27 August 2019
Education Minister Ong Ye Kung was recently asked in Parliament why the endowment funds of Singapore’s universities are not being used to fund more bursaries for needy students.
Mr Ong said that the endowment funds are already being used to supplement the Government’s financial aid to needy students.
A significant proportion of the universities’ endowment funds come from private contributors.
Media reports recently touched on the sizeable amounts in these funds, and some have asked whether universities should still be competing with charities for the “donations pie”.
Mr Ong said universities such as NUS and NTU also use the income generated from their endowment funds in many other ways, including setting up joint labs with industry partners, incubators to support student entrepreneurs, partnerships with other universities, funding research and student exchanges.
The universities said their funds are invested prudently in order to preserve capital and obtain reasonable returns to allow them to achieve their various missions, including providing more opportunities for their students and advancing research.