Opinion

Speech by CEO Catherine Loh at CFS’s 10th anniversary celebrations

Opinion

Home Resources Opinion Speech by CEO Catherine Loh at CFS’s 10th anniversary celebrations

Opinion

Speech by CEO Catherine Loh at CFS’s 10th anniversary celebrations

John Doe

Minister Grace Fu, distinguished guests, ladies and gentlemen,

The power of informed giving
It’s wonderful to see so many of you here this evening. Thank you for taking the time to join us as CFS celebrates its 10th anniversary.

This is an exciting moment in CFS’s history. When I joined CFS six years ago, we had just survived our first few years as a startup. There was an air of promise as we reached out to more donors, but we had much to prove. In those early years, we didn’t have any marketing. Our donors grew mainly through introductions by the Board and Committee Members and recommendations by existing donors.

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Fortunately, CFS has grown over the years to have a much wider reach in the public sphere. Today, CFS has achieved 113 donor funds, raised over $100 million and disbursed over $60 million to over 400 charitable organisations in Singapore.

If we consider the reasons for our success, I believe CFS has been able to earn the trust of donors who not only want to give more, but also want to give well.

By our very nature, a community foundation is a neutral body that can offer donors strategic advice, and a more insightful overview of community needs. As a bridge-builder, we can pool together local resources and channel resources into long-term impact. It also helps that we can work across all sectors, from social work to education to health, to arts and sports, heritage, the environment to even animals.

The entrance of a community foundation like CFS has transformed how philanthropy is approached. We have introduced new models of giving, to respond to an increasingly complex social landscape. We have championed philanthropy based on community needs, because we understand the power of informed giving.

Of course, our success in championing informed giving would not be possible without our charity partners. They work tirelessly on countless programmes that expand the possibilities of how donors can give well – whether it’s piloting new programmes or scaling programmes that have delivered clear impact.

Yet for philanthropy in Singapore to thrive, public-private support needs to work hand-in-hand to address the evolving needs of the community. Hence CFS has been successful in building trust and meaningful relationships between donors, charities and the public sector. A strong and developed philanthropy ecosystem is crucial to ensuring sustainable and impactful funding support.

A new generation of philanthropists
We are also glad to see a new generation of philanthropists who are taking on a more active role as agents of change. Singaporeans have become increasingly conscious and involved in social issues. Giving back now no longer begins at retirement, as many of our donors are still active in their professions, with many below 50. Donors are also becoming increasingly sophisticated. Many exhibit gumption to take on meaningful projects, a willingness to explore collaboration with a keen focus on impact.

But many of our donors are silent heroes, giving generously in the background. That’s why I’m particularly glad to see some of our donors sharing their stories on a larger platform.

Take for example CFS donor and board member Mr Keith Chua. His great-grandmother Mrs Lee Choon Guan supported education in the early 1900s for women and girls, at a time when education wasn’t always an option for them.

Today, Mr Chua continues her legacy of giving through a charitable fund with CFS. Following in her footsteps, he is making education and healthcare some of the key areas he supports. Mr Chua’s family reminds us that acts of giving may not just bear fruit in our lifetime, but can also leave a lasting legacy for future generations

I would like to encourage more of you to take the next steps in your giving journeys or step up to share your stories of giving – if only to inspire and encourage a bigger and broader community of givers, including the next generation.

The next phase
We are truly encouraged by the growth of effective philanthropy over the last decade. But I believe we are still only at the beginning of our journey to promote and facilitate meaningful giving.

While Singapore has progressed rapidly, the social challenges we face, from an ageing population to social inequality, have become more complex and interconnected. While the government tackles social issues on a large scale, there are always gaps that are in need of more support. It’s crucial for philanthropy to evolve to tackle these diverse issues within our community innovatively. Here’s how CFS plans to approach it:

Social problems are usually too large and complex for anyone to tackle them individually. Through initiatives such as Colabs and the Singapore Youth Impact Collective, CFS brings together various stakeholders to collaborate and co-create solutions to make greater impact.

We encourage donors to think about creating a legacy as living a life of generosity and making meaningful impact. Our legacy giving offering will be further formalised into an approach that can help donors address the needs of the community over the longer term.

The future of philanthropy includes an increasing focus on tracking to help us better assess the impact made on the community. So we hope to influence more charity partners to incorporate output and outcome tracking in their programmes.

In the years ahead, as CFS continues to spearhead philanthropy, I am hopeful that more people will come to embrace the culture of giving, as it is integral to building a more caring and cohesive nation.

I wish to thank MCCY for its support of CFS, for helping us grow a giving culture to benefit all Singaporeans and to raise the professionalism of our sector.

To our donors, thank you for your trust and generosity that has opened doors of opportunity for so many in our community.

To our charity partners – thank you for your inspiring work. We’re grateful for your dedication in creating programmes that truly make a difference.

My gratitude goes out to the CFS Board and committee members – past and present – for your vision and guidance that has shaped CFS to the organisation we are today. Special mention and thanks to four of our founding Board Members– Ms Madeleine Lee, our first Investment Committee Chairperson. She was instrumental in developing our investment mandate and establishing our investment portfolio, which has outperformed its benchmark since inception. Thanks also to Mr David Lim, our first legal advisor who drafted our M&AA. My thanks and appreciation to Mr Yeoh Oon Jin, our first Audit Chair for setting up our very rigorous audit framework. I would also like to thank Dr Mary Ann Tsao, who together with Laurence, has contributed enormously to CFS’s grantmaking expertise as well as our understanding of community needs. Having proper governance, accountability and professionalism is crucial to gaining the trust of our donors and ensuring that their donations go to those in need of funding.

I would also like to pay tribute to Mr Stanley Tan and Mr Laurence Lien, two individuals who have guided CFS to where we are today. Both Stanley and Laurence are deeply motivated by their belief that philanthropy can play an instrumental role in creating change. I am honoured to have been able to work with both gentlemen, building on their knowledge and experience, and growing the organisation they started.

Last but not least, a big thanks to my team, the people behind CFS, for your hard work, professionalism and dedication, thank you for bringing your best to CFS every day.

To everyone who believed in us when CFS first started 10 years ago, thank you for being the bold frontrunners in our journey.

We look forward to your continued belief in us to build a more cohesive and caring Singapore.

Catherine Loh
CEO
Community Foundation of Singapore

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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

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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News

More philanthropy funds focusing on climate change needed: Reports

John Doe

To support green causes and efforts to further climate action, Mr David Heng, chief executive of a private equity fund, set up the Mind the Gap 200 – Sustainable Earth fund in 2019.

It is part of a project Mr Heng, who is in his 50s, undertook with nine friends and the Community Foundation of Singapore.

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The fund, which supports charities and programmes that address some of the United Nations’ sustainable development goals, is one of the few set up by philanthropists to tackle climate change.

The cause attracts less than 2 per cent of philanthropic giving globally, according to global non-governmental organisation ClimateWorks Foundation.

A recently published 110-page guide by investment bank UBS is looking to change this by showing donors, philanthropists and investors how to fill the climate funding gap, and the benefits and impacts of “green philanthropy”.

The report, called On Thin Ice, comprises insights and tips from more than 40 experts in the areas of sustainability and investment.

The report also emphasises the importance of prioritising climate funding since the dangerous impacts of climate change will cut across other focus areas such as children’s health, mental well-being, inequality and food security.

“While the need to engage directly with climate change is now recognised, many who may have the means to take action are unclear on how to best use these resources to achieve the greatest impact,” said Ms Hannah Wood, one of the authors of the report.

Ms Wood, programme director of UBS Optimus Foundation, added that areas that need funding include the energy transition, agriculture and climate research.

“Investors may wish to consider investing in key sectors such as renewable energy and carbon capture, energy efficiency and smart mobility.”

Shifting to renewable energy and scaling up research are expensive. The International Energy Agency estimates that 70 per cent of clean energy investments over the next decade need to come from private investors, consumers and financiers.

Limiting global warming to 1.5 deg C by 2030 will require an extra US$4 trillion ($5.5 trillion) investment in clean energy projects and infrastructure every year.

Beyond money, philanthropists and investors can also use their influence as shareholders to push for positive environmental change in companies – especially for firms that are economically important but polluting, added Ms Wood.

ClimateWorks Foundation said that between 2019 and 2020, overall philanthropic giving grew by 3 per cent while climate funding grew by 14 per cent.

Mr Heng is the founder and CEO of $405 million impact investment fund ABC World Asia.

Impact investment funds aim to generate positive environmental and social impact while bringing good returns to investors.

For Mind the Gap 200, people can donate to it through the Community Foundation of Singapore, a charity that encourages and helps to enable philanthropy in Singapore by matching donors’ interests with various causes.

Ms Catherine Loh, chief executive of Community Foundation of Singapore, said interest in green philanthropy picked up here when the Singapore Green Plan 2030 – a movement to advance the national agenda for sustainable development – was announced early last year.

From this year to 2024, the foundation will prioritise five issues for grant-making, and one of them is climate and environment.

This covers environmental conservation efforts, research into climate-related phenomena and climate solutions, added Ms Loh.

“The inclusion of this as an area of focus stems from the recognition that a healthy natural environment is conducive to the well-being of a community,” she said.

She cited the Khurana Nurture Foundation, which supports the Institute of Technical Education’s green ambassadors, training them to be the next generation of environmental activists.

The philanthropic organisation also helps people with disabilities pursue a career in urban farming.

Those philanthropy efforts together address climate action, education, social welfare and jobs.

Charitable family foundations The Straits Times contacted declined to be interviewed because they prefer to keep a low profile about their philanthropic work.

Ms Wood said: “There are big returns to be made from environmental philanthropic and sustainable investments, and as the pace of change continues to speed up, the wisest will be out ahead of the curve driving the transition.”

This article was originally published in The Straits Times here. Source: The Straits Times © SPH Media Limited. Permission required for reproduction.

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Opinion

How much does a Singapore household need for a basic standard of living?

John Doe

In a study of household budgets by Dr Ng Kok Hoe (Lee Kuan Yew School of Public Policy), A/P Teo Youyenn (Nanyang Technological University), Dr Neo Yu Wei (National University of Singapore), Dr Ad Maulod (Duke-NUS), Dr Stephanie Chok and Wong Yee Lok (LKYSPP), a basic standard of living means “…more than just, housing, food, and clothing. It is about having opportunities to education, employment, and work-life balance, as well as access to healthcare. It enables a sense of belonging, respect, security, and independence. It also includes choices to participate in social activities, and the freedom to engage in one’s cultural and religious practices.”

To date, a total of two household budget studies were conducted using the Minimum Income Standards (MIS) as a research method for establishing the incomes needed for a basic standard of living in Singapore. In 2019 the study[1] targeted seniors and in 2021 the study[2] extended this work to the needs of households. The results helped to establish a living wage level, a wage that allows people to afford a decent standard of living and embodies the values and principles that the public identifies with across a range of domains.

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So, if I have a wish for, for next year and of course beyond…. it is to have a greater conversation around wages and people’s living standards that are based on principles like these – people’s needs, what is decent, what is basic, and what will allow people to not feel excluded from society.

Dr Ng Kok Hoe

Recognising the importance of research on the needs of households living in poverty, the Community Foundation of Singapore collaborated with the research team to invite 25 leaders from the social service sector to learn about the opportunities and trade-offs in applying MIS in Singapore, as well as to compare income standards in different countries. It was a process to understand about the living standards from ground up experiences which demonstrated what Singaporeans see as necessary and important to thrive while living in Singapore. Without such a process to unpack the lived experiences of individuals and communities, narratives often reinforce the worldview of the dominant and are unable to account for the real habits and practices of ordinary members of society.

The session with the social leaders was held in August 2022 and it opened up possibilities to incorporate MIS findings to review and enhance the delivery of programmes and services for marginalised communities and families.

This is an interesting discussion – we need more of these sessions for paradigm shifts within the sector itself. Social justice is one of the core principles in social work but what is “just” and is it the same as “fair”? Just or fair to who?
Participant’s reflection

The workshop invited attending social leaders to anticipate how society is changing and ask about the relevance of MIS and how it challenges or contributes to current income policies, assistance schemes, eligibility criteria for assistance and practices to ensure a minimum socially acceptable standard of living. It is also helpful for leaders from different fields to come together and share their assumptions, priorities, and values that may impact their assessment of clients’ needs and support provided.

It inspires me to imagine that when we talk about families no longer being in poverty, it is not just about being earning above a certain income (e.g., poverty line) but being able to achieve a basic standard of living. This has tremendous implications and guidance on how we think about measuring and evaluating the outcomes and impacts of our work.

Participant’s reflection

In the discussions, the participants found it crucial to include multiple stakeholders such as donors and funders who will fund these programmes and dictate expected processes and outcomes. As a follow-up, another session will be facilitated to gain their perspectives and ensure the conversation goes deeper, and generates aligned perspectives.

Through these sessions, we hope to push the boundary of thinking to inspire different stakeholders. Donors can play an important role in encouraging greater giving and I hope the next session will allow even deeper conversations

Joyce Teo, Executive Director, Centre for Applied Philanthropy, The Community Foundation of Singapore

This article was written by Joyce Teo, an executive director of Centre for Applied Philanthropy. Joyce leads the CAP team and works with donors and non-profit organisations to address the critical gaps in strategic philanthropy in Singapore.

References

[1] 2019 Household Budget Study: What older people need

[2] 2021 Household Budget Study: What people need in Singapore

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News

A Call for Collaborative Giving: Scaling Greater Heights with Seniors

John Doe

The third Colabs publication explores how we as individuals and as a society can help our senior citizens live more happily in our community, against the backdrop of an aging population. The collective insights of 98 participants identified various issues such as the generational gap and lack of purpose. In collaborative discussions on the way forward, one key point was to involve seniors from the very beginning, to improve their ownership and adoption of the solutions. Read more here.

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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

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

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News

Start a donor-advised fund: plan your giving flexibly and sustainably

John Doe

CEO Catherine Loh goes on Money FM 89.3 to speak about the donor-advised funds.

Elliott Danker: Funds such as DAFs are especially needed during the current COVID-19 pandemic because that’s where you have more people in need. Many charities have shared that donations have been falling.

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Manisha Tank: A DAF allows donors to give in a more informed, structured and sustained manner over time. As of March 2020, there are 143 DAFs set up with CFS, which is double the number in March 2015. How does a DAF actually work and why has there been an increase in the number of DAFs over the years?

Elliott: With us is Catherine Loh, CEO of the Community Foundation of Singapore. We’ve been trying to describe and nail down the meaning of donor-advised funds or DAFs. It’s like a personal charitable savings account; is there anything more you could tell us about DAFs?

Catherine Loh: It’s easier to give you a concrete example. One such DAF is the SR Nathan Education Upliftment Fund, which was set up by our late president when he retired in 2011. As he had received help himself back when he was young, Mr Nathan wanted to set up a fund to help students at risk of dropping out of school due to financial difficulties.

So through this one endowment fund established with us, he was able to reach out to many educational institutions like ITE (Institute of Technical Education), various polytechnics and universities to support students in need. Some special schools like the Mountbatten vocational school and even the four self-help groups have benefitted.

Even though he is no longer with us, we work with a committee comprising a family member, close friends and those who have a deep interest in the community to guide the fund. Over the years, thousands of students have obtained their diplomas and degrees with the support from the Fund. Hopefully from the example you can see that for a donor-advised fund, donors get to name their fund, to choose the causes that they are interested in supporting, and they can use the fund to support more than one charity. There’s a lot of flexibility here.

Manisha: Is a DAF only for the wealthy?

Catherine: There is a minimum amount to set up a donor-advised fund. The minimum amount is $200,000 but a donor can start off with $50,000 and fulfil the pledge over a period of time.

Elliott: How big is the concept of a DAF in Singapore when compared to the rest of the region or the world?

Catherine: This concept is pretty new. In Southeast Asia, we are one of the few established community foundations. However, in the US community foundations are very well established and donations into donor-advised funds are large.

Manisha: If you’re someone who’s decided on having a DAF to take care of your charitable causes and your contributions, is the due diligence all done for you?

Catherine: Before we talk about a charity or their programmes to a donor, we would have done the basic due diligence; checking up on their finances, making sure it is a charity that is doing good work. When we recommend, we try to match the donor’s interest with what the charities can offer and really helping the donors achieve their objectives.

Manisha: Do the donors come to you for different reasons, or some have just come into money and have decided to do something useful with it?

Catherine: People come with their personal reasons, but most do want to do good and they do want to give. The whole purpose is to ensure that their money is put to good use. They want to have the peace of mind that the charities are doing the work that they are supposed to do. This is where we can help to provide the professional advice and to give them the peace of mind.

Elliott: You talked about the minimum amount to start a DAF. How do you start one, and if I’m opening one with CFS, do I have to pay a fee?

Catherine: It is signing a deed and that’s it. It takes about two to four weeks depending on the complexity of the donor’s unique circumstances and what their requirements are. But it is definitely easier than setting up your own family foundation or a corporate foundation.

Manisha: Why has there been an increase in the number of DAFs?

Catherine: We have seen an increase in awareness as we have also been more active in explaining this concept to the public. Over the years, we’ve had happy donors referring their friends and colleagues to us and we’re glad that we’ve gained the trust of our donors and charity partners alike

We’ve also seen an increase in demand because this structure meets the needs of many donors. We’ve established funds for both individuals and businesses; individuals set up memorial funds to remember a loved one or to celebrate significant events like retirements, birthdays and wedding anniversaries. DAFs are useful for financial and legacy planning as well, because donations into a fund can be eligible for two and a half times deduction off taxable income. It can be used as an instrument for tax planning. It can also be named as a beneficiary in a will or a trust. Increasingly, we work with lawyers and executors of wills to administer money left behind for charity.

Very often executors are left vague instructions to just gift the money to charity, and by working with us they have the peace of mind that there are professionals working to identify the right charities and programmes for them.

Manisha: What are the differences between giving to charity and setting up a DAF?

Catherine: If the donor is interested in accountability and transparency and they want to keep track of the donations for regular, long term and more strategic giving, then a DAF is very useful. What we want is for the donor to understand the cause or causes that they are interested in, to get to know the charities and the types of programmes that are out there. Once the donor gets involved, they are more likely to support their causes for a long period of time.

Manisha: One of the best things to donate is time; does that happen and do the donors get involved with these causes and turn up in person to see what’s on the ground?

Catherine: We do have donors who do that whenever they have the time. They are busy professionals who may not have a lot of time and they just give with money first. But we do encourage them to get involved and not just themselves but with their families. Very often we want to not only engage the donors but their family members as well, to get them to understand what they are really helping. In so doing, they would be the ones coming up with new ideas and working directly with the charities to create positive social change. This is a culture that we want to build in Singapore.

Elliott: Some charities are suffering during this COVID-19 pandemic, unable to have fundraising dinners; what has the impact of the pandemic been on DAFs? Should people consider going into a DAF during this pandemic because it’s more focused and safer with due diligence all done?

Catherine: We have seen activity throughout this whole year, so activity hasn’t slowed down for us at all. In fact, donors are talking to use because they want to know how they can help over the longer term; they want to know what are the underfunded sectors and the pressing issues that need
support going forward.

What this pandemic has taught is that it is good to be prepared. As the pandemic continues, we have rising unemployment, health risks and donations from the general public that have decreased. For the donors who have planned their giving and established their donor-advised funds in the past with us, this is an opportunity where they have stepped up. Over the past few months, we have seen a very significant amount being given out from our existing donor-advised funds to COVID-19 related causes.

Manisha: What about businesses?

Catherine: We have quite a few businesses who have established donor-advised funds with us as well. There are many reasons for doing so. There is more marketing mileage with a named fund; this can be a starting point to learn about philanthropy before setting up their own corporate foundation. They use it for planning and tracking their charitable budget, and also to give more strategically by tapping on our knowledge, experience and network in the sector.

Elliott: Is it more high network individuals that are taking part in donor-advised funds?

Catherine: For the Community Foundation of Singapore, a donor-advised fund is just one product which we offer; these are targeted at those who have more to give and they want to give in a longer term manner, so their own named fund is suitable. However, we established our own Community Impact Funds (CIF) in response to social issues that we want to address; you may have heard of the Sayang Sayang Fund which was set up in February as an emergency response fund in the wake of COVID-19.

These kinds of Community Impact Funds receive thousands of donations with thousands of donors donating to these funds. These people could be anywhere from students to retirees, anybody who is linked or feels close to the cause.

Listen to the full interview here:
https://omny.fm/shows/money-fm-893/the-rise-of-donor-advised-funds-in-singapore

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John Doe

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