{"id":1899,"date":"2022-03-11T09:14:36","date_gmt":"2022-03-11T09:14:36","guid":{"rendered":"https:\/\/charityguidepoint.sg\/?p=1899"},"modified":"2022-10-03T02:14:19","modified_gmt":"2022-10-03T02:14:19","slug":"endowment-fund-and-universities","status":"publish","type":"post","link":"https:\/\/charityguidepoint.sg\/cn\/endowment-fund-and-universities\/","title":{"rendered":"Endowment Fund and Universities"},"content":{"rendered":"<div data-elementor-type=\"wp-post\" data-elementor-id=\"1899\" class=\"elementor elementor-1899\" data-elementor-post-type=\"post\">\n\t\t\t\t\t\t\t\t\t<section data-particle_enable=\"false\" data-particle-mobile-disabled=\"false\" class=\"elementor-section elementor-top-section elementor-element elementor-element-e039d55 elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"e039d55\" data-element_type=\"section\" data-settings=\"{&quot;_ha_eqh_enable&quot;:false}\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-100 elementor-top-column elementor-element elementor-element-5751818\" data-id=\"5751818\" data-element_type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t\t\t<div class=\"elementor-element elementor-element-0536916 elementor-widget elementor-widget-heading\" data-id=\"0536916\" data-element_type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t<style>\/*! elementor - v3.15.0 - 20-08-2023 *\/\n.elementor-heading-title{padding:0;margin:0;line-height:1}.elementor-widget-heading .elementor-heading-title[class*=elementor-size-]>a{color:inherit;font-size:inherit;line-height:inherit}.elementor-widget-heading .elementor-heading-title.elementor-size-small{font-size:15px}.elementor-widget-heading .elementor-heading-title.elementor-size-medium{font-size:19px}.elementor-widget-heading .elementor-heading-title.elementor-size-large{font-size:29px}.elementor-widget-heading .elementor-heading-title.elementor-size-xl{font-size:39px}.elementor-widget-heading .elementor-heading-title.elementor-size-xxl{font-size:59px}<\/style><h3 class=\"elementor-heading-title elementor-size-default\">Endowment Funds<\/h3>\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-f0cd735 elementor-widget elementor-widget-text-editor\" data-id=\"f0cd735\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t<style>\/*! elementor - v3.15.0 - 20-08-2023 *\/\n.elementor-widget-text-editor.elementor-drop-cap-view-stacked .elementor-drop-cap{background-color:#69727d;color:#fff}.elementor-widget-text-editor.elementor-drop-cap-view-framed .elementor-drop-cap{color:#69727d;border:3px solid;background-color:transparent}.elementor-widget-text-editor:not(.elementor-drop-cap-view-default) .elementor-drop-cap{margin-top:8px}.elementor-widget-text-editor:not(.elementor-drop-cap-view-default) .elementor-drop-cap-letter{width:1em;height:1em}.elementor-widget-text-editor .elementor-drop-cap{float:left;text-align:center;line-height:1;font-size:50px}.elementor-widget-text-editor .elementor-drop-cap-letter{display:inline-block}<\/style>\t\t\t\t<p dir=\"ltr\" style=\"line-height: 1.38; text-align: justify; margin-top: 0pt; margin-bottom: 0pt;\"><span style=\"font-size: 12pt; font-family: 'Times New Roman'; color: #000000; background-color: transparent; font-weight: 400; font-style: normal; font-variant: normal; text-decoration: none; vertical-align: baseline; white-space: pre-wrap;\">Endowment funds are monetary and asset donations that charities receive to be held and invested to maintain their principal value and earn investment income. The charities can use the investment returns for specific purposes set during the time of donation (restricted endowments) or for charitable purposes at their discretion (unrestricted endowments).<\/span><\/p><p dir=\"ltr\" style=\"line-height: 1.38; text-align: justify; margin-top: 0pt; margin-bottom: 0pt;\"><span style=\"background-color: transparent; color: #000000; font-family: 'Times New Roman'; font-size: 12pt; white-space: pre-wrap; font-style: inherit; font-weight: inherit;\">\u00a0<\/span><\/p><p dir=\"ltr\" style=\"line-height: 1.38; text-align: justify; margin-top: 0pt; margin-bottom: 0pt;\"><span style=\"background-color: transparent; color: #000000; font-family: 'Times New Roman'; font-size: 12pt; white-space: pre-wrap; font-style: inherit; font-weight: inherit;\">Among the 642 Institutions of Public Characters (IPCs) in Singapore, only 62 of them\u00a0 (9.7%) have endowment funds. The average endowment fund size of the 62 charities are $219.9 million and the total endowment fund size is $13.6 billion.\u00a0<\/span><\/p><p dir=\"ltr\" style=\"line-height: 1.38; text-align: justify; margin-top: 0pt; margin-bottom: 0pt;\"><span style=\"background-color: transparent; color: #000000; font-family: 'Times New Roman'; font-size: 12pt; white-space: pre-wrap; font-style: inherit; font-weight: inherit;\">\u00a0<\/span><\/p><p dir=\"ltr\" style=\"line-height: 1.38; text-align: justify; margin-top: 0pt; margin-bottom: 0pt;\"><span style=\"background-color: transparent; color: #000000; font-family: 'Times New Roman'; font-size: 12pt; white-space: pre-wrap; font-style: inherit; font-weight: inherit;\">Endowment funds are more commonly found among charities in the education sector, specifically the universities. Endowment funds from the education sector make up 93.9 % of the total endowment fund value and specifically the 6 autonomous universities in Singapore hold 89.3% of the total endowment funds.<\/span><\/p>\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t<section data-particle_enable=\"false\" data-particle-mobile-disabled=\"false\" class=\"elementor-section elementor-top-section elementor-element elementor-element-fcde046 elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"fcde046\" data-element_type=\"section\" data-settings=\"{&quot;_ha_eqh_enable&quot;:false}\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-100 elementor-top-column elementor-element elementor-element-39e6ee9\" data-id=\"39e6ee9\" data-element_type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t\t\t<div class=\"elementor-element elementor-element-6dd94db elementor-widget elementor-widget-heading\" data-id=\"6dd94db\" data-element_type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t<h3 class=\"elementor-heading-title elementor-size-default\">Singapore Universities and Endowment Funds<\/h3>\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-6ad90f9 elementor-widget elementor-widget-text-editor\" data-id=\"6ad90f9\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t<p dir=\"ltr\" style=\"line-height: 1.38; text-align: justify; margin-top: 12pt; margin-bottom: 12pt;\"><span style=\"font-size: 12pt; font-family: 'Times New Roman'; color: #000000; background-color: transparent; font-weight: 400; font-style: normal; font-variant: normal; text-decoration: none; vertical-align: baseline; white-space: pre-wrap;\">The autonomous universities (AUs) in Singapore set up their endowment funds with the support of the Singapore Government who generously provided the seed monies as well as varying amounts of matching grants to public donations into the endowment funds of the AUs. Currently the established universities such as NUS, NTU and SMU received $1.5 matching government grant for every dollar of donations to their endowment funds while the newer universities such as SUTD, SIT and SUSS received matching government grant of $3 for every $1 donation. The motivation is to enable the AUs to build their financial sustainability so that they can rely less on government support by having a separate stream of income that they can use for the programmes and activities. <\/span><\/p><p dir=\"ltr\" style=\"line-height: 1.38; text-align: justify; margin-top: 12pt; margin-bottom: 12pt;\"><span style=\"background-color: transparent; color: #000000; font-family: 'Times New Roman'; font-size: 12pt; white-space: pre-wrap;\">The biggest use of endowment income goes towards the operating expenditure for the delivery of subsidised education. Other major uses include bursaries, scholarships, as well as learning enrichment programmes\/ activities, research and professorships. Based on the amount of endowment funds that they have as well as their annual expenditure, the investment return generated can support up to 120% of the annual expenditure. However it is important to note that investment returns fluctuate based on market conditions and\u00a0 universities may draw down their endowment funds in years where the investment returns are not enough to support the specific usage of the endowment funds.\u00a0<\/span><\/p>\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-ead471a elementor-widget elementor-widget-text-editor\" data-id=\"ead471a\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t<div dir=\"ltr\" style=\"margin-left: 0pt;\" align=\"left\">\n<table style=\"border: none; border-collapse: collapse;\">\n<colgroup>\n<col width=\"160\">\n<col width=\"138\">\n<col width=\"152\">\n<col width=\"150\"><\/colgroup>\n<tbody>\n<tr style=\"height: 0pt;\">\n<td style=\"vertical-align: top; padding: 5pt 5pt 5pt 5pt; overflow: hidden; overflow-wrap: break-word; border: solid #000000 1pt;\">&nbsp;<\/td>\n<td style=\"vertical-align: top; padding: 5pt 5pt 5pt 5pt; overflow: hidden; overflow-wrap: break-word; border: solid #000000 1pt;\">\n<p dir=\"ltr\" style=\"line-height: 1.2; text-align: center; margin-top: 0pt; margin-bottom: 0pt;\"><span style=\"font-size: 12pt; font-family: 'Times New Roman'; color: #000000; background-color: transparent; font-weight: 400; font-style: normal; font-variant: normal; text-decoration: none; vertical-align: baseline; white-space: pre-wrap;\">Endowment Funds<\/span><\/p>\n<p dir=\"ltr\" style=\"line-height: 1.2; text-align: center; margin-top: 0pt; margin-bottom: 0pt;\"><span style=\"font-size: 12pt; font-family: 'Times New Roman'; color: #000000; background-color: transparent; font-weight: 400; font-style: normal; font-variant: normal; text-decoration: none; vertical-align: baseline; white-space: pre-wrap;\">(SGD$ Million)<\/span><\/p>\n<\/td>\n<td style=\"vertical-align: top; padding: 5pt 5pt 5pt 5pt; overflow: hidden; overflow-wrap: break-word; border: solid #000000 1pt;\">\n<p dir=\"ltr\" style=\"line-height: 1.2; text-align: center; margin-top: 0pt; margin-bottom: 0pt;\"><span style=\"font-size: 12pt; font-family: 'Times New Roman'; color: #000000; background-color: transparent; font-weight: 400; font-style: normal; font-variant: normal; text-decoration: none; vertical-align: baseline; white-space: pre-wrap;\">Endowment Investment Returns (SGD$ Million)<\/span><\/p>\n<\/td>\n<td style=\"vertical-align: top; padding: 5pt 5pt 5pt 5pt; overflow: hidden; overflow-wrap: break-word; border: solid #000000 1pt;\">\n<p dir=\"ltr\" style=\"line-height: 1.2; text-align: center; margin-top: 0pt; margin-bottom: 0pt;\"><span style=\"font-size: 12pt; font-family: 'Times New Roman'; color: #000000; background-color: transparent; font-weight: 400; font-style: normal; font-variant: normal; text-decoration: none; vertical-align: baseline; white-space: pre-wrap;\">Endowment Investment Returns- Expenditure&nbsp;<\/span><\/p>\n<\/td>\n<\/tr>\n<tr style=\"height: 0pt;\">\n<td style=\"vertical-align: top; padding: 5pt 5pt 5pt 5pt; overflow: hidden; overflow-wrap: break-word; border: solid #000000 1pt;\">\n<p dir=\"ltr\" style=\"line-height: 1.2; margin-top: 0pt; margin-bottom: 0pt;\"><span style=\"font-size: 12pt; font-family: 'Times New Roman'; color: #000000; background-color: transparent; font-weight: 400; font-style: normal; font-variant: normal; text-decoration: none; vertical-align: baseline; white-space: pre-wrap;\">National University of Singapore<\/span><\/p>\n<\/td>\n<td style=\"vertical-align: top; padding: 5pt 5pt 5pt 5pt; overflow: hidden; overflow-wrap: break-word; border: solid #000000 1pt;\">\n<p dir=\"ltr\" style=\"line-height: 1.2; text-align: center; margin-top: 0pt; margin-bottom: 0pt;\"><span style=\"font-size: 12pt; font-family: 'Times New Roman'; color: #000000; background-color: transparent; font-weight: 400; font-style: normal; font-variant: normal; text-decoration: none; vertical-align: baseline; white-space: pre-wrap;\">$5,930.7<\/span><\/p>\n<\/td>\n<td style=\"vertical-align: top; padding: 5pt 5pt 5pt 5pt; overflow: hidden; overflow-wrap: break-word; border: solid #000000 1pt;\">\n<p dir=\"ltr\" style=\"line-height: 1.2; text-align: center; margin-top: 0pt; margin-bottom: 0pt;\"><span style=\"font-size: 12pt; font-family: 'Times New Roman'; color: #000000; background-color: transparent; font-weight: 400; font-style: normal; font-variant: normal; text-decoration: none; vertical-align: baseline; white-space: pre-wrap;\">$350.2<\/span><\/p>\n<\/td>\n<td style=\"vertical-align: top; padding: 5pt 5pt 5pt 5pt; overflow: hidden; overflow-wrap: break-word; border: solid #000000 1pt;\">\n<p dir=\"ltr\" style=\"line-height: 1.2; text-align: center; margin-top: 0pt; margin-bottom: 0pt;\"><span style=\"font-size: 12pt; font-family: 'Times New Roman'; color: #000000; background-color: transparent; font-weight: 400; font-style: normal; font-variant: normal; text-decoration: none; vertical-align: baseline; white-space: pre-wrap;\">13.3%<\/span><\/p>\n<\/td>\n<\/tr>\n<tr style=\"height: 0pt;\">\n<td style=\"vertical-align: top; padding: 5pt 5pt 5pt 5pt; overflow: hidden; overflow-wrap: break-word; border: solid #000000 1pt;\">\n<p dir=\"ltr\" style=\"line-height: 1.2; margin-top: 0pt; margin-bottom: 0pt;\"><span style=\"font-size: 12pt; font-family: 'Times New Roman'; color: #000000; background-color: transparent; font-weight: 400; font-style: normal; font-variant: normal; text-decoration: none; vertical-align: baseline; white-space: pre-wrap;\">Nanyang Technological University<\/span><\/p>\n<\/td>\n<td style=\"vertical-align: top; padding: 5pt 5pt 5pt 5pt; overflow: hidden; overflow-wrap: break-word; border: solid #000000 1pt;\">\n<p dir=\"ltr\" style=\"line-height: 1.2; text-align: center; margin-top: 0pt; margin-bottom: 0pt;\"><span style=\"font-size: 12pt; font-family: 'Times New Roman'; color: #000000; background-color: transparent; font-weight: 400; font-style: normal; font-variant: normal; text-decoration: none; vertical-align: baseline; white-space: pre-wrap;\">$2,574.2<\/span><\/p>\n<\/td>\n<td style=\"vertical-align: top; padding: 5pt 5pt 5pt 5pt; overflow: hidden; overflow-wrap: break-word; border: solid #000000 1pt;\">\n<p dir=\"ltr\" style=\"line-height: 1.2; text-align: center; margin-top: 0pt; margin-bottom: 0pt;\"><span style=\"font-size: 12pt; font-family: 'Times New Roman'; color: #000000; background-color: transparent; font-weight: 400; font-style: normal; font-variant: normal; text-decoration: none; vertical-align: baseline; white-space: pre-wrap;\">$473.8<\/span><\/p>\n<\/td>\n<td style=\"vertical-align: top; padding: 5pt 5pt 5pt 5pt; overflow: hidden; overflow-wrap: break-word; border: solid #000000 1pt;\">\n<p dir=\"ltr\" style=\"line-height: 1.2; text-align: center; margin-top: 0pt; margin-bottom: 0pt;\"><span style=\"font-size: 12pt; font-family: 'Times New Roman'; color: #000000; background-color: transparent; font-weight: 400; font-style: normal; font-variant: normal; text-decoration: none; vertical-align: baseline; white-space: pre-wrap;\">29.0%<\/span><\/p>\n<\/td>\n<\/tr>\n<tr style=\"height: 0pt;\">\n<td style=\"vertical-align: top; padding: 5pt 5pt 5pt 5pt; overflow: hidden; overflow-wrap: break-word; border: solid #000000 1pt;\">\n<p dir=\"ltr\" style=\"line-height: 1.2; margin-top: 0pt; margin-bottom: 0pt;\"><span style=\"font-size: 12pt; font-family: 'Times New Roman'; color: #000000; background-color: transparent; font-weight: 400; font-style: normal; font-variant: normal; text-decoration: none; vertical-align: baseline; white-space: pre-wrap;\">Singapore Management University<\/span><\/p>\n<\/td>\n<td style=\"vertical-align: top; padding: 5pt 5pt 5pt 5pt; overflow: hidden; overflow-wrap: break-word; border: solid #000000 1pt;\">\n<p dir=\"ltr\" style=\"line-height: 1.2; text-align: center; margin-top: 0pt; margin-bottom: 0pt;\"><span style=\"font-size: 12pt; font-family: 'Times New Roman'; color: #000000; background-color: transparent; font-weight: 400; font-style: normal; font-variant: normal; text-decoration: none; vertical-align: baseline; white-space: pre-wrap;\">$1,254.8<\/span><\/p>\n<\/td>\n<td style=\"vertical-align: top; padding: 5pt 5pt 5pt 5pt; overflow: hidden; overflow-wrap: break-word; border: solid #000000 1pt;\">\n<p dir=\"ltr\" style=\"line-height: 1.2; text-align: center; margin-top: 0pt; margin-bottom: 0pt;\"><span style=\"font-size: 12pt; font-family: 'Times New Roman'; color: #000000; background-color: transparent; font-weight: 400; font-style: normal; font-variant: normal; text-decoration: none; vertical-align: baseline; white-space: pre-wrap;\">$264.9<\/span><\/p>\n<\/td>\n<td style=\"vertical-align: top; padding: 5pt 5pt 5pt 5pt; overflow: hidden; overflow-wrap: break-word; border: solid #000000 1pt;\">\n<p dir=\"ltr\" style=\"line-height: 1.2; text-align: center; margin-top: 0pt; margin-bottom: 0pt;\"><span style=\"font-size: 12pt; font-family: 'Times New Roman'; color: #000000; background-color: transparent; font-weight: 400; font-style: normal; font-variant: normal; text-decoration: none; vertical-align: baseline; white-space: pre-wrap;\">61.6%<\/span><\/p>\n<\/td>\n<\/tr>\n<tr style=\"height: 0pt;\">\n<td style=\"vertical-align: top; padding: 5pt 5pt 5pt 5pt; overflow: hidden; overflow-wrap: break-word; border: solid #000000 1pt;\">\n<p dir=\"ltr\" style=\"line-height: 1.2; margin-top: 0pt; margin-bottom: 0pt;\"><span style=\"font-size: 12pt; font-family: 'Times New Roman'; color: #000000; background-color: transparent; font-weight: 400; font-style: normal; font-variant: normal; text-decoration: none; vertical-align: baseline; white-space: pre-wrap;\">Singapore University of Technology and Design<\/span><\/p>\n<\/td>\n<td style=\"vertical-align: top; padding: 5pt 5pt 5pt 5pt; overflow: hidden; overflow-wrap: break-word; border: solid #000000 1pt;\">\n<p dir=\"ltr\" style=\"line-height: 1.2; text-align: center; margin-top: 0pt; margin-bottom: 0pt;\"><span style=\"font-size: 12pt; font-family: 'Times New Roman'; color: #000000; background-color: transparent; font-weight: 400; font-style: normal; font-variant: normal; text-decoration: none; vertical-align: baseline; white-space: pre-wrap;\">$998.9<\/span><\/p>\n<\/td>\n<td style=\"vertical-align: top; padding: 5pt 5pt 5pt 5pt; overflow: hidden; overflow-wrap: break-word; border: solid #000000 1pt;\">\n<p dir=\"ltr\" style=\"line-height: 1.2; text-align: center; margin-top: 0pt; margin-bottom: 0pt;\"><span style=\"font-size: 12pt; font-family: 'Times New Roman'; color: #000000; background-color: transparent; font-weight: 400; font-style: normal; font-variant: normal; text-decoration: none; vertical-align: baseline; white-space: pre-wrap;\">$266.6<\/span><\/p>\n<\/td>\n<td style=\"vertical-align: top; padding: 5pt 5pt 5pt 5pt; overflow: hidden; overflow-wrap: break-word; border: solid #000000 1pt;\">\n<p dir=\"ltr\" style=\"line-height: 1.2; text-align: center; margin-top: 0pt; margin-bottom: 0pt;\"><span style=\"font-size: 12pt; font-family: 'Times New Roman'; color: #000000; background-color: transparent; font-weight: 400; font-style: normal; font-variant: normal; text-decoration: none; vertical-align: baseline; white-space: pre-wrap;\">120.9%<\/span><\/p>\n<\/td>\n<\/tr>\n<tr style=\"height: 0pt;\">\n<td style=\"vertical-align: top; padding: 5pt 5pt 5pt 5pt; overflow: hidden; overflow-wrap: break-word; border: solid #000000 1pt;\">\n<p dir=\"ltr\" style=\"line-height: 1.2; margin-top: 0pt; margin-bottom: 0pt;\"><span style=\"font-size: 12pt; font-family: 'Times New Roman'; color: #000000; background-color: transparent; font-weight: 400; font-style: normal; font-variant: normal; text-decoration: none; vertical-align: baseline; white-space: pre-wrap;\">Singapore Institute of Technology<\/span><\/p>\n<\/td>\n<td style=\"vertical-align: top; padding: 5pt 5pt 5pt 5pt; overflow: hidden; overflow-wrap: break-word; border: solid #000000 1pt;\">\n<p dir=\"ltr\" style=\"line-height: 1.2; text-align: center; margin-top: 0pt; margin-bottom: 0pt;\"><span style=\"font-size: 12pt; font-family: 'Times New Roman'; color: #000000; background-color: transparent; font-weight: 400; font-style: normal; font-variant: normal; text-decoration: none; vertical-align: baseline; white-space: pre-wrap;\">$585.5<\/span><\/p>\n<\/td>\n<td style=\"vertical-align: top; padding: 5pt 5pt 5pt 5pt; overflow: hidden; overflow-wrap: break-word; border: solid #000000 1pt;\">\n<p dir=\"ltr\" style=\"line-height: 1.2; text-align: center; margin-top: 0pt; margin-bottom: 0pt;\"><span style=\"font-size: 12pt; font-family: 'Times New Roman'; color: #000000; background-color: transparent; font-weight: 400; font-style: normal; font-variant: normal; text-decoration: none; vertical-align: baseline; white-space: pre-wrap;\">$129.0<\/span><\/p>\n<\/td>\n<td style=\"vertical-align: top; padding: 5pt 5pt 5pt 5pt; overflow: hidden; overflow-wrap: break-word; border: solid #000000 1pt;\">\n<p dir=\"ltr\" style=\"line-height: 1.2; text-align: center; margin-top: 0pt; margin-bottom: 0pt;\"><span style=\"font-size: 12pt; font-family: 'Times New Roman'; color: #000000; background-color: transparent; font-weight: 400; font-style: normal; font-variant: normal; text-decoration: none; vertical-align: baseline; white-space: pre-wrap;\">47.2%<\/span><\/p>\n<\/td>\n<\/tr>\n<tr style=\"height: 0pt;\">\n<td style=\"vertical-align: top; padding: 5pt 5pt 5pt 5pt; overflow: hidden; overflow-wrap: break-word; border: solid #000000 1pt;\">\n<p dir=\"ltr\" style=\"line-height: 1.2; margin-top: 0pt; margin-bottom: 0pt;\"><span style=\"font-size: 12pt; font-family: 'Times New Roman'; color: #000000; background-color: transparent; font-weight: 400; font-style: normal; font-variant: normal; text-decoration: none; vertical-align: baseline; white-space: pre-wrap;\">Singapore University of Social Science<\/span><\/p>\n<\/td>\n<td style=\"vertical-align: top; padding: 5pt 5pt 5pt 5pt; overflow: hidden; overflow-wrap: break-word; border: solid #000000 1pt;\">\n<p dir=\"ltr\" style=\"line-height: 1.2; text-align: center; margin-top: 0pt; margin-bottom: 0pt;\"><span style=\"font-size: 12pt; font-family: 'Times New Roman'; color: #000000; background-color: transparent; font-weight: 400; font-style: normal; font-variant: normal; text-decoration: none; vertical-align: baseline; white-space: pre-wrap;\">$485.2<\/span><\/p>\n<\/td>\n<td style=\"vertical-align: top; padding: 5pt 5pt 5pt 5pt; overflow: hidden; overflow-wrap: break-word; border: solid #000000 1pt;\">\n<p dir=\"ltr\" style=\"line-height: 1.2; text-align: center; margin-top: 0pt; margin-bottom: 0pt;\"><span style=\"font-size: 12pt; font-family: 'Times New Roman'; color: #ff0000; background-color: transparent; font-weight: 400; font-style: normal; font-variant: normal; text-decoration: none; vertical-align: baseline; white-space: pre-wrap;\">(-$0.7)<\/span><\/p>\n<\/td>\n<td style=\"vertical-align: top; padding: 5pt 5pt 5pt 5pt; overflow: hidden; overflow-wrap: break-word; border: solid #000000 1pt;\">\n<p dir=\"ltr\" style=\"line-height: 1.2; text-align: center; margin-top: 0pt; margin-bottom: 0pt;\"><span style=\"font-size: 12pt; font-family: 'Times New Roman'; color: #ff0000; background-color: transparent; font-weight: 400; font-style: normal; font-variant: normal; text-decoration: none; vertical-align: baseline; white-space: pre-wrap;\">(-0.3%)<\/span><\/p>\n<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<p><span style=\"color: #000000; font-family: 'Times New Roman'; font-size: 16px; white-space: pre-wrap;\">Note &#8211;&nbsp; The above universities financial data are taken from the latest available financial year, April 2020 &#8211; March 2021 with the exception of data from Singapore University of Social Science that adheres to the calendar year of 2020 (Jan 2020 &#8211; Dec 2020)<\/span><\/p><\/div>\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t<section data-particle_enable=\"false\" data-particle-mobile-disabled=\"false\" class=\"elementor-section elementor-top-section elementor-element elementor-element-e1f865c elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"e1f865c\" data-element_type=\"section\" data-settings=\"{&quot;_ha_eqh_enable&quot;:false}\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-100 elementor-top-column elementor-element elementor-element-66249e3\" data-id=\"66249e3\" data-element_type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t\t\t<div class=\"elementor-element elementor-element-de11cef elementor-widget elementor-widget-heading\" data-id=\"de11cef\" data-element_type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t<h4 class=\"elementor-heading-title elementor-size-default\">Case Study - Harvard University's Endowment Fund and Return<\/h4>\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-3424f64 elementor-widget elementor-widget-text-editor\" data-id=\"3424f64\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t<div dir=\"ltr\" style=\"margin-left: 0pt;\" align=\"left\"><table style=\"border: none; border-collapse: collapse; table-layout: fixed; width: 451.27559055118115pt;\"><colgroup> <col \/> <col \/> <col \/><\/colgroup><tbody><tr style=\"height: 22pt;\"><td style=\"vertical-align: top; padding: 5pt 5pt 5pt 5pt; overflow: hidden; overflow-wrap: break-word; border: solid #000000 1pt;\" colspan=\"3\"><p dir=\"ltr\" style=\"line-height: 1.2; text-align: center; margin-top: 0pt; margin-bottom: 0pt;\"><span style=\"font-size: 12pt; font-family: 'Times New Roman'; color: #000000; background-color: transparent; font-weight: 400; font-style: normal; font-variant: normal; text-decoration: none; vertical-align: baseline; white-space: pre-wrap;\">Harvard University (Management Company &#8211; HMC)<\/span><\/p><\/td><\/tr><tr style=\"height: 0pt;\"><td style=\"vertical-align: top; padding: 5pt 5pt 5pt 5pt; overflow: hidden; overflow-wrap: break-word; border: solid #000000 1pt;\"><p dir=\"ltr\" style=\"line-height: 1.2; text-align: center; margin-top: 0pt; margin-bottom: 0pt;\"><span style=\"font-size: 12pt; font-family: 'Times New Roman'; color: #000000; background-color: transparent; font-weight: 400; font-style: normal; font-variant: normal; text-decoration: none; vertical-align: baseline; white-space: pre-wrap;\">Endowment Funds<\/span><\/p><p dir=\"ltr\" style=\"line-height: 1.2; text-align: center; margin-top: 0pt; margin-bottom: 0pt;\"><span style=\"font-size: 12pt; font-family: 'Times New Roman'; color: #000000; background-color: transparent; font-weight: 400; font-style: normal; font-variant: normal; text-decoration: none; vertical-align: baseline; white-space: pre-wrap;\">(USD$ Billion)<\/span><\/p><\/td><td style=\"vertical-align: top; padding: 5pt 5pt 5pt 5pt; overflow: hidden; overflow-wrap: break-word; border: solid #000000 1pt;\"><p dir=\"ltr\" style=\"line-height: 1.2; text-align: center; margin-top: 0pt; margin-bottom: 0pt;\"><span style=\"font-size: 12pt; font-family: 'Times New Roman'; color: #000000; background-color: transparent; font-weight: 400; font-style: normal; font-variant: normal; text-decoration: none; vertical-align: baseline; white-space: pre-wrap;\">Endowment Investment Returns (USD$ Billion)<\/span><\/p><\/td><td style=\"vertical-align: top; padding: 5pt 5pt 5pt 5pt; overflow: hidden; overflow-wrap: break-word; border: solid #000000 1pt;\"><p dir=\"ltr\" style=\"line-height: 1.2; text-align: center; margin-top: 0pt; margin-bottom: 0pt;\"><span style=\"font-size: 12pt; font-family: 'Times New Roman'; color: #000000; background-color: transparent; font-weight: 400; font-style: normal; font-variant: normal; text-decoration: none; vertical-align: baseline; white-space: pre-wrap;\">Endowment Investment Returns- Expenditure\u00a0<\/span><\/p><\/td><\/tr><tr style=\"height: 0pt;\"><td style=\"vertical-align: top; padding: 5pt 5pt 5pt 5pt; overflow: hidden; overflow-wrap: break-word; border: solid #000000 1pt;\"><p dir=\"ltr\" style=\"line-height: 1.2; text-align: center; margin-top: 0pt; margin-bottom: 0pt;\"><span style=\"font-size: 12pt; font-family: 'Times New Roman'; color: #000000; background-color: transparent; font-weight: 400; font-style: normal; font-variant: normal; text-decoration: none; vertical-align: baseline; white-space: pre-wrap;\">$53.2<\/span><\/p><\/td><td style=\"vertical-align: top; padding: 5pt 5pt 5pt 5pt; overflow: hidden; overflow-wrap: break-word; border: solid #000000 1pt;\"><p dir=\"ltr\" style=\"line-height: 1.2; text-align: center; margin-top: 0pt; margin-bottom: 0pt;\"><span style=\"font-size: 12pt; font-family: 'Times New Roman'; color: #000000; background-color: transparent; font-weight: 400; font-style: normal; font-variant: normal; text-decoration: none; vertical-align: baseline; white-space: pre-wrap;\">$12.8<\/span><\/p><\/td><td style=\"vertical-align: top; padding: 5pt 5pt 5pt 5pt; overflow: hidden; overflow-wrap: break-word; border: solid #000000 1pt;\"><p dir=\"ltr\" style=\"line-height: 1.2; text-align: center; margin-top: 0pt; margin-bottom: 0pt;\"><span style=\"font-size: 12pt; font-family: 'Times New Roman'; color: #000000; background-color: transparent; font-weight: 400; font-style: normal; font-variant: normal; text-decoration: none; vertical-align: baseline; white-space: pre-wrap;\">257.7%<\/span><\/p><\/td><\/tr><\/tbody><\/table><p><span id=\"docs-internal-guid-32f35e19-7fff-0004-bc4f-5ac3fe55126b\"><span style=\"font-size: 12pt; font-family: 'Times New Roman'; color: #000000; background-color: transparent; font-variant-numeric: normal; font-variant-east-asian: normal; vertical-align: baseline; white-space: pre-wrap;\">Note &#8211; Harvard university&#8217;s financial data is taken from the latest available financial year, July 2020 &#8211; Jun 2021<\/span><\/span><\/p><\/div>\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-76e32b3 elementor-widget elementor-widget-text-editor\" data-id=\"76e32b3\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t<p dir=\"ltr\" style=\"line-height: 1.38; text-align: justify; margin-top: 0pt; margin-bottom: 0pt;\"><span style=\"font-size: 12pt; font-family: 'Times New Roman'; color: #000000; background-color: transparent; font-weight: 400; font-style: normal; font-variant: normal; text-decoration: none; vertical-align: baseline; white-space: pre-wrap;\">Endowment funds are more common among universities. However only the top universities around the world are able to attract and amass substantial endowment funds. Globally, Harvard University in the USA has the largest endowment among universities.\u00a0<\/span><\/p><p dir=\"ltr\" style=\"line-height: 1.38; text-align: justify; margin-top: 0pt; margin-bottom: 0pt;\"><span style=\"background-color: transparent; color: #000000; font-family: 'Times New Roman'; font-size: 12pt; white-space: pre-wrap; font-style: inherit; font-weight: inherit;\">\u00a0<\/span><\/p><p dir=\"ltr\" style=\"line-height: 1.38; text-align: justify; margin-top: 0pt; margin-bottom: 0pt;\"><span style=\"background-color: transparent; color: #000000; font-family: 'Times New Roman'; font-size: 12pt; white-space: pre-wrap; font-style: inherit; font-weight: inherit;\">For the fiscal year ended 2021, Harvard university reported an endowment size of\u00a0 USD$53.2B. The majority of the endowment funds are restricted with only less than 20% of total endowment funds being unrestricted, the endowment investment returns are mainly used to support expenses in specific programs, departments, purposes (e.g. scholarships) or by the conditions set by the donors while the remaining endowment returns can be used to support operating expenses such as structural or strategic initiatives.<\/span><\/p><p dir=\"ltr\" style=\"line-height: 1.38; text-align: justify; margin-top: 0pt; margin-bottom: 0pt;\"><span style=\"background-color: transparent; color: #000000; font-family: 'Times New Roman'; font-size: 12pt; white-space: pre-wrap; font-style: inherit; font-weight: inherit;\">\u00a0<\/span><\/p><p dir=\"ltr\" style=\"line-height: 1.38; text-align: justify; margin-top: 0pt; margin-bottom: 0pt;\"><span style=\"background-color: transparent; color: #000000; font-family: 'Times New Roman'; font-size: 12pt; white-space: pre-wrap; font-style: inherit; font-weight: inherit;\">Investment returns for the endowment for 2021 was reported at USD$12.8B which covers an estimated 257.7% of the university\u2019s total operating expenditure for the fiscal year.<\/span><\/p>\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t<section data-particle_enable=\"false\" data-particle-mobile-disabled=\"false\" class=\"elementor-section elementor-top-section elementor-element elementor-element-0f77bf9 elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"0f77bf9\" data-element_type=\"section\" data-settings=\"{&quot;_ha_eqh_enable&quot;:false}\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-100 elementor-top-column elementor-element elementor-element-cb179de\" data-id=\"cb179de\" data-element_type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t\t\t<div class=\"elementor-element elementor-element-2b8c37e elementor-widget elementor-widget-heading\" data-id=\"2b8c37e\" data-element_type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t<h4 class=\"elementor-heading-title elementor-size-default\">References<\/h4>\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-0875652 elementor-widget elementor-widget-text-editor\" data-id=\"0875652\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t<p>\u00a0<\/p><ol style=\"margin-top: 0; margin-bottom: 0; padding-inline-start: 48px;\"><li dir=\"ltr\" style=\"list-style-type: decimal; font-size: 12pt; font-family: 'Times New Roman'; color: #000000; background-color: transparent; font-weight: 400; font-style: italic; font-variant: normal; text-decoration: none; vertical-align: baseline; white-space: pre;\" aria-level=\"1\"><p dir=\"ltr\" style=\"line-height: 1.38; margin-top: 0pt; margin-bottom: 0pt;\" role=\"presentation\"><span style=\"font-size: 12pt; font-family: 'Times New Roman'; color: #000000; background-color: transparent; font-weight: 400; font-style: italic; font-variant: normal; text-decoration: none; vertical-align: baseline; white-space: pre-wrap;\">Harvard (2021). Harvard\u2019s Endowment. Retrieved March 10, 2021 from <\/span><a style=\"text-decoration: none;\" href=\"https:\/\/finance.harvard.edu\/endowment%20#:~:text=Even%20with%20endowment%20support%2C%20Harvard,alumni%2C%20parents%2C%20and%20friends\"><span style=\"font-size: 12pt; font-family: 'Times New Roman'; color: #1155cc; background-color: transparent; font-weight: 400; font-style: italic; font-variant: normal; text-decoration: underline; -webkit-text-decoration-skip: none; text-decoration-skip-ink: none; vertical-align: baseline; white-space: pre-wrap;\">link_here<\/span><\/a><\/p><\/li><li dir=\"ltr\" style=\"list-style-type: decimal; font-size: 11pt; font-family: 'Times New Roman'; color: #000000; background-color: transparent; font-weight: 400; font-style: italic; font-variant: normal; text-decoration: none; vertical-align: baseline; white-space: pre;\" aria-level=\"1\"><p dir=\"ltr\" style=\"line-height: 1.38; margin-top: 0pt; margin-bottom: 0pt;\" role=\"presentation\"><span style=\"font-size: 12pt; font-family: 'Times New Roman'; color: #000000; background-color: transparent; font-weight: 400; font-style: italic; font-variant: normal; text-decoration: none; vertical-align: baseline; white-space: pre-wrap;\">Harvard (2021). FY21 Harvard Financial Report. Retrieved March 10, 2021 from <\/span><a style=\"text-decoration: none;\" href=\"https:\/\/finance.harvard.edu\/files\/fad\/files\/fy21_harvard_financial_report.pdf\"><span style=\"font-size: 12pt; font-family: 'Times New Roman'; color: #1155cc; background-color: transparent; font-weight: 400; font-style: italic; font-variant: normal; text-decoration: underline; -webkit-text-decoration-skip: none; text-decoration-skip-ink: none; vertical-align: baseline; white-space: pre-wrap;\">link_here<\/span><\/a><\/p><\/li><li dir=\"ltr\" style=\"list-style-type: decimal; font-size: 11pt; font-family: 'Times New Roman'; color: #000000; background-color: transparent; font-weight: 400; font-style: italic; font-variant: normal; text-decoration: none; vertical-align: baseline; white-space: pre;\" aria-level=\"1\"><p dir=\"ltr\" style=\"line-height: 1.38; margin-top: 0pt; margin-bottom: 0pt;\" role=\"presentation\"><span style=\"font-size: 12pt; font-family: 'Times New Roman'; color: #000000; background-color: transparent; font-weight: 400; font-style: italic; font-variant: normal; text-decoration: none; vertical-align: baseline; white-space: pre-wrap;\">V<\/span><a style=\"text-decoration: none;\" href=\"https:\/\/www.thecrimson.com\/writer\/1215501\/Virginia_L._Ma\/\"><span style=\"font-size: 12pt; font-family: 'Times New Roman'; color: #000000; background-color: transparent; font-weight: 400; font-style: italic; font-variant: normal; text-decoration: none; vertical-align: baseline; white-space: pre-wrap;\">irginia L. Ma<\/span><\/a><span style=\"font-size: 12pt; font-family: 'Times New Roman'; color: #000000; background-color: transparent; font-weight: 400; font-style: italic; font-variant: normal; text-decoration: none; vertical-align: baseline; white-space: pre-wrap;\"> &amp; <\/span><a style=\"text-decoration: none;\" href=\"https:\/\/www.thecrimson.com\/writer\/1215788\/Kevin_A._Simauchi\/\"><span style=\"font-size: 12pt; font-family: 'Times New Roman'; color: #000000; background-color: transparent; font-weight: 400; font-style: italic; font-variant: normal; text-decoration: none; vertical-align: baseline; white-space: pre-wrap;\">Kevin A. Simauchi<\/span><\/a><span style=\"font-size: 12pt; font-family: 'Times New Roman'; color: #000000; background-color: transparent; font-weight: 400; font-style: italic; font-variant: normal; text-decoration: none; vertical-align: baseline; white-space: pre-wrap;\"> (2021). Harvard Ended Fiscal Year 2021 with $283 Million Surplus, Despite Losing $124 Million in Revenue. The Harvard Crimson. Retrieved March 10, 2022, from <\/span><a style=\"text-decoration: none;\" href=\"https:\/\/www.thecrimson.com\/article\/2021\/10\/15\/annual-financial-report-2021\/#:~:text=Harvard%20finished%20the%20fiscal%20year,end%20of%20fiscal%20year%202020.\"><span style=\"font-size: 12pt; font-family: 'Times New Roman'; color: #1155cc; background-color: transparent; font-weight: 400; font-style: italic; font-variant: normal; text-decoration: underline; -webkit-text-decoration-skip: none; text-decoration-skip-ink: none; vertical-align: baseline; white-space: pre-wrap;\">link_here<\/span><\/a><\/p><\/li><li dir=\"ltr\" style=\"list-style-type: decimal; font-size: 11pt; font-family: 'Times New Roman'; color: #000000; background-color: transparent; font-weight: 400; font-style: italic; font-variant: normal; text-decoration: none; vertical-align: baseline; white-space: pre;\" aria-level=\"1\"><p dir=\"ltr\" style=\"line-height: 1.38; margin-top: 0pt; margin-bottom: 0pt;\" role=\"presentation\"><span style=\"font-size: 12pt; font-family: 'Times New Roman'; color: #000000; background-color: transparent; font-weight: 400; font-style: italic; font-variant: normal; text-decoration: none; vertical-align: baseline; white-space: pre-wrap;\">Michael T. Nietzel (2021). Elite University Endowments Soar as Higher Ed Divide Grows. Forbes. Retrieved March 10 2022, from <\/span><a style=\"text-decoration: none;\" href=\"https:\/\/www.forbes.com\/sites\/michaeltnietzel\/2021\/10\/15\/elite-university-endowments-soar-to-record-highs\/?sh=39ae67ba2d5f\"><span style=\"font-size: 12pt; font-family: 'Times New Roman'; color: #1155cc; background-color: transparent; font-weight: 400; font-style: italic; font-variant: normal; text-decoration: underline; -webkit-text-decoration-skip: none; text-decoration-skip-ink: none; vertical-align: baseline; white-space: pre-wrap;\">link_here<\/span><\/a><\/p><\/li><li dir=\"ltr\" style=\"list-style-type: decimal; font-size: 11pt; font-family: 'Times New Roman'; color: #000000; background-color: transparent; font-weight: 400; font-style: italic; font-variant: normal; text-decoration: none; vertical-align: baseline; white-space: pre;\" aria-level=\"1\"><p dir=\"ltr\" style=\"line-height: 1.38; margin-top: 0pt; margin-bottom: 0pt;\" role=\"presentation\"><span style=\"font-size: 12pt; font-family: 'Times New Roman'; color: #000000; background-color: transparent; font-weight: 400; font-style: italic; font-variant: normal; text-decoration: none; vertical-align: baseline; white-space: pre-wrap;\">NUS (2021). NUS Financial Report 2021. Issuu. Retrieved February 21, 2022, from <\/span><a style=\"text-decoration: none;\" href=\"https:\/\/issuu.com\/nus_communications\/docs\/nus-fr21_e4436816ca7bc1?fr=sMTUxZjQzNDI4ODU\"><span style=\"font-size: 12pt; font-family: 'Times New Roman'; color: #1155cc; background-color: transparent; font-weight: 400; font-style: italic; font-variant: normal; text-decoration: underline; -webkit-text-decoration-skip: none; text-decoration-skip-ink: none; vertical-align: baseline; white-space: pre-wrap;\">link_here<\/span><\/a><\/p><\/li><li dir=\"ltr\" style=\"list-style-type: decimal; font-size: 11pt; font-family: 'Times New Roman'; color: #000000; background-color: transparent; font-weight: 400; font-style: italic; font-variant: normal; text-decoration: none; vertical-align: baseline; white-space: pre;\" aria-level=\"1\"><p dir=\"ltr\" style=\"line-height: 1.38; margin-top: 0pt; margin-bottom: 0pt;\" role=\"presentation\"><span style=\"font-size: 12pt; font-family: 'Times New Roman'; color: #000000; background-color: transparent; font-weight: 400; font-style: italic; font-variant: normal; text-decoration: none; vertical-align: baseline; white-space: pre-wrap;\">NUS (2021). National University of Singapore. Charity Portal. Retrieved February 21, 2022, from <\/span><a style=\"text-decoration: none;\" href=\"https:\/\/www.charities.gov.sg\/_layouts\/15\/CPInternet\/SearchOrgProfile.aspx?q=NzU2ODM4NjYtN2E2NS1lMzExLTgyZGItMDA1MDU2YjMwNDg0\"><span style=\"font-size: 12pt; font-family: 'Times New Roman'; color: #1155cc; background-color: transparent; font-weight: 400; font-style: italic; font-variant: normal; text-decoration: underline; -webkit-text-decoration-skip: none; text-decoration-skip-ink: none; vertical-align: baseline; white-space: pre-wrap;\">link_here<\/span><\/a><\/p><\/li><li dir=\"ltr\" style=\"list-style-type: decimal; font-size: 11pt; font-family: 'Times New Roman'; color: #000000; background-color: transparent; font-weight: 400; font-style: italic; font-variant: normal; text-decoration: none; vertical-align: baseline; white-space: pre;\" aria-level=\"1\"><p dir=\"ltr\" style=\"line-height: 1.38; margin-top: 0pt; margin-bottom: 0pt;\" role=\"presentation\"><span style=\"font-size: 12pt; font-family: 'Times New Roman'; color: #000000; background-color: transparent; font-weight: 400; font-style: italic; font-variant: normal; text-decoration: none; vertical-align: baseline; white-space: pre-wrap;\">NTU (2021). NTU Annual Report 2021. Retrieved February 21, 2022, from <\/span><a style=\"text-decoration: none;\" href=\"https:\/\/ebook.ntu.edu.sg\/ntu-annual-report-2021.html\"><span style=\"font-size: 12pt; font-family: 'Times New Roman'; color: #1155cc; background-color: transparent; font-weight: 400; font-style: italic; font-variant: normal; text-decoration: underline; -webkit-text-decoration-skip: none; text-decoration-skip-ink: none; vertical-align: baseline; white-space: pre-wrap;\">link_here<\/span><\/a><\/p><\/li><li dir=\"ltr\" style=\"list-style-type: decimal; font-size: 11pt; font-family: Arial; color: #000000; background-color: transparent; font-weight: 400; font-style: italic; font-variant: normal; text-decoration: none; vertical-align: baseline; white-space: pre;\" aria-level=\"1\"><p dir=\"ltr\" style=\"line-height: 1.38; margin-top: 0pt; margin-bottom: 0pt;\" role=\"presentation\"><span style=\"font-size: 12pt; font-family: 'Times New Roman'; color: #000000; background-color: transparent; font-weight: 400; font-style: italic; font-variant: normal; text-decoration: none; vertical-align: baseline; white-space: pre-wrap;\">NTU (2021). Nanyang Technological University Financial Information 2021. Charity Portal. Retrieved February 21, 2022, from<\/span><a style=\"text-decoration: none;\" href=\"https:\/\/www.charities.gov.sg\/_layouts\/15\/CPInternet\/SearchOrgProfile.aspx?q=MDEzMzllMmQtNzk2NS1lMzExLTgyZGItMDA1MDU2YjMwNDg0\"> <span style=\"font-size: 11pt; font-family: 'Times New Roman'; color: #1155cc; background-color: transparent; font-weight: 400; font-style: italic; font-variant: normal; text-decoration: underline; -webkit-text-decoration-skip: none; text-decoration-skip-ink: none; vertical-align: baseline; white-space: pre-wrap;\">link_here<\/span><\/a><\/p><\/li><li dir=\"ltr\" style=\"list-style-type: decimal; font-size: 11pt; font-family: 'Times New Roman'; color: #000000; background-color: transparent; font-weight: 400; font-style: italic; font-variant: normal; text-decoration: none; vertical-align: baseline; white-space: pre;\" aria-level=\"1\"><p dir=\"ltr\" style=\"line-height: 1.38; margin-top: 0pt; margin-bottom: 0pt;\" role=\"presentation\"><span style=\"font-size: 12pt; font-family: 'Times New Roman'; color: #000000; background-color: transparent; font-weight: 400; font-style: italic; font-variant: normal; text-decoration: none; vertical-align: baseline; white-space: pre-wrap;\">SMU (2021). SMU Annual Report 2020-21. Retrieved February 21, 2022, from <\/span><a style=\"text-decoration: none;\" href=\"https:\/\/www.smu.edu.sg\/sites\/default\/files\/annual-report\/AR2020-21\/126\/index.html\"><span style=\"font-size: 12pt; font-family: 'Times New Roman'; color: #1155cc; background-color: transparent; font-weight: 400; font-style: italic; font-variant: normal; text-decoration: underline; -webkit-text-decoration-skip: none; text-decoration-skip-ink: none; vertical-align: baseline; white-space: pre-wrap;\">link_here<\/span><\/a><\/p><\/li><li dir=\"ltr\" style=\"list-style-type: decimal; font-size: 11pt; font-family: 'Times New Roman'; color: #000000; background-color: transparent; font-weight: 400; font-style: italic; font-variant: normal; text-decoration: none; vertical-align: baseline; white-space: pre;\" aria-level=\"1\"><p dir=\"ltr\" style=\"line-height: 1.38; margin-top: 0pt; margin-bottom: 0pt;\" role=\"presentation\"><span style=\"font-size: 12pt; font-family: 'Times New Roman'; color: #000000; background-color: transparent; font-weight: 400; font-style: italic; font-variant: normal; text-decoration: none; vertical-align: baseline; white-space: pre-wrap;\">SMU (2021). Singapore Management University. Charity Portal. Retrieved February 21, 2022, from <\/span><a style=\"text-decoration: none;\" href=\"https:\/\/www.charities.gov.sg\/_layouts\/15\/CPInternet\/SearchOrgProfile.aspx?q=NzU2ODM4NjYtN2E2NS1lMzExLTgyZGItMDA1MDU2YjMwNDg0\"><span style=\"font-size: 12pt; font-family: 'Times New Roman'; color: #1155cc; background-color: transparent; font-weight: 400; font-style: italic; font-variant: normal; text-decoration: underline; -webkit-text-decoration-skip: none; text-decoration-skip-ink: none; vertical-align: baseline; white-space: pre-wrap;\">link_here<\/span><\/a><\/p><\/li><li dir=\"ltr\" style=\"list-style-type: decimal; font-size: 11pt; font-family: 'Times New Roman'; color: #000000; background-color: transparent; font-weight: 400; font-style: italic; font-variant: normal; text-decoration: none; vertical-align: baseline; white-space: pre;\" aria-level=\"1\"><p dir=\"ltr\" style=\"line-height: 1.38; margin-top: 0pt; margin-bottom: 0pt;\" role=\"presentation\"><span style=\"font-size: 12pt; font-family: 'Times New Roman'; color: #000000; background-color: transparent; font-weight: 400; font-style: italic; font-variant: normal; text-decoration: none; vertical-align: baseline; white-space: pre-wrap;\">SUTD (2021). Singapore University of Technology and Design Annual Report 2020. Retrieved February 21, 2022, from <\/span><a style=\"text-decoration: none;\" href=\"https:\/\/www.sutd.edu.sg\/annualreport2020\/mobile\/index.html\"><span style=\"font-size: 12pt; font-family: 'Times New Roman'; color: #1155cc; background-color: transparent; font-weight: 400; font-style: italic; font-variant: normal; text-decoration: underline; -webkit-text-decoration-skip: none; text-decoration-skip-ink: none; vertical-align: baseline; white-space: pre-wrap;\">link_here<\/span><\/a><\/p><\/li><li dir=\"ltr\" style=\"list-style-type: decimal; font-size: 11pt; font-family: 'Times New Roman'; color: #000000; background-color: transparent; font-weight: 400; font-style: italic; font-variant: normal; text-decoration: none; vertical-align: baseline; white-space: pre;\" aria-level=\"1\"><p dir=\"ltr\" style=\"line-height: 1.38; margin-top: 0pt; margin-bottom: 0pt;\" role=\"presentation\"><span style=\"font-size: 12pt; font-family: 'Times New Roman'; color: #000000; background-color: transparent; font-weight: 400; font-style: italic; font-variant: normal; text-decoration: none; vertical-align: baseline; white-space: pre-wrap;\">SUTD (2021). Singapore University of Technology and Design. Charity Portal. Retrieved February 21, 2022, from<\/span><a style=\"text-decoration: none;\" href=\"https:\/\/www.charities.gov.sg\/_layouts\/15\/CPInternet\/SearchOrgProfile.aspx?q=OWIzYWQ4ZTEtNzg2NS1lMzExLThmZGEtMDA1MDU2YjMwNDg1\"> <span style=\"font-size: 11pt; font-family: 'Times New Roman'; color: #1155cc; background-color: transparent; font-weight: 400; font-style: italic; font-variant: normal; text-decoration: underline; -webkit-text-decoration-skip: none; text-decoration-skip-ink: none; vertical-align: baseline; white-space: pre-wrap;\">link_here<\/span><\/a><\/p><\/li><li dir=\"ltr\" style=\"list-style-type: decimal; font-size: 11pt; font-family: 'Times New Roman'; color: #000000; background-color: transparent; font-weight: 400; font-style: italic; font-variant: normal; text-decoration: none; vertical-align: baseline; white-space: pre;\" aria-level=\"1\"><p dir=\"ltr\" style=\"line-height: 1.38; margin-top: 0pt; margin-bottom: 0pt;\" role=\"presentation\"><span style=\"font-size: 12pt; font-family: 'Times New Roman'; color: #000000; background-color: transparent; font-weight: 400; font-style: italic; font-variant: normal; text-decoration: none; vertical-align: baseline; white-space: pre-wrap;\">SIT (2021). SIT Annual Report 2021. Retrieved February 21, 2022, from<\/span><a style=\"text-decoration: none;\" href=\"https:\/\/www.singaporetech.edu.sg\/annual_report_2021\/financial_statements.html\"> <span style=\"font-size: 11pt; font-family: 'Times New Roman'; color: #1155cc; background-color: transparent; font-weight: 400; font-style: italic; font-variant: normal; text-decoration: underline; -webkit-text-decoration-skip: none; text-decoration-skip-ink: none; vertical-align: baseline; white-space: pre-wrap;\">link_here<\/span><\/a><\/p><\/li><li dir=\"ltr\" style=\"list-style-type: decimal; font-size: 11pt; font-family: 'Times New Roman'; color: #000000; background-color: transparent; font-weight: 400; font-style: italic; font-variant: normal; text-decoration: none; vertical-align: baseline; white-space: pre;\" aria-level=\"1\"><p dir=\"ltr\" style=\"line-height: 1.38; margin-top: 0pt; margin-bottom: 0pt;\" role=\"presentation\"><span style=\"font-size: 12pt; font-family: 'Times New Roman'; color: #000000; background-color: transparent; font-weight: 400; font-style: italic; font-variant: normal; text-decoration: none; vertical-align: baseline; white-space: pre-wrap;\">SIT (2021). Singapore Institute of Technology. Charity Portal. Retrieved February 21, 2022, from<\/span><a style=\"text-decoration: none;\" href=\"https:\/\/www.charities.gov.sg\/_layouts\/15\/CPInternet\/SearchOrgProfile.aspx?q=N2YyOGYwODItNzk2NS1lMzExLThmZGEtMDA1MDU2YjMwNDg1\"> <span style=\"font-size: 11pt; font-family: 'Times New Roman'; color: #1155cc; background-color: transparent; font-weight: 400; font-style: italic; font-variant: normal; text-decoration: underline; -webkit-text-decoration-skip: none; text-decoration-skip-ink: none; vertical-align: baseline; white-space: pre-wrap;\">link_here<\/span><\/a><\/p><\/li><li dir=\"ltr\" style=\"list-style-type: decimal; font-size: 11pt; font-family: 'Times New Roman'; color: #000000; background-color: transparent; font-weight: 400; font-style: italic; font-variant: normal; text-decoration: none; vertical-align: baseline; white-space: pre;\" aria-level=\"1\"><p dir=\"ltr\" style=\"line-height: 1.38; margin-top: 0pt; margin-bottom: 0pt;\" role=\"presentation\"><span style=\"font-size: 12pt; font-family: 'Times New Roman'; color: #000000; background-color: transparent; font-weight: 400; font-style: italic; font-variant: normal; text-decoration: none; vertical-align: baseline; white-space: pre-wrap;\">SUSS (2020). SUSS Annual Report 2020. Retrieved February 21, 2022, from<\/span><a style=\"text-decoration: none;\" href=\"https:\/\/www.suss.edu.sg\/docs\/default-source\/contentdoc\/comms\/annualreport\/ar2020.pdf\"> <span style=\"font-size: 11pt; font-family: 'Times New Roman'; color: #1155cc; background-color: transparent; font-weight: 400; font-style: italic; font-variant: normal; text-decoration: underline; -webkit-text-decoration-skip: none; text-decoration-skip-ink: none; vertical-align: baseline; white-space: pre-wrap;\">link_here<\/span><\/a><\/p><\/li><li dir=\"ltr\" style=\"list-style-type: decimal; font-size: 11pt; font-family: 'Times New Roman'; color: #000000; background-color: transparent; font-weight: 400; font-style: italic; font-variant: normal; text-decoration: none; vertical-align: baseline; white-space: pre;\" aria-level=\"1\"><p dir=\"ltr\" style=\"line-height: 1.38; margin-top: 0pt; margin-bottom: 12pt;\" role=\"presentation\"><span style=\"font-size: 12pt; font-family: 'Times New Roman'; color: #000000; background-color: transparent; font-weight: 400; font-style: italic; font-variant: normal; text-decoration: none; vertical-align: baseline; white-space: pre-wrap;\">SUSS (2021). Singapore University of Social Sciences. Charity Portal. Retrieved February 21, 2022, from<\/span><a style=\"text-decoration: none;\" href=\"https:\/\/www.charities.gov.sg\/_layouts\/15\/CPInternet\/SearchOrgProfile.aspx?q=YWUwNTU3ZTktNzg2NS1lMzExLTgyZGItMDA1MDU2YjMwNDg0\"> <span style=\"font-size: 11pt; font-family: 'Times New Roman'; color: #1155cc; background-color: transparent; font-weight: 400; font-style: italic; font-variant: normal; text-decoration: underline; -webkit-text-decoration-skip: none; text-decoration-skip-ink: none; vertical-align: baseline; white-space: pre-wrap;\">link_here<\/span><\/a><\/p><\/li><\/ol>\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t<section data-particle_enable=\"false\" data-particle-mobile-disabled=\"false\" class=\"elementor-section elementor-top-section elementor-element elementor-element-1f2a34d elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"1f2a34d\" 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<\/p>","protected":false},"author":2,"featured_media":1905,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"site-sidebar-layout":"no-sidebar","site-content-layout":"content-boxed-container","ast-global-header-display":"","ast-banner-title-visibility":"","ast-main-header-display":"","ast-hfb-above-header-display":"","ast-hfb-below-header-display":"","ast-hfb-mobile-header-display":"","site-post-title":"","ast-breadcrumbs-content":"","ast-featured-img":"","footer-sml-layout":"","theme-transparent-header-meta":"default","adv-header-id-meta":"","stick-header-meta":"","header-above-stick-meta":"","header-main-stick-meta":"","header-below-stick-meta":"","footnotes":""},"categories":[28,51],"tags":[],"class_list":["post-1899","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-articles","category-research"],"_links":{"self":[{"href":"https:\/\/charityguidepoint.sg\/cn\/wp-json\/wp\/v2\/posts\/1899","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/charityguidepoint.sg\/cn\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/charityguidepoint.sg\/cn\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/charityguidepoint.sg\/cn\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/charityguidepoint.sg\/cn\/wp-json\/wp\/v2\/comments?post=1899"}],"version-history":[{"count":35,"href":"https:\/\/charityguidepoint.sg\/cn\/wp-json\/wp\/v2\/posts\/1899\/revisions"}],"predecessor-version":[{"id":3729,"href":"https:\/\/charityguidepoint.sg\/cn\/wp-json\/wp\/v2\/posts\/1899\/revisions\/3729"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/charityguidepoint.sg\/cn\/wp-json\/wp\/v2\/media\/1905"}],"wp:attachment":[{"href":"https:\/\/charityguidepoint.sg\/cn\/wp-json\/wp\/v2\/media?parent=1899"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/charityguidepoint.sg\/cn\/wp-json\/wp\/v2\/categories?post=1899"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/charityguidepoint.sg\/cn\/wp-json\/wp\/v2\/tags?post=1899"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}