The Community Foundation of Singapore has raised over $15 million, of which $1 million will go to tertiary students needing 'emergency financial assistance' because of the economic crisis.

The foundation was initiated by the National Volunteer and Philanthropy Centre (NVPC) to boost giving among the well-heeled.

Mr Stanley Tan, NVPC's chairman, said the plan to help cash-strapped students came after one university alerted him to the increasing number of undergraduates 'struggling' to stay in school through the deepening economic gloom.

The foundation, which President S R Nathan launched yesterday, will work with universities to identify and assist students who need financial aid, said the foundation's chief executive Stephen Loh.

In the year since plans to set up the Community Foundation were announced, the set-up has found donors including founder of Raffles Education Corp Chew Hua Seng and property developer Simon Cheong. Both men donated $1 million each.

The other donors are Mr Tan, retired businessman William Bird, Swiss Bank UBS AG and the Khoo Foundation.

The Community Foundation also plans to help families whose breadwinners have died or lost their jobs because of illness.

It is the first time that Singapore has used such a vehicle to source donations from rich individuals and companies, manage the funds on their behalf and donate the money to selected causes.

In Britain, community foundations started some 20 years ago and have 'stimulated' the British to give to local causes, said Ms Clare Brooks of the Community Foundation Network, UK.

Read the full story in today's edition of The Straits Times.