Opinion

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

Opinion

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

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.

Homeless during the pandemic: how our Sayang Sayang Fund responded with agility

A man and woman proudly display an award at a charity transparency and governance event, symbolizing their recognition for outstanding achievements.

Governance is a continuous journey for charities

Grace Fu delivering speech at podium to audience.

Speech by Grace Fu, Minister for Culture, Community and Youth at CFS’s 10th anniversary celebrations: Working together to build a caring Singapore

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: AGEING WELL, CHARITY STORIES, CLIMATE & ENVIRONMENT, DONOR STORIES, DONOR-ADVISED FUND, ENVIRONMENT, EVENTS, IMPROVING EMPLOYABILITY, INCLUSIVITY & INTEGRATION, LEGACY GIVING, OPINION, PERSONS WITH DISABILITIES, PROMOTING HEALTHCARE, SENIORS

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Events

CFS Celebrates 15 Years of Enabling Philanthropy

March 22, 2024

John Doe

On 14th February 2024, CFS marked its 15th Anniversary with a Chinese New Year “Lohei” (Prosperity Toss) celebration. The event was graced by Mr Alvin Tan, Minister of State for Culture, Community and Youth, and Minister of State for Trade and Industry, and gathered nearly 160 donors, charity partners, and business associates, both longstanding and new.

As a community foundation, we aspire to champion effective philanthropy with purposeful and informed givers, to uplift lives and catalyse positive change. We want to build communities that care and thrive together.

Ms Catherine Loh, CEO of CFS

Set up during the covid-19 pandemic, Sayang Sayang Fund raised $9.7m over three years, supporting over 400,000 lives
应疫情设立 Sayang Sayang基金三年筹970万元惠及40万人

Book by Adrian Tan, with the title 'If I were King of Singapore'

Posts of the late former Law Society President Adrian Tan has been published as a book
律师公会已故前会长陈锦海曾发表贴文已结集成书

Donations to CFS increased by 60% over the past two years
新加坡社区基金会两年多善款增六成

Unveiling the Sayang Sayang Fund Report was a great way to mark our 15th year, as it displayed the power of collective impact and love for our community. Established as an emergency response fund at the start of the COVID-19 pandemic to support vulnerable groups, the Sayang Sayang Fund (SSF) impacted the lives of over 401,000 beneficiaries in Singapore. In a span of three years, an impressive $9.7 million was raised, showcasing the remarkable generosity and willingness of the community to offer their support.

As a philanthropic advisor and grantmaker, CFS links donors with well-governed charities that champion the causes closest to their hearts, to offer funding for beneficiaries to thrive. Two SSF grantees, ITE and Care Corner Singapore, shared about their programmes for lower-income students and children with learning difficulties and special needs respectively. Guests were then charmed by a captivating performance by two talented scholars from The TENG Company, which is also a CFS grantee for their Music for Wellness and Comfort initiative. 12-year-old Li Zhixin took command of the stage with a melodic piece on the Ruan, while Ee Anzhi, aged 11, held the audience in awe by masterfully sustaining a long tone on the Dizi using the highly challenging technique of circular breathing.

As the luncheon drew to a close, Ms Radha Basu, Senior Director of the Centre of Applied Philanthropy (CAP) at CFS invited donors and partners to participate in The Collective for a Stronger Society. Convened by CFS in partnership with MFS and Community Chest, the Collective will bring together donors, non-profits, public and private organisations to offer a coordinated series of cross-sector programmes and initiatives to uplift, enable and empower lower-income families. Find out more here.

We extend our gratitude to everyone who contributed to making this event a successful and memorable one. Here’s to many more years of impactful giving!

Related Topics For You: AGEING WELL, CHARITY STORIES, CLIMATE & ENVIRONMENT, DONOR STORIES, DONOR-ADVISED FUND, ENVIRONMENT, EVENTS, IMPROVING EMPLOYABILITY, INCLUSIVITY & INTEGRATION, LEGACY GIVING, OPINION, PERSONS WITH DISABILITIES, PROMOTING HEALTHCARE, SENIORS

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Stories Of Impact

Retired doctor donates $1m to start new donor-advised fund

John Doe

Dr Chua, a retired doctor, 80, gave $1 million to start the Bamboo Lotus Fund with the Community Foundation of Singapore (CFS) in July after being inspired by another retiree’s donation of $1 million to start a charitable trust that he did the same thing.

Describing himself as an “ordinary” general practitioner, and not a “highly paid medical specialist”, Dr Chua said: “I hope (my example) dispels the myth that only prominent individuals or corporate organisations can make significant donations. “To me, $1 million is a significant amount that will get others to notice and start to consider how much they can give too.”

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Dr Chua, who has a daughter, said that helping others comes “naturally” to him and his family. Over the years, they have given “small contributions” to charity. But when he turned 80 this year and felt he may not “have many years left”, he decided to help in a more substantial way.

He plans to help disadvantaged women and families, and the arts and heritage through his new fund.

The retired doctor says bamboo, which signifies resilience, is his favourite plant, while lotus is one of the characters of his wife’s Chinese name. Thus, the Bamboo Lotus Fund was born.

It is one of 165 donor-advised funds under the Community Foundation. Donors pledge at least $200,000 to set up a fund. The foundation manages the money, advises donors on the needs in the community and disburses the funds according to their wishes.

CFS chief executive officer Catherine Loh said the number of donor-advised funds started to grow exponentially several years ago. At the start of 2018, there were 110 such funds. The biggest donors have given more than $20 million to set up their funds.

It took 10 years for the CFS to attract $100 million in donations for all the donor-advised funds set up by various individuals or companies. But it took just the past three years for that sum to hit $200 million, Ms Loh said.

The CFS was ranked third in a report on the 10 largest philanthropic foundations here.

Ms Loh said: “Through times of crisis like the pandemic, individuals have become more open and willing to give more sustainably to make their giving more meaningful.”

A growing awareness of the CFS’ track record has also attracted more donors to set up such funds.

They include successful professionals, retirees or individuals who are semi-retired, and companies.

They give to a wide range of causes, with mental health and the environment among those growing in interest, Ms Loh said.

Since its formation in 2008, the CFS has given out $122 million in grants to a variety of needs.

Dr Chua said: “I hope that this will inspire others in my profession or people of my age, to also donate their money before we pass on.”

To find out more about Legacy Giving, visit us at Legacy Giving or contact us here.

This article was originally published in The Straits Times here. Source: The Straits Times © Singapore Press Holdings Limited. Permission required for reproduction.

Related Topics For You: AGEING WELL, CHARITY STORIES, CLIMATE & ENVIRONMENT, DONOR STORIES, DONOR-ADVISED FUND, ENVIRONMENT, EVENTS, IMPROVING EMPLOYABILITY, INCLUSIVITY & INTEGRATION, LEGACY GIVING, OPINION, PERSONS WITH DISABILITIES, PROMOTING HEALTHCARE, SENIORS

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Events

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

John Doe

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.

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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.

Related Topics For You: AGEING WELL, CHARITY STORIES, CLIMATE & ENVIRONMENT, DONOR STORIES, DONOR-ADVISED FUND, ENVIRONMENT, EVENTS, IMPROVING EMPLOYABILITY, INCLUSIVITY & INTEGRATION, LEGACY GIVING, OPINION, PERSONS WITH DISABILITIES, PROMOTING HEALTHCARE, SENIORS

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News

Singapore Tatler: Kith and Kin

John Doe

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

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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.

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John Doe

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