ADVISOR STORIES

Donations to CFS increased by 60% over the past two years

Over two years, the number of Donor-Advised Funds (DAFs) managed by the Community Foundation of Singapore (CFS) has increased from 162 to 235, and total donations received since inception has risen from $192 million to $311 million. As of 31 December 2023, CFS has disbursed over $169 million in grants, a big jump from the $114 million disbursed as of 31 March 2021.Speaking to Zaobao, CEO Ms Catherine Loh, shared that one reason for the significant increase in donations was due to a few large donations exceeding $10 million over the past three years. She also highlighted the introduction of Legacy Giving by CFS, and the organisation’s efforts to work more closely with financial and legal advisors to promote philanthropy. Notably, about 15% of CFS’s DAFs are memorial in nature, including the recently established Adrian Tan Memorial Fund in 2023.

Our Annual Report 2023 is now available for download

We are excited to share the release of the Community Foundation of Singapore’s (CFS) Annual Report for 2023.With the overarching theme of ‘Creating a Better Tomorrow Together’, the report highlights the work done to inspire and facilitate strategic giving to benefit our local community. We showcase the enhancements we have made to our service offerings, governance standards, and operational efficiencies over the past year. It stands as a testament to CFS’s unwavering commitment to proactively identify and address emerging community needs, and our experience and expertise that enables us to drive tangible impact.

a bridge over water with buildings in the background

How Family Offices Could Shape Philanthropy

Singapore has a long history of family philanthropy. The first family foundations were established after World War II and they donated generously to alleviate poverty, care for the vulnerable and build schools and hospitals. Today, there are over 400 foundations and trusts registered with the Commissioner of Charities but families that institutionalized big-ticket giving early on – such as the Lee Foundation and the Lien Foundation – continue to dominate philanthropic giving in Singapore.Family offices are entities which typically manage assets for or on behalf of a family. And Singapore – well-regulated, transparent and politically stable – is rapidly becoming the region’s preferred choice for family offices. In 2020 alone, approximately 200 single family offices were set up here, doubling the total count. As wealth grows, charitable giving is likely to keep climbing.

Make An Impact Beyond Your Lifetime

This article first appeared on CFS’s Legacy Giving Website. To find out more about Legacy Giving, please click here.Francis Goh encourages his clients to think of their Last Will and Testament as their love letter to the ones that they are leaving behind. “When a person realises that he or she is a beneficiary of your giving, it is that moment when that person whom you have chosen to bless feels the depth of your love and care,” says Francis, “If you choose to leave a gift to a charitable cause, it is also an expression of your concern for society.”

Structure Your Giving To Create A Greater Impact

This article first appeared on CFS’s Legacy Giving Website. To find out more about Legacy Giving, please click here.Angie Han believes this unprecedented year is sowing the seeds for greater giving in Singapore. “Many of us are witnessing the impact on vulnerable communities,” remarks Angie, ” As a result, in addition to wanting to give back to the community, many also wish to move beyond one-off, ad-hoc responses to a more sustainable and impactful giving.”

Helping Clients Grow Their Giving

This article first appeared on CFS’s Legacy Giving Website. To find out more about Legacy Giving, please click here.Legacy giving enables you to make a difference beyond your lifetime. In support of CFS’ campaign for “A Greater Gift”, IPG Howden has partnered CFS to inspire individuals to include gifts to charities in their wealth planning.

Following His Calling In Planned Giving

This article first appeared on CFS’s Legacy Giving Website. To find out more about Legacy Giving, please click here.Do you need to wait until you are wealthy to start giving? For Allen Lim, the answer is an emphatic no, but with one distinct caveat. “It’s very important that giving takes into account your and your family’s financial security,” insists Allen, “That’s why planning is crucial, because with the right strategy, you can do both.”

Sparking Powerful Conversations Around Giving

This article first appeared on CFS’s Legacy Giving Website. To find out more about Legacy Giving, please click here.Start a conversation, because asking the right questions can help shape your clients’ giving intentions. “Conversations are powerful because they drive thinking around why, who and when your client would like to give,” shares Valerie Wu.