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[Webinar] Facilitating Philanthropy: Taxation, Structures and Legacy Giving
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Events

[Webinar] Facilitating Philanthropy: Taxation, Structures and Legacy Giving

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We would like to give a big thank you to the Law Society of Singapore and the Singapore Management University’s Centre for Commercial Law in Asia for inviting our CEO, Ms Catherine Loh, to be a part of the panel for the Facilitating Philanthropy: Taxation, Structures and Legacy Giving webinar. 

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News

Epoch Times: Corporate philanthropy? When a company truly cares

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By Li Yen, October 2016

Download Epoch Times article – ‘Corporate Philanthropy? When a Company Truly Cares’

Corporate giving, or corporate philanthropy, has been gaining momentum in the Republic over the past decade, said Minister for Culture, Community and Youth Lawrence Wong in parliament on Nov 3, 2014. Donations by corporations to Institutions of a Public Character (IPC) have increased two-fold from S$325 million in 2004 to S$644.4 million in 2013, he added.

Looking back at Singapore’s history, charitable donations from corporations is not a recent trend. During the pivotal ‘60s, the tenacity to rebuild Singapore had kindled the philanthropic spirit of some corporations. They offered monetary donations to aid the newly independent nation to battle its problems.

According to a research paper entitled ‘Philanthropy on the Road to Nationhood in Singapore’ by Roshini Prakash and Pauline Tan, the Medical Progress Fund launched in 1965 collected a total of S$4.75 million, with donations from Singapore Turf Club (S$100,000), Singapore Tobacco Company (S$30,000) and The Straits Times (S$12,500).

Other imperative fund-raising projects like the National Defence Fund raised S$8.29 million by 1969. Donations came from big corporations, namely Fraser and Neave (F&N) (S$20,000), F&N’s Board Chairman Tan Chin Tuan (S$50,000), Overseas United Bank (S$150,000), Chinese Chamber of Commerce (S$63,325), and Sheng Huo Enterprise (S$25,000).

Why Should Companies Build a Culture of Giving Back?

Let us take a closer look at corporate philanthropy and corporate social responsibility (CSR). The two concepts are closely linked, just that philanthropy is a portion of the bigger corporate social responsibility pie.

Typically, corporate philanthropy comprises monetary donations or resources such as facilities or volunteer time put in by the company’s employees.

Nonetheless, while the motive of corporate philanthropy is altruistic, corporations have begun to foresee the need to initiate philanthropic schemes as corporate investment, to gain a better positioning edge over their competitors.

Corporate philanthropy denotes a company’s values. As Mr Lawrence Wong, Minister for Culture, Community and Youth, said at the NVPC Corporate Giving Practitioner Roundtable 2015: “Corporate Giving is a deeply important endeavour. When corporate organisations embark on volunteering or philanthropic efforts, it sends a strong message to all both inside and outside the company that they are more than just about bottom lines.”

Corporate philanthropy can be integrated into a corporation’s mission and corporate social responsibility to steer the company in the right direction. Not contradictory to their business interests, the company itself and the employees can reap the benefits of doing good while benefiting the communities it serves.

Catherine Loh, CEO of Community Foundation of Singapore (CFS), told Epoch Times: “Companies who do good and build a culture of giving back reap benefits like inspiring and engaging their staff, customers, suppliers and other stakeholders. Companies are also more likely to grow a positive brand image and attract and retain talent.”

Community Foundation of Singapore (CFS) is a non-profit organisation founded in 2008 to encourage and enable philanthropy in Singapore by enabling donors to set up their own named charitable funds.

CFS helps to bridge individual and corporate donors with charitable organisations to develop programmes and give out grants that support a wide range of needs in the community. Currently, CFS manages more than 80 donor funds, giving out S$10 million every year to make a positive change in many ways.

Ms Loh added that there are numerous benefits for companies looking to partake in corporate philanthropy, such as:

  1. Increasing staff morale and employee retention
  2. Attracting and retaining talent
  3. Growing a positive reputation with the media and the public
  4. Reinforcing corporate culture and identity
  5. Generating business development opportunities
  6. Improving customer retention and brand recall

For instance, Douglas Conant, who was President and CEO of Campbell Soup Company until 2011, noted that the more Campbell allocated their resources to developing philanthropic initiatives to serve the communities, the more engaged and productive their employees were.

Their meaningful mission of “building the world’s most extraordinary food company by nourishing people’s lives everywhere, every day” laid the foundation for the firm’s success.

In another example, American production firm DreamWorks SKG joined hands with schools to devise training programmes that taught low-income students in Los Angeles essential skills in the entertainment industry. This in turn contributes to a better education system that boosts the employability of these low-income students. In addition, having more specially trained graduates helps to strengthen the entertainment industry that it relies on.

However, companies engaging in corporate philanthropy should also comply with other ethical issues concerning environment, consumers, human rights, supply-chain sustainability and transparency, or they cannot be said to be practising good CSR even if they make huge donations to charities. Doing otherwise is just sheer hypocrisy and falsehood, said Gerard Ee, Chairman of Charity Council.

“First and foremost, you got to believe you have a broader responsibility than just making money,” stressed Mr Lee Poh Wah, CEO of Lien Foundation.

How Corporations Can Start Giving
Corporations wishing to kick-start their philanthropy effectively can approach the Community Foundation of Singapore (CFS).

“For companies that approach CFS, we help to kick-start their philanthropic journey by aligning their core values and intent with the needs of the local community,” said Ms Catherine Loh. “By setting a charitable fund with us, companies are actively involved in deciding how to make the most impact with their philanthropic money.”

CFS, which has a vision of growing a sustained culture of giving for generations to come, has worked alongside a number of corporations in Singapore – for example, Changi Foundation, Ascendas-Singbridge, Estate Developers Association (REDAS) and UBS – on their corporate philanthropy, which involves grantmaking that supports community projects.

A notable example is the Diversity in Abilities programme co-managed by the Community Foundation of Singapore with UBS, which aims to develop and showcase the artistic talents of children and youths with special needs.

As there are more than 2,000 charities in Singapore, CFS can “narrow down and identify charities that are aligned with their philanthropic objectives, given their knowledge and expertise, and we can identify gaps and opportunities to enable companies to make more strategic and effective giving,” said Ms Loh.

To ensure full transparency and accountability, CFS also assists donors in keeping an eye on how their philanthropic money is impacting the beneficiaries, the output, and outcomes through a rigorous programme evaluation and robust grantmaking process, as well as concise reporting.

“Companies find our services useful as they often have to report back to the shareholders on how their philanthropic money has been used.”

She added: “We can also help companies identify charities that can better accommodate their employees for volunteering activities. For example, we introduced a bank with many foreign employees to a charity that runs an English reading programme for children from low-income families. These native English-speaking employees could actively contribute by reading aloud to these children.”

“Companies can contribute time, treasure and/or talent. There is no one best way to give back,” she asserted.

CFS’s sister agency, the National Volunteer and Philanthropy Centre (NPVC), whose mantra is “Goodness is the Business of Every Organisation”, has a programme called the Company of Good that aims to help companies give better and holistically. For information, visit https://companyofgood.sg/

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Opinion

Speech by Chairman Laurence Lien at CFS’s 10th anniversary celebrations

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Chairman Laurence Lien Speaking in front of the stage

Thank you all for joining us in this celebration.

CFS was first incorporated on 8 September 2008; hence our 10th birthday celebrations now. Lehman Brother collapsed on 15 September 2008, so we are also commemorating 10 years of the Global Financial Crisis.

I spoke of how we were born in bad times at our Chinese New Year luncheon in March. I will not repeat what I said, except to emphasise again how difficult it was to start up. It was difficult to hire, because we were a start-up doing something novel here. Donors didn’t want to talk to us. And there were even people in the sector who did not want us to exist, as they saw us as competition for funds.

Surviving those early days was a minor miracle. I was there at the start so I have my war stories. Frankly, before I became the CEO of NVPC in 2008, the first job that then Chairman of NVPC, Stanley Tan, offered me was not the NVPC one, but to be the first CEO of CFS.  I rejected it, and took the NVPC one instead. But little did I know that after the first six months, I was to do both jobs, and became the acting CEO for nearly four years.

So there we were at the start helping donors give strategically, bridging them with charities, providing donor advice, grantmaking expertise and back end administration. What we still do today.

Writing a cheque is not difficult at all; but giving well is. In my years at NVPC, I kept hearing from people that they wanted to give, but did not know how. They didn’t know where the social needs were, or how to assess charities and programmes. So we helped them, cut out the hassle and thereby increasing the joy of giving.

But being a good idea is not enough. People had to believe that we could do what we said we would. We spent the best of our first five years just building credibility. And 10 years on, I am very proud of what we have built.

Catherine has already mentioned the numbers. Let me just include two more. One, at least three of our donors have gone on to form their own foundations. This to me is a sign that we have helped these donors learn and mature, and we can let them go on to do greater things. Two, when we conducted a comprehensive ‘Donor and Grantee Perception Survey’ a few years back, we had very high donor satisfaction ratings – with 83% satisfaction rates and 93% saying that they would recommend CFS services to others. But satisfaction among our grantee charities was even better: 94% rated CFS as efficient and effective. This shows that we are able to be close to the charities and help them bridge effectively to our donors.

As someone who has been so actively involved in the growing CFS, I am extremely proud of what we have achieved in these 10 years.

To come this far, there are many people I would like to thank, especially those who were there during our early years:

  • Our first Chairman Stanley Tan who not only was the architect and founding chair of CFS for its first five years till 22 Aug 2013, but he was also single-handedly responsible for bringing in the first $15 million in pledges.
  • The other founding board members – J Y Pillay, David Lim, Mary Ann Tsao, Kwek Siew Jin. As a young start-up, donors would typically ask who is on the board. When we mention J Y Pillay, they would immediately say, okay, I know I can trust you.
  • All staff who have helped make CFS’s first 1,000 days, without whom, we could not possibly be successful I would like to single out two amongst us today. Yvonne Yu who joined us in January 2009 and Joyce Teo who joined us in March 2009.
  • All our donors, particularly our founding donors who gave us a chance like Stanley Tan and MILK Fund, William and Mary Bird, Simon Cheong and UBS. We also have in our midst Yeoh Keng Joon, Vivien Goh, Changi Airport Group, Ascendas-Singbridge and the family of former President S R Nathan, who have all been strong supporters of CFS for many years. In fact, Mr Nathan officially launched CFS in February 2009, and subsequently trusted us with his S R Nathan Education Upliftment Fund which is now over $10 million in size and has helped over 1000 students.
  • Our international advisory council members – Clare Brooks, Eileen Heisman, Anne Boyd and Bob Edgar. These people had so much experience, and they were incredibly generous to give us time to share and guide us. Whenever we had a difficult question, we would shoot it to one of them, and we would almost always get a detailed and insightful reply within 24 hours. They were simply amazing.

And the many others who came along and played their invaluable role in making us the success that we are today. Thank you all of you. This has truly been a community effort, and I am privileged to have been part of that journey.

What would the next 10 years look like for CFS? Moving forward, I believe there is still much work there needs to be done. I think CFS has only reached out to a small fraction of our addressable market. CFS has grown rapidly, but the number of people with significant means and who want to give strategically have increased substantially.

What is my own vision for CFS in 2028?

One, that we be at the forefront of community philanthropy, that we build this sense that the many communities in Singapore can come together to solve our own problems, without always looking to the government. I hope that in 2028, we will see mini community foundations in our neighbourhoods, in places like Toa Payoh, Queenstown and Punggol.

Two, that we have democratised giving. Giving is not only for the rich; everyone should and can give. I hope to see young adults start donor advised funds with us, at smaller amounts of commitment, and our collective funds grow with widespread contributions.

Three, I hope to see CFS raise $1 billion in donor funds, maybe not in 10 years’ time, but at some point in the future.  I believe we are at an inflection point. As we grow legacy giving, we are planting seeds for growth that will bear fruit in the future. I hope to encourage Singaporeans to give when we are alive and able to enjoy giving.

But this is my own vision. Over the next few months, we will be transitioning to a new chair.  We already know who the new chair is but will announce only a little later. So the new chair, together with the board, will develop and own the vision for the next 10 years. I can only step back and cheer them on.

All I know is this. CFS has come so far. Moving forward, CFS is well-positioned to continue to grow from strength to strength. We count on you present today, to continue journeying with us, to grow this community of givers. We all are part owners of CFS because we are all the part of the Singapore community. Be engaged. Broaden and deepen our community. Give more. And invite me back in 2028.

Thank you.

Laurence Lien
Chairman
Community Foundation of Singapore

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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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Events

Impact lives through savvy giving

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John Doe
Four women standing together in a room with a table, engaged in a conversation and displaying a sense of camaraderie.

Make savvy giving a legacy in your life: that was the clarion call to around 100 donors, charities and partners at the Community Foundation of Singapore’s (CFS) Lunar New Year lunch held in February.

“Being savvy in giving is about going beyond the usual traditions of supporting general fundraising campaigns, to deliberately taking charge of generosity,” shared Christine Ong, Chairman of CFS in her opening speech, “It’s about planning and thinking deeply about how to create a powerful effective result, to improve things and impact lives.”

Signaling a new phase for CFS in her first year as Chairman, Christine outlined CFS’s ambition to nurture “a nation of savvy givers” to create a more caring Singapore.

“The signature of a savvy giver or philanthropist, is to be bold and informed, curious and committed, and enthusiastic about putting into practice their beliefs and hopes for a better world,” she explained.

To this end, Christine highlighted that CFS would work on championing new giving by reaching out to donors and making giving easy and meaningful. Moving forward, CFS would also continue to drive collaboration for change, provide professional learning opportunities to the local sector and develop CFS’s organisational culture and capacity.

The lunch also saw the announcement by CFS for a new nationwide Legacy Giving Initiative – an ambitious project to help donors making savvy giving a legacy in their lives.

CFS wants to make legacy gifts a social norm in Singapore, and for donors to consider giving at every stage of their life journey.

The three-year initiative will be launched in the latter half of 2020. It aims to reach out to three audiences: donors, professional advisors and charities by promoting awareness, building and sharing knowledge and supporting action.

As Singapore’s only community foundation, CFS is fortunate to build on over 11 years of experience, to bring donors, charities and other stakeholders together.

Rounding off the lunch, CEO Catherine Loh thanked CFS’s donors, Board, partners and charity partners for their support as CFS turned a new page in its history. “We will be embarking on new initiatives and pursuing innovations as we build towards the future. Our Legacy Giving Initiative will further strengthen CFS’s position as the go-to philanthropy resource in Singapore, benefitting donors and charities alike,” she shared.

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.

Opinion

Three donor trends shaping giving in 2020 and beyond

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John Doe
An Asian woman (Catherine) gracefully seated on a vibrant red and black couch, exuding elegance and poise.

Widening social inequality, an ageing population, and climate change – these are the issues that frame our world, as Singapore celebrates its bicentennial year in 2019. Yet alongside these social challenges, we’re also reminded of our long history of philanthropy in tackling local community needs. Take for instance, the recent 200 Years of Philanthropy in Singapore at the Temasek Shophouse, where it was heartening to see philanthropy being celebrated as a vital thread in Singapore’s success story.

But how will local donors continue to contribute to Singapore’s future? With the number of high-net-worth individuals here expected to grow by 22% to 250,000 by 2023, philanthropy is at an inflection point. We’ve already seeing broader shifts in our donor landscape: donors are getting younger; more Singaporeans are becoming socially aware, and technology is empowering new modes of giving.

At CFS, we count it as our privilege to be able to observe and nurture a new generation of donors increasingly empowered to drive social change. In this final edition of Change Matters for 2019, we highlight three donor trends we believe will continue to shape giving in 2020 and beyond:

Giving together is gaining traction

As more people recognise the complexity of social issues and the need for many helping hands, giving together is fast gaining traction. Donors are beginning to understand that collaboration enables them to create an impact larger than what they can achieve as individuals. In this edition, be the first to read about the Mind the Gap 200 fund or MtG200. This exciting ground-up initiative is the first collective of 10 donor advised funds formed by private individuals, which seeks to address social gaps in multiple sectors in Singapore.

More women are getting engaged in philanthropy

In 2009, only 14% of CFS’s donor funds were started by female donors. This percentage has risen by more than four times to 65% in 2017 and 2018. As more women become empowered to give, they will continue to give to causes close to their hearts. In this issue, we’re delighted to highlight the work of the International Women’s Forum Singapore (IWF)With CFS’s facilitation, IWF supports young women from financially-challenged backgrounds through their tertiary education through an education grant and a mentorship programme.

Donors are asking more questions for deeper understanding

Finally, donors are becoming more interested in understanding the root causes of issues to better inform their giving. They are more willing to explore opportunities to gain deeper insights from service providers, or contribute their expertise to co-create solutions. In this issue, read about our three Seniors Colabs learning journeys (Cornerstone Community Services (with Empower Ageing)Wellness Kampong and St Theresa’s Home), where participants discussed and exchanged views on how society can help our seniors age well.

Catherine Loh

CEO, Community Foundation of Singapore

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”。

Picture of admin bluecube
admin bluecube

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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