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Monetary Authority of Singapore (MAS) Family Office Circle Webinar: Philanthropy in Singapore and the Region
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Events

Monetary Authority of Singapore (MAS) Family Office Circle Webinar: Philanthropy in Singapore and the Region

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The Community Foundation of Singapore’s (CFS) CEO, Ms. Catherine Loh, was invited to speak at a virtual closed-door Family Office Circle event titled Philanthropy in Singapore and the Region on the 22nd of July, organised by the MAS-EDB Family Office Development Team[1] in partnership with the Asia Philanthropy Circle (APC) and CFS.    

The event was attended by 55 international and local participants, involving single family offices and family foundations who had either set up or are setting up a presence in Singapore.

Ms. Kelly Teo, Deputy Director and Head of MAS’ Banking Development Division, observed in her opening remarks that there was an increasing interest among single family offices, especially those involving the next-generation, to give back to society such as through  philanthropy. This sentiment is corroborated by the UBS Family Office report 2020 which found that philanthropy is becoming the most important activity by the time of the third generation. However, many were unsure about how to start and who to give to. The Family Office Circle event was hence organised to share with single family offices about the philanthropy landscape and giving opportunities in Singapore and the region.

The crucial role of Philanthropy in Singapore

CFS’s CEO Ms Catherine Loh participated in a fireside chat, hosted by Ms. Stacey Choe, the Chief Operating Officer (COO) of APC on Singapore’s philanthropy landscape, its gaps and opportunities.

Catherine spoke about the need for philanthropy in Singapore, despite being widely regarded as a wealthy country. She explained that due to the widening income gap, social inequality is deepened in our society, and philanthropic donations are needed to provide relief to those in need and to find long term solutions to reduce social inequality. 

While Singapore does not have absolute poverty, relative poverty is a concern here. Research has shown that a family of 4 needs between S$2,500 to $2,950 a month in gross household income to live decently. 

The Covid-19 pandemic has hit the lower income more seriously than those with higher incomes.  The lower income and less educated are likely to find it challenging to pivot and adapt to a workplace that is changing due to technological advancements.   

Singapore also requires solutions to a rapidly ageing society.  Other critical areas of need would be looking at issues related to mental health and environment.  All these issues are critical to the future stability of Singapore.

When asked about how we could support those who are most in need, Catherine answered that she would prefer donors to ask what kind of social change they would like to see instead. She said that asking that question would lead to effecting long term change, for instance, helping the poor to get out of the poverty cycle.

Catherine also extolled the benefits of participating in philanthropy, citing that families who engage in it together are happier and pass down shared values to the next generation. Philanthropy also reduces the income gap and promotes cohesion in countries, and benefits the rest of the region as well through exchange of expertise and the replication of successful philanthropic pilot programs.

A Donor’s Giving Journey

Catherine was delighted to have Mr. Govind Bommi, the Founder and Chairman of Filtrex Holding Pte. Ltd, to share his inspiring giving journey as a donor of CFS and what motivated him to give.

CFS donor Mr. Govind Bommi came from very humble beginnings. He was born in Bangalore, India, to a family of six children who lived off a single income.

Despite his family’s modest background, it was his mother’s generosity towards the beggars who came to his house in the evenings that made the deepest impression on him. It was her philosophy towards helping others that struck a chord with him and formed the basis of his own giving nature, leading to the founding of the Andal Cares Fund, named in honor of his mother.

Mr. Bommi now considers Singapore his home, after moving here 20 years ago. He set up a water filtration and purification company, and says it’s best to participate in the community that one lives in and find out how best you can help others. Currently, Mr Bommi’s Andal Cares Fund is administered and managed by CFS, and supports rehabilitation programmes by the Metta Association. 

The Philanthropy Landscape in the region and its opportunities

The CEO of APC, Ms. Mafruza Khan gave an introduction to APC and the work that they do while COO Ms. Stacey Choe spoke about the philanthropy landscape in the region, its key trends and opportunities to build a better Asia through philanthropy together. She also shared about the unique challenges that philanthropists faced in Asia and suggested how philanthropists can convene together and collaborate to catalyze the necessary changes.

If you would like to learn more about philanthropy giving in Singapore, read here.

[1] A strategic partnership between the Monetary Authority of Singapore and the Singapore Economic Development Board.

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News

The Straits Times: Philip Yeo biography raises more than $500k for charity

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“More than half a million dollars have been raised for charity in conjunction with the launch of former senior bureaucrat Philip Yeo’s biography, Neither Civil Nor Servant.

The funds collected by the Economic Development Innovations Singapore (EDIS) – which Mr Yeo chairs – will go towards helping underprivileged children, via the company’s corporate social responsibility arm, EDIS Cares.

The monies will enable EDIS Cares to expand its programmes in Singapore to reach a targeted 300 children over the next three years, EDIS said yesterday.

The EDIS Cares fund is administered by the Community Foundation of Singapore.”
Read more here.

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Stories Of Impact

2023 Goh Soon Tioe Centenary Award Winner Megan Low: Music is her Ikigai

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Congratulations to Megan Low, this year’s winner of the Goh Soon Tioe Centenary Award, which supports young Singaporean musicians who have consistently demonstrated outstanding musicianship and performance. The Goh Soon Tioe Centenary Fund, a donor-advised fund which CFS has managed for over a decade, honours the legacy of Mr. Goh Soon Tioe, a pioneering and accomplished violinist, conductor, and teacher.

Megan is thrilled to be joining the community of previous award winners and is excited about the performance opportunities that come with the award. The prize money will help defray the cost of a Master’s Degree in Violin Performance, which Megan hopes to pursue after graduation.  She is currently in her final year of a Bachelor of Music (Honours) degree in Violin Performance at the prestigious Yong Siew Toh Conservatory of Music, under the tutelage of internationally-renowned violinist Zuo Jun.

Of her success, she says, “My parents have been my biggest inspiration in my music journey and have supported me every step of the way. They taught me that success only comes with hard work. They also taught me the concept of Ikigai – where one’s passion, mission, vocation, and profession overlap and becomes your reason for being.”

It was her parents who filled their home with classical music and inspired her to ask for violin lessons at the age of three and then piano lessons at seven. At sixteen, she made her solo debut with the Orchestra of the Music Makers.

Megan’s passion for performance has taken her to many stages locally and abroad, from Asia to Europe and the US. Most recently, her piano trio won the first prize at the 17th Cecilia International Music Competition 2023 in Japan.

The young musician is most accomplished at playing Romantic music, yet her most memorable experience was performing the complex Baroque masterpiece, Bach’s ‘St John’s Passion’. Megan says, “I most enjoy collaborative music-making in chamber music and small ensemble groups. I would love to dive deeper into that in the future.”

A believer in the restorative power of music, Megan also harnesses her musical talent as a gift to uplift others. During the Covid-19 pandemic, she and her peers held a workshop for the staff at Sengkang General Hospital, in which they introduced music as an avenue for stress relief and creative expression. The tunes created during the workshop were sampled and turned into an original soundtrack, which was then played in the hospital lobby. During the Christmas season, Megan and her friends also brought cheer to the residents at the All Saints Home by performing familiar tunes.

As she embarks on a promising music career, this young lady hopes to continue performing and teaching music – her ikigai – for as long as she can.

Learn how you can work with CFS to support talented musicians like Megan and boost Singapore’s arts scene –  https://www.cf.org.sg/giving/ways-to-give/

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Opinion

Eileen Heisman: Donor advised funds are a flexible tool that can adapt to changing giving interests

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(Excerpts from a keynote speech by Eileen Heisman, President and CEO, National Philanthropic Trust delivered at the CFS Philanthropy Forum 2019)

When I was here in Singapore a decade ago as part of the Community Foundation of Singapore’s (CFS) international advisory committee, the idea of being involved in the global launch of a community foundation was so exciting to me. Everyone here was really eager to learn. They wanted to have impact. I knew CFS was going to set its own path.

Over 22 years ago, I was sitting in a dark, private cubicle trying to figure out what to do with this brand new charity I was part of. Today, National Philanthropic Trust (NPT) – which is the largest independent donor advised fund (DAF) administrator in the United States – has raised US$13 billion in charitable contributions and currently manages US$7.4 billion in charitable assets. In recent years, we’ve started making global grants of around US$700 million to over 75 countries.

I see a lot of similarities between CFS’s journey and my time in that small cubicle. CFS has raised S$130 million and given away S$70 million. With this incredible talent, opportunity and resources you have here, I believe there’s so much more CFS can grow as a community foundation.

What compels a potential donor to act? I’ve spent a lot of time thinking about this question throughout my career working with donor advised funds. Just as every person comes to this earth with different gifts and backgrounds, donors have vastly different philanthropic goals. I’ve had the privilege of getting inside the thinking of donors and understanding what excites them about philanthropy. One of the biggest moments in my career at NPT was when a donor from New York City donated US$200 million to us. He was an early adopter and one of those people who saw opportunity.

I like to say donors don’t give to us, they give through us. Donor advised funds are flexible. They are relatively inexpensive. They can meet and adapt to changing interests. If you were interested in a cause when you were younger and that changes as you grow older, you’re not wedded to that particular cause because you can shape the fund according to your preferences. Philanthropy is also about legacy. A DAF is a tool you can spend down over your lifetime or you can pass it down to your children.

It’s one of the reasons why donor DAFs are the fastest growing philanthropic tool in the United States. The number of DAFs has doubled in the US over the last five years. In addition to Singapore, there is growing interest in DAFs in Asia, from China, India, Hong Kong to Japan. As a philanthropic tool, I believe DAFs are going to become more and more popular.

If I had to give a piece of advice to new donors: when you’re getting started with giving through DAFs, it’s important not to overcomplicate the process. Start simple. Find two or three causes you really like. Find one or two good charities in each of those categories, and support those charities over three to five years.

With any social issue, nothing gets solved within one year. In the social sector, we learn about solutions to existing problems from trying new things. Don’t be afraid to fund solutions that are new because it’s the only way we learn. It’s as important to fund failure as it is to fund success.

One of the wonderful things about being part of a community foundation is that it truly is a way to make the world a better place. Doing it with partners and the community’s collective effort makes the journey so much more enjoyable than doing it alone.

Eileen Heisman
President and CEO
National Philanthropic Trust

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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

Spreading the Holiday Cheer: CFS Contribute Year-End Meal to Melrose Home Residents & Staff

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As the year 2023 drew to a close and office parties were being planned, the staff at CFS decided to redirect their staff celebration budget from traditional year-end parties and gift exchanges. Instead, they chose to sponsor a special New Year’s Eve dinner for the children and youth of Melrose Home, and contributed by purchasing grocery vouchers, hoping to bring joy and warmth to them during the holiday season.

At CFS’s monthly Town Hall, representatives from Children’s Aid Society Ms Serlina Huang, Manager of Community Partnerships and Ms May Su Paing, Communications Executive from Children’s Aid Society, visited along with their colleagues from Melrose Home, Ms Michelle Chen, and Mr Timothy Pang. Together they offered the CFS team valuable insights into the home’s operations and needs, enhancing their understanding of how donor contributions can benefit the beneficiaries. Ms Tricia Lee, Director of Communications & Marketing at CFS then presented grocery vouchers that the CFS staff had contributed, to support the purchase of essential items for the residents of Melrose Home. 

Mr Alvin Goh, Executive Director of Children’s Aid Society shares, ‘We are grateful for this heartwarming gesture from the Community Foundation of Singapore and thank the CFS team for spreading the holiday cheer to our residents. It is heartwarming to see the community coming together to help improve the lives of those in challenging situations.’

Melrose Home, a service under the Children’s Aid Society (CAS), is a residential home for children and youths aged 6 to 21. Their residents have experienced challenging family circumstances or child protection issues that led to them being removed from their family homes. 

The organisation has been a CFS grantee since 2022, and our donors have generously contributed to supporting Melrose Home in its mission. CAS is currently appealing for donations to help transform its premises at Clementi Road into “Melrose Village”, which will enable residents to have more living space, and offer purpose-built facilities, advanced counselling and psychological services. To find out how you can contribute, visit https://www.cf.org.sg/giving/ways-to-give/ 

References:

https://childrensaidsociety.org.sg/melrose-home/

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