[ad_1]
What would you do with $1 billion to address one or many daunting social problems? Founder and co-founder of crowdfunding platform GIVE.asia Yu Ming Pong responded: “I would invest the billion in getting a billion people to start their own donation journeys with $1. This would ensure that we multiply the impact by igniting a giving movement that spreads and generates social momentum.”
“At GIVE.asia, we dream of a world where everyone helps everyone and each of us plays our part as a giver,” he added when asked at the recent IPG Howden Future-Ready Session on Philanthropic Giving held on with International Heritage Giving Day (September 13).
On the other hand, non-profit management consultant Usha Menon would use the windfall to address one particular problem by effectively addressing its root cause. “Investors always ask how much it takes to maximize their return on investment (ROI). Yet when addressing needs in our communities, donors typically ask nonprofits not to use their donations for research, recruiting, training, or office automation—all of which are significant expenses. If I had a billion, I’d focus on impact returns instead of instructing charities on how to do their jobs.”
In a 30-year career in the social cause sector with decade-long stints at Community Chest and Habitat for Humanity, Menon has witnessed the emergence of corporates and individuals across Asia. A decade ago, she would have categorized generosity into the ABCDs — A: Altruistic Giver, B: Business-Driven Giver, C: Community-Focused Philanthropist, and D: Bold Entrepreneur Developing New Ways to Address Social Problems. In the session, she bought the emerging G: Generation Generosity with renewed optimism.
“Despite their access to material comforts and exposure to consumerism, many of them are very community-oriented and genuinely compassionate and want to make an impact on people, policies and the planet,” she shared at the table.
The rewards of giving
“Giving benefits oneself and society in every sense of the word.” If a man accepts in his heart that giving is vital for his own good, that it is good for his flesh and blood and for the society in which he lives, then giving will become the most natural extension of his growth,” said co – hosted by Frederick Tan, Senior Vice President at IPG Howden, whose mission is to help clients realize and achieve their giving goals.
It was echoed by Lee Sin Long, managing director of an international wealth management team that assists HNW families with wealth management and succession planning: “The universal truth is that poor or rich, we all give – be it our time , our money, or our talents – because it gives us hope and the opportunity to fulfill a simple desire to love and reconnect with humanity.
An international private education attorney, Long recounted how one client was able to reconnect with his estranged children after they discussed giving away their wealth to charity. “I was concerned that we would have to deal with potentially unhappy heirs contesting the estate, but on the day of the meeting, his children were not only supportive of their father’s donations, but genuinely excited to get involved,” she shared. “Exploring the theme of giving back gave them a chance to discover what was meaningful to each of them.”
There is a lot of potential for philanthropy and a lot of potential for philanthropists to make a difference
Teresa Cheong
“A legacy giver is one who has set the issue of giving in their heart and mind and is determined to do so,” added IPG Howden’s Tan. “The next step in their journey is to formalize their giving legacy by writing a will or creating a Donor Advised Fund (DAF) or creating financial plans to increase giving. A safe and secure way to create more to give is by using a multiplier tool like life insurance.”
The Community Foundation of Singapore (CFS) has cause-neutral Philanthropy Advisors who can help those wishing to formalize their personal giving navigate the complex philanthropic landscape for sustainable impact, according to CFS’ Head of Partnerships Teresa Cheong. A former banker and CFA who joined CFS in mid-2019, she likened the foundation’s role to that of a wealth adviser — “only this time it’s in structuring the donor’s giving portfolio versus financial portfolios.”
“Through our partnerships with government agencies and the social sector, we are also in touch with the needs on the ground. Our grantmaking experts use this knowledge to identify and recommend key opportunities where donors can make a valuable difference,” continued Cheong.
A recent survey conducted by CFS and the National Center for Volunteering and Philanthropy (NVPC) revealed that more than one in two respondents support legacy giving and the difference it can make to the community and future generations.
Related: The Future of Money: Which Alternative Assets Are Worth Investing In?
Cause and purpose
Like Cheong, Joyce Teng switched mid-career at the start of the pandemic. Previously working in the maritime sector, she is now the Senior Director of Community Engagement and Partnerships and Corporate Communications at the Singapore Children’s Society (SCS). “It gave me a first-hand experience of how hard it is to help those in need. I have nothing but respect for my fellow practitioners who help our beneficiaries on a daily basis,” she said.
Established in 1952, SCS reflects the unfolding of history in Singapore. From focusing on the care and well-being of sick and malnourished children in the post-war years to engaging children without problems during the rapid industrialization phase of the 1970s and 1980s, it further developed to support whole families , ensuring that caregivers are empowered to manage current and future challenges so that their children can grow and develop in a positive environment.
“We are seeing a more conscientious group of donors who care deeply about the causes they give to and are often curious about our programs and the impact of their donations,” Teng added. “It also raises awareness of issues such as education and mental health. More and more of society understands that children and youth have needs beyond food and shelter, and is open to giving to support those needs.
Rich or poor, we all give because it gives us hope and the opportunity to fulfill a simple desire to love and reconnect with humanity
Lee Sin Long
The International Justice Mission (IJM), through its Director of Strategic Partnerships, Lydia Bowden, is also fighting hard to gain public attention. Its mission is to end modern slavery and trafficking. But there are inherent challenges in communicating IJM’s work, Bowden acknowledged. “Because we’re dealing with issues that are sad and dark sides of humanity that we all wish didn’t exist.” But the truth is that problems like trafficking and online sexual exploitation of young children can only be solved if we collectively work towards solutions.”
However, volunteers who sincerely want to serve will always find a way. “It’s worth remembering that most NGOs and social service organizations are overburdened with emotionally draining work and don’t always have the capacity to manage crafty volunteering programs. But most will be happy to partner with people who fit the needs of the organizations or the people they serve,” she stressed.
While some may argue that some causes attract donors and advocates more easily than others, “all causes are important and research shows that we all want to give,” said Pong of GIVE.asia, whose crowdfunding platform created , while he and his co-founders were still at the university, has raised $112.9 million for more than 18,500 campaigns from about two million donors since 2012.
“To get more donors on board, we need to reduce the complexity of the problem at hand by making information accessible and highlighting the importance each person contributes to the collective impact that gets us there.”
Related: Educators on Empowering Today’s Students with the Skills to Thrive in Tomorrow’s World
The future of giving
Covid-19, the technological divide, an aging population, climate change and other emerging issues will increase the demands on charities and non-profit organizations in Singapore over the next 10 years. “At the same time, we will witness incredible growth opportunities for philanthropy in Singapore. The biggest intergenerational wealth transfer is on the horizon as baby boomers retire and there is exponential growth in the number of family offices being set up here as wealth moves to our shores,” noted CFS’s Cheong. “These trends mean there’s a lot of potential for philanthropy and a lot of potential for philanthropists to make a difference.”
Wealth planner Long is already seeing a rise in family philanthropy, where family capital and philanthropic capital are managed hand-in-hand. “The increase in the number of family offices established in Singapore over the past few years by families from the region presents a real opportunity for us to develop as a philanthropic hub for the region,” she said. There is also a new generation of philanthropists with a greater appetite for collaboration rather than working alone. “They want to see the impact of their giving and are interested in the theory of change for the organizations they give to.”
IPG Howden’s Tan concluded the session by suggesting three ways to approach giving: Give now, give later or do both. “Strategies can vary depending on one’s intentions,” he said. “Let me quote Usha Menon, who said earlier in the session, ‘Give while you’re alive, not just when you’re gone.'”
This roundtable discussion was held at Li Bai Cantonese Restaurant, Sheraton Towers Singapore, which generously donated the proceeds to the Singapore Children’s Society, IPG Howden’s adopted charity.
Related: Life After 120: Doctors Weigh in on Living a Healthier, Longer Life
Preserving wealth, protecting legacies
At IPG Howden, we firmly believe that legacy giving is an important foundation for addressing our communities’ most pressing issues.
As one commits to giving back to society, one should consider adopting a more sustainable approach to philanthropy with a longer-lasting impact.
IPG Howden can help individuals and families enhance and multiply their contributions during their lifetime and beyond by using globally sourced insurance solutions to achieve their philanthropic goals and aspirations in a sustainable way.
To learn more, visit www.ipghowden.com.
[ad_2]
Source link