Giving The Gift Of Stability And Impact
The Association of Women for Action & Research (AWARE), a Singapore charity and Institution of a Public Character (IPC), is never one to shy away from sensitive topics.
For social service organisations like AWARE, who adopt long-term and holistic approaches in their interventions, legacy gifts are highly valuable. AWARE is able to sustain new programmes and projects over a long-term period of up to five years with a recent multi-year legacy gift from a donor-advised fund (DAF) at CFS. This means AWARE can focus on growing and delivering those programmes to support single mothers, individuals who experience workplace harassment and discrimination, and survivors of domestic and intimate partner violence.
A spokesperson for AWARE said that legacy gifts “provide long-term stability and create greater impact”, allowing charities to divert the time and resources spent on canvassing for smaller donations yearly into other important areas of impact.
The desire for greater impact is often what motivates donors to embark on legacy giving – and the size and planning involved in legacy gifts provides greater opportunity for strategic philanthropy. This type of sustained giving provides adequate time and resources to the charities to achieve impact on an issue at the societal level.
LEGACY GIVING HAS SIGNIFICANT ROOM TO GROW
Legacy giving – leaving a planned future gift to a cause one is passionate about – is still relatively new in Singapore. Most people are unfamiliar with this term. Even for existing supporters, it may still be a delicate subject to talk about.
However, CFS’s efforts to build conversations around legacy giving have made more people aware of this concept. As people learn about the benefits legacy gifts can bring for organisations like AWARE, this familiarity increases their comfort with the topic.
The multi-year grant from CFS was the first time AWARE had received a legacy gift, and the charity is very encouraged. “Now that we have secured our first legacy gift, we can share more about it with our donors, to create more awareness about this form of giving and the impact that it has for AWARE,” said the AWARE spokesperson.
For legacy givers, being assured that a charity is strong and stable is also key. AWARE notes that these donors find it important that a charity has the resources, resilience and strategies to make an impact over the long term, as well as strong leadership and governance and a good succession plan. The charity is confident that it has these values in place – something it “has been actively working on for more than a decade” – and that it remains in a position to attract multi-year legacy giving.
CFS hopes that people in Singapore will increasingly value the lasting impact a legacy gift can have. People of all ages, from all walks of life can live and leave a legacy to support the community. As a cause-neutral philanthropic advisor, CFS can guide you on your journey so that you can make a difference to the causes closest to your heart.
For more information on legacy giving, please go to this page.
For more information on AWARE, please visit www.aware.org.sg.