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Giving through the generations
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Events

Giving through the generations

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Increasingly, individuals and family businesses are consciously looking at ways to create positive social impact through philanthropy – but in today’s world, what does creating a legacy mean from divergent perspectives, from individuals to families, from parent to child?

Last November, the CRIB x CFS Legacy and Impact cocktail event brought two prominent families, with extensive histories of giving, together with philanthropists and social capital investors to reflect upon these questions.

Moderated by Patsian Low, the panelists included Richard Eu, Chairman of Eu Yan Sang and his daughter Rebecca; and Keith Chua, Executive Chairman of ABR Holdings (and CFS board member), and his daughter Sharon.

To kick off the evening, Catherine Loh, CEO of the Community Foundation of Singapore (CFS), reflected upon the challenge facing families today. “When it comes to creating a family legacy, it’s about understanding how to bridge the different concerns and interests of each generation, and trying to align giving to key values,” she commented.

While members of the older generation might be more focused on passing on family values, Catherine observed, the younger generation is keen to explore new approaches to giving. “Many of our next generation donors have a strong social consciousness and feel they don’t need to wait until they’re richer, older and retired to start thinking about giving back,” she said.

Though her family has traditionally supported education and healthcare, Rebecca Eu struck a chord when she shared how she started social enterprise Love, Mei in a vastly different field, helping victims of human trafficking in the Phillipines. “I don’t think legacy is limited to your blood ties,” she proposed, “Instead, legacy moves on with the project you adopt and the people that you work with.”

Reflecting today’s shift towards strategic philanthropy, Sharon Chua shared how her professional experience with philanthropy advisory has empowered her to become a better steward of her family’s wealth. “I learnt how to evaluate impact, the sustainability of projects, and how to forage good partnerships, and that helps with my own family’s philanthropy. I’ve always believed philanthropy is something you need to be personally engaged and committed to,” she shared.

One audience member posed a question to both fathers on how they would manage their children’s future giving decisions to avoid conflict.

Richard espoused offering broad guidelines to one’s children and suggested “storytelling” as a way of passing on family values. “When your family is used to hearing stories, such as why your great grandfather did certain things, it becomes ingrained in your family’s DNA. The legacy you leave behind is not about having a building or place named after you, but the lives that you impact.”

Keith reflected on his role as a trustee for the giving of earlier generations, and proposed older family members play a key role in “setting mechanisms in place” for the next generation.

Keith said, “CFS provided us with an avenue to create a fund to leave something behind for the next generation and share it with our wider family. Under this structure, the funds will carry on for a certain period of time. Once you’ve set certain things in place, you can bring the next generation along for the ride, and trust them with the responsibility when it’s their turn.”

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Stories Of Impact

Structure Your Giving To Create A Greater Impact

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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.” 

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.”

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Stories Of Impact

Motivating trainees towards a brighter future

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The new S R Nathan Book Prize & Special Assistance Scheme spurs trainees from ITE’s Traineeship Scheme to reach for a better future.

In recent years, Singapore’s education system has been seeking to move beyond academic grades to a more holistic approach towards learning. Seeking to change broader mindsets towards the value of applied learning and work experience, Singapore’s Institute of Technical Education (ITE) has been steadily championing a ‘work-study’ approach through its Traineeship Scheme.

For a group of fresh secondary-school leavers, the scheme offers a much-needed alternative pathway. The course equips students with relevant industry skills – leading to both a nationally-recognised certification and career progression – while also allowing them to earn a monthly salary as they learn.

In September 2019, the S R Nathan Education Upliftment Fund (SRNEUF) launched the S R Nathan Book Prize & Special Assistance Scheme, which supports financially-needy students from the ITE Traineeship Scheme.

Managed by the Community Foundation of Singapore (CFS), the SRNEUF has been supporting full-time ITE students in need since 2012. With CFS’s facilitation, the S R Nathan Book Prize & Special Assistance Scheme was established this year in response to ITE’s appeal to extend support to trainees, many of whom come from families in challenging financial circumstances.

Similar to full-time ITE student profile, majority of students in the Traineeship Scheme are from lower-income households . While salaries for trainees start from $1000 before CPF deductions, trainees generally do not receive their income until their second month at work.

“We want to help this group of trainees because they are a group helping themselves by heading straight to the workforce after secondary school,” says Mr Aw York Bin, Deputy CEO (Industry). Joining the workforce is an uphill task for these young students, as they have to adapt to work-life while juggling academic commitments. “The S R Nathan Book Prize is an encouragement for them to persevere and complete the course,” he adds.

Additionally, the S R Nathan Special Assistance Scheme will help students from the lowest income tier with food and transportation for the first month before they receive their first salary. Lee Geok Teng, a student in Nitec in Business Services, remarks, “The traineeship has been a good way for me to be financially independent and enables me to pay my own phone bills and insurance.”

Ruthra Vaitheshwari D/O Thiagarajen, who is currently pursuing a Higher Nitec in Service Management, recalls the physical strain of managing work and her studies in her first three months. She says, “This award encouraged me further. The moment I received the prize from Mrs S R Nathan, I felt I should work harder.”

Muhammad Fadzrin Adzri B Adnan, a trainee who has worked at the Sheraton Towers Singapore Hotel, says the traineeship has helped him build an edge for his future career. “Receiving this book prize is very unexpected and a motivation for all the trainees who have worked hard in this course,” he says.

Remarking on ITE’s long-term partnership with CFS, Mr Aw commented, “CFS has opened many doors for us over the years to reach out to potential donors and to raise awareness of the needs of vulnerable students. Their advice has been invaluable, as well as their capacity to facilitate conversations around the evolving needs of our students.”

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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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Stories Of Impact

#MyGivingJourney x Nadia Ahmad Samdin: Changing the game for giving  

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CFS’s #MyGivingJourney series portrays extraordinary women and their efforts in philanthropy. This story features Nadia Ahmad Samdin, CFS’s legacy giving ambassador and a woman who wears many hats. 

Many who donate to charity often ask: For every dollar they give, what good actually comes of it? Nadia Ahmad Samdin believes increasingly, we will be able to answer that. In a world where tracking usage is commonplace – from our phone use to carbon footprint– a data-driven approach to philanthropy could be a game-changer. The Community Foundation of Singapore (CFS) aligns with Nadia’s belief and strives to be a trustworthy organisation that is transparent and accountable.  

Nadia is Counsel & Project Leader at Tri-Sector Associates, a pioneering social enterprise that is finding innovative ways to solve complex social problems. In June 2021, Tri-Sector launched the first Social Impact Guarantee (SIG) with the Lorinet Foundation, TL Whang Foundation and the YMCA for its Vocational and Soft Skills Programme, which helps empower vulnerable youths. But here’s what’s pivotal: the SIG offers donors a money-back guarantee if targets are not met. This outcomes-based funding is relatively new but is gaining traction with impact-minded donors who focus on what works and are willing to provide capacity building support to charitable organisations, Nadia says.   

Community has defined Nadia’s life from a young age. She began volunteering when she was in secondary school and by her 20s, her calendar was full serving with community initiatives such as the Singapore Council of Women’s Organisations, Lembaga Biasiswa Kenangan Maulud (an IPC), the South East Community Development Council and the National Youth Council. 

After graduating from Singapore Management University, Nadia embarked on a career at TSMP Law Corporation. Her six years in corporate law taught her to “bridge divides, come up with creative solutions and put myself in others’ shoes to work towards outcomes which are mutually agreed upon”, she says.   

In 2020, she became a member of parliament for Ang Mo Kio GRC, making the 31-year-old one of Singapore’s youngest parliamentarians. Nadia has also served as a panel adviser to the Youth Court and worked with girls who have done reformative training. These diverse experiences have made her an authentic voice on issues close to her heart such as youths at risk, mental health, inequality and the environment.  During her free time, she also participates in marine clean-ups, including as a volunteer diver with Our Singapore Reefs, a ground-up initiative formed by marine biologists with an interest in coral conservation.   

Nadia is also a legacy giving ambassador for CFS’s A Greater Gift campaign, which is rallying Singaporeans to leave a legacy through planned charitable gifts. CFS works with donors to structure their giving so that people can leave insurance monies, CPF savings, marketable securities and even tangible assets to the causes they care deeply about.   

You don’t need to have very deep pockets to make a transformative and lasting impact, Nadia emphasises. “As someone who went to school with the help of financial assistance, I know how precious it is to be given an opportunity by someone who believes in you,” she says. “Everyone can make a difference,” says this young changemaker. “Start where you are, Use what you have, Do what you can.” 

Begin your own journey of giving with CFS. Read more stories about the #MyGivingJourney series here.  

This article was written by Sunita Sue Leng, a former financial analyst and journalist, who believes that the written word can be a force for good. She hopes to someday write something worth plagiarising. 

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Stories Of Impact

#MyGivingJourney X Ivy Tse: Going the distance for youths 

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In our #MyGivingJourney series, CFS features extraordinary women in Singapore and their efforts in philanthropy. This story features Ivy Tse, CEO at Halogen Foundation Singapore.  

At 35, Ivy Tse must be one of the youngest CEOs around. But the unassuming head of Halogen Foundation Singapore quips that she is more a “Chief Everything Officer”. In a day, her job can take her from fundraising to building partnerships to staff development – or even tackling a problem with the office printer.  

A relatively small charity, Halogen runs on a team of about 21. Its mission is to transform the lives of disadvantaged young people through leadership, mentorship and entrepreneurship programmes. Ivy joined in 2012, when the team was about half its current size. And coming from global giant Procter & Gamble, she found she had to be a Jack of all trades in her new role organizing events at Halogen.  

“You have to be very resourceful. If there is an obstacle, you find a solution,” she says. “It was humbling.” People also questioned her decision to ditch a lucrative career path at P&G. “They said, it’s so hard to get in, why would you leave?” she recalls. Plus, there was the financial aspect: moving to the nonprofit sector meant taking a pay cut of a third.  

But the go-getter, who also describes herself as an idealist, was going through what youths now call a ‘quarter-life crisis’. She decided she wanted to immerse herself in work that counted. And she figured, “If it doesn’t work out, I can crawl back to the corporate sector and run twice as fast to make up for it!”  

Ten years on, the dynamic Ivy, who runs marathons in her spare time, shows no signs of slowing down. Nor any regrets building a career empowering young people. Seeing how Halogen’s dedicated volunteers and partners help shy, apprehensive teenagers gain access to the social capital and soft skills needed to thrive in a fast-evolving world has brought her a lot of gratification. The Foundation has created more resilient youngsters, reduced school dropout rates and developed leaders who have gone on to make a positive impact in their communities. 

Giving back has been a part of Ivy’s life since her school days. She chose CCAs that revolved around volunteer work such as Habitat for Humanity and Rotaract Club, while studying for a double degree in mechanical engineering and business at the National University of Singapore. She enjoyed hands-on volunteering but she also thrived on the organizational aspect of nonprofit work. And, she liked motivating people to participate in charitable causes and seeing them grow through that experience.  

“That’s what I get to do now at Halogen,” Ivy notes. Her job also sees her working with the Community Foundation of Singapore (CFS) which helps donors and grant makers understand what nonprofits like Halogen do and matches them. For example, CFS linked up UBS with Halogen and the financial institution has helped fund Halogen’s Network for Teaching Entrepreneurship programme. 

Ultimately, what Ivy is most proud of is growing and building a team that is really passionate about youth development. Her advice for young people who are mulling a career in social services? “It can really challenge you. It’s almost like being an entrepreneur,” she says. “And it is rewarding in so many ways.” 

Begin your own journey of giving with CFS. Read other inspiring stories of #MyGivingJourney series here. 

This article was written by Sunita Sue Leng, a former financial analyst and journalist, who believes that the written word can be a force for good. She hopes to someday write something worth plagiarising. 

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