Stories Of Impact

The S.S. Jhunjhnuwala Charity Fund: Honoring a Father’s Legacy

Stories Of Impact

Home Donors Stories Of Impact The S.S. Jhunjhnuwala Charity Fund: Honoring a Father’s Legacy

Stories Of Impact

The S.S. Jhunjhnuwala Charity Fund: Honoring a Father’s Legacy

John Doe

For CFS donor Mr Surya Jhunjhnuwala, the late patriarch Shyam Sundar Jhunjhnuwala who founded the Hind Group, was a devoted father and man of vision, passing on to his children the values of humility, hard work and honesty. These principles were ingrained into them at a young age and have guided his family through both good and challenging times.

The S.S. Jhunjhnuwala Charity Fund was set up by the Hind Group to honour him. The Fund, managed by The Community Foundation of Singapore, is proof that S.S. Jhunjhnuwala’s legacy lives on, its grants supporting welfare initiatives and underprivileged women.

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Mr Jhunjhnuwala was also a forward thinking visionary of his time. He was a passionate believer that girls should receive equal opportunity, and that they should receive a good education. He was a mentor for one of the first all-girl schools in his ancestral home of Rajasthan, and this belief has also been entrusted and passed down to his children.

The S.S. Jhunjhnuwala Charity Fund believes that education is the most vital tool in unlocking the potential of children and young adults, hence its mission to provide students in Singapore with opportunities to achieve their potential and a chance to create for themselves a life they dream of.

The Fund currently provides two grants to the Singapore Institute of Technology (SIT). The first is the SS Jhunjhnuwala Naumi Hotel Bursary, given in perpetuity to female students who wish to pursue an education in the field of hospitality, created with the late patriarch’s vision of equal opportunities for women in mind.

The second grant is the VD Jhunjhnuwala Naumi Hotel Emergency Grant, which supports students facing unforeseen difficult situations and gives them a chance to continue their education. Over the years, they have also supported Gladiolus Place, Ramakrishna Mission-Boys’ Home and the Migrant Workers’ Centre.

‘’My father embodied the principle of honesty, and through his strong character and resolve he taught me the importance of consistent and conscious hard work. Our hope for the S.S. Jhunjhnuwala Charity Fund is to create a legacy of continuous service and impact. Giving back is at the core of our business, and a duty we take seriously. I fondly remember my father who taught me to live a life of integrity,’’ shares Mr Surya Jhunjhnuwala.

Learn more about our Donor advised funds here. If you would like to start your giving journey and provide support for the causes close to your heart, get in touch with us at contactus@cf.org.sg to find out how you can make an impact with your giving.

Related Topics For You: ACCESSING QUALITY EDUCATION, CHARITY STORIES, CHILDREN, DONOR STORIES, DONOR-ADVISED FUND, EDUCATION, INCLUSIVITY & INTEGRATION, LEGACY GIVING, NEWS, STORIES OF IMPACT, YOUTH

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News

The Straits Times – PR gives back by boosting senior welfare

John Doe

After 20 years in this country, which he now calls home and where he was able to start and grow a successful business in water filtration, Mr Govind Bommi thought it was time to give back.

He called his lawyer in 2015, and said he wanted to start his own charity fund.

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“My lawyer asked me whether I was ready to put in the time and resources to run my own trust fund,” said the 71-year-old permanent resident originally from Bangalore, India. “He asked me not to rush into it.”

The lawyer asked him to contact the Community Foundation of Singapore instead.

He told the foundation he intended to support eldercare services as he felt an affinity for a sector with growing needs.

“I am also a senior, I feel I can do something.”

Mr Bommi is married to a Singaporean. He came to Singapore more than 20 years ago to work for a multinational and decided to settle down here. He has two children and five grandchildren who are living overseas.

Foundation staff took him around to view nursing homes and rehabilitation centres.

A visit to the Metta Day Rehabilitation Centre in Tampines left an impression. “The centre helps seniors discharged from hospitals get back on their feet. Their work is meaningful,” he said.

In March 2016, Mr Bommi set up a $250,000 fund under the care of the foundation to support the centre.

He has since pledged to increase his donation to $1 million over several years to support programmes run by the centre.

Besides making the donation, he also visits the centre every Thursday morning as a volunteer to keep the seniors company. Having the foundation run his donation fund gives him more time to volunteer at the centre, he said.

“Making a one-time donation is easy, but committing time to volunteering is harder.”

When asked why he volunteers then, he replied with a laugh: “Volunteering is more fun.”

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News

Why billionaires are setting up family offices in Singapore

John Doe

Asia’s billionaires are getting ready to hand over to the next generation, and Singapore is benefiting from the rush to set up new or satellite family offices with an increased focus on philanthropy and impact investing.

In recent months, Horizon Ventures, a private investment firm associated with Hong Kong billionaire Li Ka-shing opened an outpost in Singapore.* Oppenheimer Generations, the family office of former De Beers chairman Nicky Oppenheimer, is also in Singapore while Bridgewater Associates founder Ray Dalio and Google co-founder Sergey Brin both set up shop in late 2020.

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Singapore’s Economic Development Board is doing everything in its power to reel them in. It has enlisted the private banking sector to help family offices’ interest in philanthropy and impact investing, which seeks to generate a social or environmental impact as well as a financial return.

Two years ago, the Singapore government introduced variable capital companies (VCC), fund management vehicles with tax incentives and other benefits. These are appealing for family offices, particularly those with an interest in changing the world.

“Philanthropy is the new black in Asia,” said one private banker who advises the wealthy. “Singapore prides itself on being a financial hub and to keep that reputation, it needs to set the pace on new trends like green investing and impact investing.”

Asia is behind Europe and the United States, where philanthropy has long been a business that’s expected to generate measurable returns and the likes of the Bill and Melinda Gates Foundation have pioneered impact investing.

This is likely to shift with the looming generational change in wealth, said Peter Golovsky, managing director and head of family office services, Asia Pacific, at Alvarium, a global multi-family office.

“Some 85 per cent of Asia’s billionaires are first-generation wealth creators, founders of family businesses.

“Their average age is 65, so they are looking at succession strategies. Family office allocations in impact investments sit at around 12 per cent, but we expect that to double in the next few years, and it will be driven by the next generation.

“Singapore has attracted a lot of wealth through structures like VCCs and other tax incentives, including residency options and paths to citizenship.

“As global families and entrepreneurs, including philanthropists, think about where they want to set up and run their businesses, and where they want to live, I think there will be another step up,” he said.

One measure of interest in social investing is a sold-out conference on the topic, organised by industry group AVPN, that kicks off next Tuesday in Bali.

Despite this increased interest, impact investing structures have a long way to go, according to Mette Ekeroth, managing director and group head of philanthropy at the North-East Family Office, who will be at the conference.

NEFO was established by the founders of the Pandora jewellery brand, Winnie Liljeborg and Per Algot Enevoldsen, in Denmark in 2013. They opened a Singapore office three years later.

“Regulatory systems all over the world treat philanthropy and investment as very, very separate. Now everyone is realising there is an area between these two categories where a lot of the solutions lie to the problems the world faces,” Ms Ekeroth said.

“I have faith that Singapore is going to be the place that comes up with the structures we need. The authorities are engaging and consulting as they work multiple angles to try and address the gaps. We’ve seen in the past that when Singapore really wants to develop an ecosystem, it does, and it does it at high speed.”

*Clarification: After this story was published, CK Asset Holdings has advised Horizons Ventures is owned by Ms Solina Chau. Mr Li has collaborated with the firm on technology projects.

This article was originally published in The Australian Financial Review here.

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Opinion

How Donor-Advised Funds (DAFs) present an innovative and structured solution to Singapore’s philanthropic landscape

John Doe

A history of giving in Singapore and its philanthropic landscape

Philanthropy has seen an evolution over the years, which saw a corresponding increase in family support services due to the development of more HDBs to house our growing population.

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As the philanthropic landscape developed and progressed, there was a more targeted response in the 90s by philanthropists seeking to fill in the gaps in philanthropy and wanting to have more of a say in order to shake up the system.

As a result, CFS was founded to promote philanthropy, seeing as philanthropists were stepping up and starting family foundations, and how Singapore has a very active philanthropy landscape in spite of its size.

To date, the current number of charities in Singapore stands at over 2000. However, it was not only charities that received donations but also social enterprises and ground-up groups, especially during the Covid-19 period.

There are very stringent processes to achieve a charity status, charities in Singapore are generally well managed and of the 2000 charities, 600 have attained an IPC status.

“Singaporeans have also been extremely generous thus far, and gave a total of 1.9 billion in 2019. This generosity is an important focal point, as there is an onus and more incentives for charities to work directly with philanthropists and givers to come up with new and innovative programmes,” says Catherine, CEO of CFS.

Donor-Advised Funds (DAFs) and CFS’s role as a community foundation in Singapore

CFS’s role as a community foundation in the philanthropic ecosystem is to enable philanthropy, foster giving and promote values such as the Legacy Giving Initiative (LGI). The LGI is a concept that anyone in Singapore, regardless of status and wealth, can leave a legacy by giving to a cause close to their heart.

As philanthropy continues to evolve, donors have become more discerning and want to know how the impact of their philanthropy is measured.

There is also a need for philanthropy in Singapore despite it being a wealthy city state, as there is still relative poverty and thus a need to uplift every segment of the nation. There are key issues that need support and funding in Singapore, three areas of which are our rapidly aging society, social income inequality, and inclusivity and sustainability; where people with disabilities and environmental issues need support.

CFS is also seeing an increase in international donors in Singapore, which could be Singaporeans looking to expand their overseas businesses in Singapore, or foreigners setting up family offices in Singapore.

By partnering with CFS, a donor can establish a named donor-advised fund (DAF), a modern philanthropy tool.

A DAF is a simple and cost-effective way to support a wide range of charities in Singapore. CFS will handle the fund administration and provide philanthropy advice to ensure that our donor’s giving makes a strategic impact to the causes that our donors support.

With a DAF, donors can enjoy upfront tax deductions in Singapore at the prevailing tax deduction rate1 on eligible donations.

1Subject to IRAS regulations.

How to get started?

DAFs can be set up by an individual, a beneficiary of a will, a trust, or by a family office.

CFS philanthropy advisors will inquire about the donor’s interests and leveraging on deep understanding of local issues and extensive network, CFS has unparalleled insight into Singapore’s charitable landscape and community needs to translate the donor’s interests and goals into a defined plan.

CFS handles all the administration required in managing the DAF, donors will save on legal expenses and enjoy tax deductions upfront. Donors will also receive regular statements tracking incoming donations to the DAF and outgoing disbursements to charities.

CEO Catherine Loh gives a WMI-GFO Circle Impact Masterclass on CFS’s role in philanthropy in Singapore

CFS’s CEO Catherine Loh was invited as a guest speaker and part of the panel to speak about CFS and philanthropy in a WMI-GFO Circle Impact Masterclass webinar organised by the Wealth Management Institute (WMI) titled ‘Global Giving, Asian Innovation’.

The webinar’s aim is to address how philanthropy can support the greatest issues of our times, including issues stemming from ever-rising income inequality and climate change, to the health of our civil society and the pandemic.

The panel presentation hopes to empower family office principals, representatives and philanthropy advisors to help their clients achieve their philanthropic goals, and offer best practices, tips, and considerations for advisors serving philanthropists and their family offices.

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

Related Topics For You: ACCESSING QUALITY EDUCATION, CHARITY STORIES, CHILDREN, DONOR STORIES, DONOR-ADVISED FUND, EDUCATION, INCLUSIVITY & INTEGRATION, LEGACY GIVING, NEWS, STORIES OF IMPACT, YOUTH

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Opinion

How Family Offices Could Shape Philanthropy

John Doe

Singapore has a long history of family philanthropy. The first family foundations were established after World War II and they donated generously to alleviate poverty, care for the vulnerable and build schools and hospitals. Today, there are over 400 foundations and trusts registered with the Commissioner of Charities but families that institutionalized big-ticket giving early on – such as the Lee Foundation and the Lien Foundation – continue to dominate philanthropic giving in Singapore.

Family offices are entities which typically manage assets for or on behalf of a family. And Singapore – well-regulated, transparent and politically stable – is rapidly becoming the region’s preferred choice for family offices. In 2020 alone, approximately 200 single family offices were set up here, doubling the total count. As wealth grows, charitable giving is likely to keep climbing.

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These high-net-worth families have the potential to shake up philanthropy in Singapore. Traditionally, the Asian family office was an extension of the family business, with a laser-sharp focus on the bottomline. “However, as founders age and younger successors take over, we expect to see greater value placed on sustainable and responsible investing as well as on strategic philanthropy,” says our CEO Catherine Loh.

Research firm Wealth-X estimates that $1.9 trillion worth of wealth in Asia will be passed on to the next generation in the coming decade. For many heirs, giving back is emerging as an integral part of doing business. For them, philanthropic activities are an optimal way to build and sustain a family’s legacy, strengthen family cohesion and better engage family members.

But here’s where it gets interesting. “Family offices have the power to shake up traditional philanthropy as they tend to be more agile and responsive compared to large foundations or corporate foundations, which are answerable to multiple stakeholders and layers of decision makers. Secondly, family businesses tend to be built by entrepreneurs and disruptors, making them more open to new ways of doing things,” says Catherine.

What this means is that the new wave of family-driven philanthropy could fund untested, possibly radical new approaches to problems. It could find innovative ways of harnessing capital for social impact. It could move away from cheque book charity to a more engaged approach which could lean towards social enterprises or private-public initiatives.

However, while most family offices across the globe are engaged in some form of giving back, only 41% of them have a philanthropic strategy in place, notes the Milken Institute. Few family offices have the in-house expertise to evaluate nonprofits, deploy philanthropic dollars optimally, or monitor and measure impact.

“At CFS, we believe giving should be thoughtfully planned and driven by evidence-based insights,” says Catherine. As a cause-neutral philanthropy advisor, CFS offers unparalleled access to over 400 charities in Singapore, across a diverse range of sectors. We conduct due diligence to ensure the giving is accountable and creating a social impact.

For family offices, a cost-effective and flexible way to embark on philanthropy is to set up a donor-advised fund (DAF). Since 2008, CFS has set up close to 200 DAFs: of these, almost half have been for families. We pool donor funds for investment management and with over $90 million in assets at any one time, smaller individual funds can reap the economies of scale that large foundations enjoy. Beyond this, as the country’s largest convener of philanthropic activities, we mobilise donor capital through collaborations and collective models to scale up impact and generate more empowering solutions.

If you would like to find out more about how CFS can help you achieve your giving goals, please click here.

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