NUS, NTU receive $3.5m estate gift from the late Mr Foo Hee Lim
The National University of Singapore (NUS) and the Nanyang Technological University (NTU) received a combined gift of S$3.5m from the Estate of the late Mr Foo Hee Lim. This donation will provide financial assistance to academically strong but financially needy NTU students across all disciplines and Accountancy students of NUS Business School. The donation will be matched dollar-for-dollar by the Singapore government thus bringing the total funding to S$7 million.
The late Mr Foo was a well-respected accountant who strongly believed in the importance of education, an area which is highly valued by the Hainanese community. As a self-made man, he bequeathed a portion of his wealth to support deserving students so that they, too, can be groomed as professionals and in turn contribute back to society.
The Estate of the late Mr Foo Hee Lim has pledged S$1.77m to the NUS Business School and an equal amount to NTU.
NTU President Dr Su Guaning said, “We are most grateful to the Estate of the late Mr Foo Hee Lim for this generous donation which is certainly a ray of sunshine to deserving needy students, especially during the current economic climate. The donation will go a long way to help them experience a holistic learning journey both in our cosmopolitan campus and in global immersion opportunities overseas. We believe this will help them realise their full potential.”
NUS President Professor Tan Chorh Chuan said, “This gift will be instrumental in providing outstanding students with a transformational university experience at NUS. We are grateful to the family of the late Mr Foo Hee Lim for this gift as it will provide opportunities for deserving students to achieve beyond themselves - to be self-surpassing."
At the NUS Business School, the gift will be used to set up the Foo Hee Lim Bursary and Foo Hee Lim Prize, to benefit NUS students studying Bachelor of Business Administration (Accountancy). Starting from Academic Year 2009/2010, bursaries worth $6,800 each year will be awarded to deserving students to cover annual tuition fees and study-related expenses for three years.
The Foo Hee Lim Prize comes with a medal and cash award of $3,500, and will be given out annually to recognise the best graduating Honours Year student with outstanding academic results. This is in line with the late Mr Foo's desire to encourage outstanding individuals to join the ranks of established accountants like himself.
Professor Bernard Yeung, Dean and Stephen Riady Distinguished Professor of NUS Business School, said, “We deeply appreciate this generous gift from the Estate of the late Mr Foo, especially in such times of economic downturn. Our School’s goal is to provide our students with strong basic training and opportunities for them to become confident and enterprising business professionals who are socially responsible as well. This gift will further help us to attract and develop young promising individuals to become professionals in the field of accountancy.”
At NTU, the gift will be divided equally into two endowed funds – the newly established Foo Hee Lim Bursary Fund and the existing Lim Chong Yah Bursary Fund, part of NTU’s Lim Chong Yah Campaign for Accessibility to Higher Education. Half of the donation under the Foo Hee Lim Bursary Fund will benefit accountancy students at NTU’s Nanyang Business School. The other half will go to NTU students from other disciplines. The Foo Hee Lim Bursary Fund will annually award up to 14 bursaries of $5,000 to financially needy Singaporean/permanent resident students who demonstrate good academic performance.
The Lim Chong Yah Bursary Fund is named after NTU's Albert Winsemius Chair Professor of Economics Professor Lim Chong Yah, a Hainanese himself, whose vision that no one should be denied access to a quality education for lack of financial means inspired the Campaign for Accessibility to Higher Education. So committed is Prof Lim to his vision that he has personally pledged $100,000 to establish the Lim Chong Yah Bursary Fund to level the playing field and help the most financially-challenged students gain access to a high-quality education at NTU. The award is open to all students pursuing undergraduate study in NTU and applicants are considered based on their financial needs.
NTU Corporate Communications Office:
Ms Patricia Yap
Assistant Manager, Corporate Communications
Nanyang Technological University
Tel: 6790 5417 Mobile: 9846 6716
NUS Business School:
Ms Adeline Leong
Senior Manager, Corporate Relations & Communications
National University of Singapore
Tel: 6516 8996 Mobile: 9182 9043
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