Frequently Asked Questions regarding the SUTD 25K Challenge #FAQ
We’ve heard some of your most pressing concerns as well as feedback for the 25K Challenge!
The team has huddled together to come up with an FAQ that will hopefully address any doubts and questions that you may have! Feel free to let us know if there’s still any stones left unturned!
1. Why is there suddenly a fundraising campaign for Alumni?
This Alumni fund is a starting basis for the formation of an official Alumni Community or Association. After 3 batches of Alumni, we now have a substantial size to form this Association.
2. Why 25K?
A generous donor (who’s in contact with the SUTD Advancement Office) is willing to match our fund raise with another 25K if we manage to raise 25K. Amazing!
3. Where do our donations go to?
Assuming we raise 25K, the total sum of 50K raised by the fundraising campaign and the kind donor will go to the Alumni Endowment Fund.The allocation of the yearly payout of this fund will be managed by the elected Alumni Association Committee.
The total sum raised will also get a 1:1 matching by MOE which will be given to the SUTD Development Fund, a common pool of money used to fund financial aid, bursaries and scholarships.
In summary, for a $100 donation to this campaign, $200 goes to the Alumni Endowment Fund and $200 goes to SUTD Development Fund. So it’s 4X the impact.
4. What will the Alumni Endowment Funds be used for?
Its purpose is to grow and build the Alumni Community, such as maintaining the network and providing opportunities for Alumni. It will also be a source of financial support for Student-related activities (scholarships, bursaries, Fifth Row, other events and initiatives).
In the short-run, as the payout is still not substantial, it will be channelled into fundraising activities that benefit Alumni and Students (e.g. skill-sharing workshops).
5. What is the mechanism behind the Alumni Endowment Fund?
The fund raised amount will go into SUTD’s main endowment fund and the Alumni Association will be allocated a proportionate payout each year according to our fund size. It is estimated to have a 3% annual return.
The annual payout will be currently ~$1,500 if we hit our goal of 25K.
6. Who will manage the funds?
The soon to be elected and formalized Alumni Association Committee will determine how the returns of the fund is allocated and used, whereas the management of the actual money itself will be handled by SUTD.
This campaign is currently managed by a steering committee for the future association, alongside SUTD Alumni Office and SUTD Advancement Office.
7. How do I know I can trust the steering committee or the future Alumni Association Committee?
The steering committee has been working closely with the Alumni Office and different departments of SUTD to ensure things are done in a proper manner and to the best interest of Alumni.
Upcoming in July, the steering committee will be organising a formal townhall session to get a consensus amongst all stakeholders (mainly Alumni) on the constitution for the Alumni Association. An appropriate voting system will be used to consolidate the responses to the discussion points for the constitution (e.g. How is the Official Committee will be elected, how membership is granted into the Association).
Subsequently, the Alumni Association Committee is elected based on the agreed-upon constitution. Hence, all matters will be discussed in an open and inclusive manner amongst Alumni.
8. Does SUTD control the money or do we have the autonomy to decide how to channel the usage?
The elected SUTD Alumni Association Committee will have autonomy over the returns.
9. Why can’t SUTD itself donate to this to get more money?
Current audit and financial regulatory rules prohibits organizations from donating to itself to gain more money.
10. Do I get any tax benefits from donating to this?
Yes, the prevailing tax exemptions by IRAS will apply. Hence 2.5x of your donation will be tax deductible.
SUTD is the legal entity managing the fundraising process hence the donations are qualified for tax exemption.
11. Is it possible to define how my donation will be allocated? (e.g. I shall only donate to students with financial need)
Not at the moment! The donations for the 25K challenge is purely for endowment. In the long-term future, when the Alumni Association entity is created, there will be avenues for donors to specify where they want their donation to go to.
As a donating Alumni, it is also possible to vote on how the donations are allocated in future.
12. Why are you using giving.sg platform to collect donations, isn’t that chargeable?
SUTD already has an account and we leverage off their existing account to get it started more efficiently, also SUTD will be covering the platform charges so the Alumni Association will be getting the full donated amount to be endowed. Sweet.
13. How did the steering committee form?
We’re a random group of Alumni from all batches who wants to see the Alumni Association formed and flourish. Please contact us if you wish to join! We welcome you! Email to alumniofsutd@gmail.com
14. How do I donate?
Head to www.giving.sg/singapore-university-of-technology-and-design/sutdAlumnifund25k
15. What if I have more questions?
Just e-mail us at alumniofsutd@gmail.com
That’s all for now folks, we’ll be updating this section regularly!
