Leong Wee Keat
weekeat@mediacorp.com.sg
IT WAS his money, and in the past, the late Dr Tan Chin Tuan alone would decide who his foundation would give it to, and how much.
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But with the OCBC Bank founder's passing last November, the Tan Chin Tuan Foundation saw a need, moving forward, to institutionalise its decision-making process and professionalise the philanthropy organisation's workings.
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With this in mind, the foundation — one of Singapore's oldest charitable foundations established in 1976 — recently completed a review of its appeal and work processes in an internal audit, with the aim of allowing it to be more effective in its giving.
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Now, applicants who apply to the Tan Chin Tuan Foundation will need to set out clear and measurable targets to secure funding. Projects, especially larger ones, will be monitored to ensure that the social outcome targeted is achieved. After a project is completed, beneficiaries will have to submit final reports, which will be assessed on whether objectives are met. This assessment will affect future funding.
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