by the Duke-NUS Medical School and an American pharmaceutical firm.

Source: The Straits Times

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John Doe

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

Related Topics For You: ADVISOR STORIES, COLLABORATION, LEGACY GIVING

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Stories Of Impact

Retired doctor donates $1m to start new donor-advised fund

John Doe

Dr Chua, a retired doctor, 80, gave $1 million to start the Bamboo Lotus Fund with the Community Foundation of Singapore (CFS) in July after being inspired by another retiree’s donation of $1 million to start a charitable trust that he did the same thing.

Describing himself as an “ordinary” general practitioner, and not a “highly paid medical specialist”, Dr Chua said: “I hope (my example) dispels the myth that only prominent individuals or corporate organisations can make significant donations. “To me, $1 million is a significant amount that will get others to notice and start to consider how much they can give too.”

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Dr Chua, who has a daughter, said that helping others comes “naturally” to him and his family. Over the years, they have given “small contributions” to charity. But when he turned 80 this year and felt he may not “have many years left”, he decided to help in a more substantial way.

He plans to help disadvantaged women and families, and the arts and heritage through his new fund.

The retired doctor says bamboo, which signifies resilience, is his favourite plant, while lotus is one of the characters of his wife’s Chinese name. Thus, the Bamboo Lotus Fund was born.

It is one of 165 donor-advised funds under the Community Foundation. Donors pledge at least $200,000 to set up a fund. The foundation manages the money, advises donors on the needs in the community and disburses the funds according to their wishes.

CFS chief executive officer Catherine Loh said the number of donor-advised funds started to grow exponentially several years ago. At the start of 2018, there were 110 such funds. The biggest donors have given more than $20 million to set up their funds.

It took 10 years for the CFS to attract $100 million in donations for all the donor-advised funds set up by various individuals or companies. But it took just the past three years for that sum to hit $200 million, Ms Loh said.

The CFS was ranked third in a report on the 10 largest philanthropic foundations here.

Ms Loh said: “Through times of crisis like the pandemic, individuals have become more open and willing to give more sustainably to make their giving more meaningful.”

A growing awareness of the CFS’ track record has also attracted more donors to set up such funds.

They include successful professionals, retirees or individuals who are semi-retired, and companies.

They give to a wide range of causes, with mental health and the environment among those growing in interest, Ms Loh said.

Since its formation in 2008, the CFS has given out $122 million in grants to a variety of needs.

Dr Chua said: “I hope that this will inspire others in my profession or people of my age, to also donate their money before we pass on.”

To find out more about Legacy Giving, visit us at Legacy Giving or contact us here.

This article was originally published in The Straits Times here. Source: The Straits Times © Singapore Press Holdings Limited. Permission required for reproduction.