Singapore's accountants have set up a new charity called ISCA Cares.
Established by the Institute of Singapore Chartered Accountants (ISCA), the national accountancy body, it will give disadvantaged youth accountancy education.
It also plans to give accountants a chance to use their professional skills for community projects.
The charity, which is chaired by former minister Lim Hwee Hua, was announced yesterday by ISCA adviser and Minister of State for Manpower Teo Ser Luck at the Singapore Accountancy Convention Networking Dinner, attended by more than 600 people.
Mr Teo encouraged accountants to support the new charity, highlighting that founding Prime Minister Lee Kuan Yew had placed special emphasis on education.
"In the long run, it is the quality of our youth that will determine our future. And we have to invest in them more than any other sector," he quoted Mr Lee as once saying.
The charity hopes to raise $1 million in its first year for the ISCA Cares Education Programme, expected to start next year. Donations will go towards subsidising the tuition fees and basic living expenses of youth pursuing accountancy diplomas and degree courses in local polytechnics and universities.
Beneficiaries will also receive internship and mentorship opportunities from corporate and individual donors. To be eligible, the young person's monthly household income should be below $2,500.
To kick-start the education programme, ISCA, which has over 29,000 members, will contribute an initial seed fund of $100,000.
As for the community programmes, they will begin in 2018.
Said Mrs Lim, now a director at private equity firm Tembusu Partners: "The ISCA Cares Education Programme is bringing the local accountancy community together to help deserving individuals gain access to an accountancy education. This will go a long way in enabling them to build a career in the profession and contribute to Singapore's growth."
ISCA chief executive Lee Fook Chiew added: "With ISCA Cares... for the first time, there is a dedicated channel for accountants to give back collectively as a profession and contribute towards building a more inclusive society."
For more information, go to http://isca.org.sg/isca-cares
