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SINGAPORE : High net worth individuals in Singapore who want to embark on philanthropy can now get help from a dedicated organisation.
The Community Foundation of Singapore, an initiative spearheaded by the National Volunteer & Philanthropy Centre (NVPC), aims to provide a highly personalised approach to significant and sustained giving.
For the chairman of NVPC, Stanley Tan, giving to the less fortunate is his passion, and he wants others who can afford it to follow suit.
"We think those who have (more money) should be the ones setting the example and we hope they will come forward," said Tan.
Tan the driving force behind the Community Foundation - which he refers to as Singapore's first donor-centric giving vehicle. This means donors decide who their donations will benefit on a planned basis, instead of just giving when asked.
"The donors should reflect the diversity of society of Singapore. We pick donors who want to be engaged, donors who want to know where their resources have made a difference," explained Tan.
Needless to say, such big ambitions require equally big commitments. And the foundation is targeting 50 donors who will give S$5 million each, over the next five years.
One such cornerstone donor is financial firm UBS, which believes Singaporeans are ready for philanthropy.
"We are minting millionaires in Singapore as we speak, and increasingly I find that when individuals are successful, they think about giving back to society. We hope that our participation will inspire other corporations and individuals to do likewise," said Yeong Phick-Fui, Managing Director of UBS Wealth Management.
The Community Foundation will engage wealth management institutions, experienced in private banking and philanthropy services, to invest and manage all donated funds.
Donations going to local charities are tax-exempt while those for charities outside of Singapore – but given through Singapore-incorporated charities – are non tax-exempt.
A total of S$13 million has been raised among five cornerstone donors so far, with another S$5 million on the way.
Besides Tan and UBS, the other donors are Simon Cheong, William Bird, and the Khoo Foundation.
The Community Foundation is now in the midst of formalising its board members. It hopes to hit its initial target of S$50 million within a year, before formally establishing and rolling out its initiatives. - CNA /ls
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