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Giving through the generations
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Events

Giving through the generations

John Doe
John Doe
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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

Following His Calling In Planned Giving

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John Doe
Allen Lim holding a microphone

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

As a trainer at the Insurance and Financial Practitioners Association of Singapore (IFPAS), I found my calling in the field of estate planning and planned giving. Giving is a good intention; planning is a wise action; and planned giving ensures you can leave a legacy and take care of your loved ones.

Do you need to wait until you are wealthy to start giving? For Allen Lim, the answer is an emphatic no, but with one distinct caveat. “It’s very important that giving takes into account your and your family’s financial security,” insists Allen, “That’s why planning is crucial, because with the right strategy, you can do both.”

Though Allen says his father’s ways never threatened his family’s security, he also saw how his actions sparked disputes with his mother. That’s why as a financial professional today, Allen advocates taking the middle way.

Having found his “calling” as a trainer in planned giving, he is enthusiastic about raising awareness on this area of practice amongst financial advisors. His days as the Head of Training and Education at the Insurance and Financial Practitioners Association of Singapore (IFPAS) include everything from curating courses on planned giving to lecturing on the latest methodologies.

“Many financial advisors today stop at estate planning. Planning giving goes one step ahead,” reveals Allen, “Through holistic financial planning, a professional can help ensure that giving does not compromise the financial security of the family, while also strategising the most effective asset to complete the giving intention with the best possible outcome.”

And with Singapore’s changing demographics – from a greater number of singles to couples without children – more wealth is being directed outside of one’s family. Allen says financial advisors need to keep up with these trends and engage in these changing conversations.

“Planned giving is an important part of the equation,” he says, “Not only does it help deepen your relationships with your clients, helping to grow the number of legacy gifts to benefit our charities could contribute to well-being in our society.”

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News

Singapore Tatler: Kith and Kin

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John Doe
Family relaxing on couch, on a magazine. (Singapore Tatler Upfront)

The family behind Naumi Hotels and Rang Mahal Restaurants, Surya, Ritu and Gaurang Jhunjhnuwala, shares how its late patriarch Shyam Sundar Jhunjhnuwala’s spirit of entrepreneurship and giving lives on through the generations with the S S Jhunjhuwala Charity Fund established with the Community Foundation of Singapore (CFS). With philanthropic advice from CFS, the family continues its patriarch’s legacies and focuses on education, welfare initiatives, as well as health-related issues for underprivileged women and children in Singapore. Read more.

Courtesy of Singapore Tatler, February 2019

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”。

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The CDA top-up programme: Giving support to pre-school children from low-income families

John Doe
John Doe
A diverse group of children and adults, all wearing masks, gather together in a united display of safety and responsibility.

Pre-schools are especially essential in providing a solid foundation for children to get an education, and to also build confidence and impart social skills, which will stay with them for life. As such, The Community Foundation of Singapore (CFS) is partnering with EtonHouse Community Fund (ECF) and the Ministry of Education (MOE) on a Child Development Account (CDA) top-up programme which will benefit around 1,300 pre-schoolers from low-income families this year.

This programme is facilitated by the inter-agency taskforce Uplifting Pupils in Life and Inspiring Families (UPLIFT) to provide eligible pre-schoolers with $500 this year and up to a cap of $1,500 over the next three years, with the government providing dollar-for-dollar matching contributions for the top-ups.

To qualify, the children must be enrolled in 57 pre-schools under seven selected operators, and their families must have a gross household income of $4,500 or less. CFS and ECF will be contributing a total of $1 million to the CDA top-up programme over the next three years.

The seven operators are: E-Bridge Pre-School, Iyad Perdaus Child Development, Kidz Meadow Childcare and Development Centre, PPIS Child Development Centre, Presbyterian Community Services, Super Talent Childcare and YWCA Child Development Centre.

Along with Second Minister for Education Dr Maliki Osman, CFS CEO Catherine Loh paid a visit to partner operator E-Bridge Pre-School’s Punggol Large Childcare Centre on 8 October 2020 to mark the launch of the programme and to celebrate Children’s Day.

“We have a responsibility to strengthen our social safety nets to ensure no child gets left behind. This is why this collaboration is such a wonderful opportunity for CFS and our donors to uplift children from low-income families,” says Catherine.

“I hope that this CDA top-up programme can encourage more low-income families to enrol their children into pre-schools. I also hope that it can provide additional support to needy families during this difficult period by defraying child-raising expenses,’’ says Dr Maliki Osman.

Lorem ipsum dolor sit amet, consectetur adipiscing elit. Ut elit tellus, luctus nec ullamcorper mattis, pulvinar dapibus leo.Lorem ipsum dolor sit amet consectetur adipiscing elit dolor

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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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.

News

The Business Times: DAFs still quite new concept: charities index

John Doe
John Doe
A snapshot of the innovative charities index, showcasing the dafs, a new concept in the philanthropic world.

SINGAPORE was among the top 10 most generous countries in 2018 – according to CAF World Giving Index published by Charities Aid Foundation, a British charity – with 58 per cent willing to donate money to a charitable cause.

However, according to calculations by the Community Foundation of Singapore (CFS), a non-profit organisation that encourages and enables philanthropy in Singapore, just 1.1 per cent of total giving in Singapore in 2017 was to donor advised funds (DAFs), as it is still a relatively new concept.

DAFs are charitable fund accounts that people or organisations can open. An amount of money will be pledged to a cause they are passionate about.

CFS, which started in 2008, has 115 charitable funds. It has raised S$130 million in donations and given out S$65 million in grants.

Laurence Lien, former chairman of CFS, said: “When we first started, there were not a lot of donor-centric vehicles and we sensed that in Singapore, a lot of people say ‘I want to give’, but they do not know how, or the thought of starting a foundation or charitable trust was just so overwhelming.

“Setting up a foundation or a charitable trust is so expensive, and that made them put it off for such a long time.”

He added that for people to be able to start something at the snap of their fingers, “there is definitely a gap in the market for that”.

Mr Lien said that DAFs are motivating philanthropists to think more about the cause they would like to donate funds to and how their donations will help to solve the problem. Some donors with DAFs are willing to come together and discuss ways that they can further make a great impact on complex social issues as they get personally invested in a cause.

CFS has hosted some initiatives, such as Singapore Youth Impact Collective, and the collaboration with National Volunteer & Philanthropy Centre, Colabs, to help facilitate discussions between such donors.

“Such initiatives help connect the benefactors, charities and donors, and by discussing social issues that need to be addressed, it helps to pinpoint the wider societal problem that needs to be tackled,” said Mr Lien.

When comparing the trend of volunteerism between Singapore and a Western country such as the United States, Eileen Heisman, president and CEO of National Philanthropic Trust (NPT), a non-profit based in the US, noted that for the US, rates of volunteering are going down, whereas in Singapore, there is an upward trend.

This is crucial, as Ms Heisman has observed that when donors volunteer their services and see first-hand what is going on, the issue feels much more personal for them and makes them more committed to the cause.

She added: “I recommend donors to stay with a cause for five to seven years before moving on to a new cause as charities need sustainable funding.”

Mr Lien also encourages volunteerism before moving on to monetary donations, pointing out that there are certain skill sets such as marketing, that volunteers can help with.

Mr Lien said: “I am aware that CFS is limited in providing such support to charities and I am supportive of volunteers who are able to directly lend their support to charities through this method.”

When asked about the public distrust towards Singaporean charities due to past scandals, Mr Lien felt that it was unfair that local charities are being grouped together and condemned just because of one such organisation got exposed for mishandling funds in the past even though the rest are doing “fantastic work”.

To regain public confidence, Mr Lien added that organisations such as CFS help donors do due diligence on the chosen charity to ensure that their money is being put to good use.

Donors who set up funds with CFS receive a six-monthly donor statements with updates on their fund balance, donation history, and grants disbursed.

Mr Lien said: “I find that the bigger risk is giving it to a charity that will not use your money at all because they have so much of it. If donors choose to do it alone, they usually go for brand names, but if you look at the balance sheet of these brand names, they sometimes have billions squirrelled away.”

Ms Heisman concurred and said that charities are required to do tax returns and such information is accessible to the public online.

“These measures help create transparency for the organisation and donors, and help donors make a more informed donation to their charity of choice.” She added that smaller charities tend to come up with new solutions for old problems which are much more effective, and funding a small charity is like “funding a startup business” as they are more innovative and are like disruptors.

She added that smaller charities tend to come up with new solutions for old problems which are much more effective, and funding a small charity is like “funding a startup business” as they are more innovative and are like disruptors.

“It is much easier to explain the concept of DAFs to donors now as the idea is becoming more prevalent in the US. I think because of Web-based banking, the case and speed at which you can get information has made DAFs more popular with people.”

Source: Business Times © Singapore Press Holdings Limited. Permission required for reproduction.

Lorem ipsum dolor sit amet, consectetur adipiscing elit. Ut elit tellus, luctus nec ullamcorper mattis, pulvinar dapibus leo.Lorem ipsum dolor sit amet consectetur adipiscing elit dolor

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”。

admin bluecube
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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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