On 14 November 2007, SMU President Professor Howard Hunter, together with Mr Teo Chiang Long, President of the Ngee Ann Kongsi and Mr Lim Kee Ming, Vice-President of Ngee Ann Kongsi, unveiled a plaque for the newly named Ngee Ann Kongsi Auditorium. The event, graced by Guest of Honour Mr Gan Kim Yong, Minister of State for Education and Manpower, recognised SMU as the first university in Singapore to receive an endowed contribution from the Teochew charitable organisation since Parliament passed the amendment to the Ngee Ann Kongsi (Incorporation) Ordinance on 17 July 2007, which allows the philanthropic foundation more flexibility to give to educational institutions and charities.

The S$3 million endowed contribution by the Ngee Ann Kongsi will be matched dollar for dollar by the Singapore government, adding a total of S$6 million to the SMU Endowment Fund.

"Education remains the founding spirit and cornerstone of Ngee Ann Kongsi and we have dedicated ourselves to supporting the education of all strata of the Singapore community. SMU has distinguished itself remarkably in seven years from a young upstart to a leading university strongly rooted in innovative pedagogy, social consciousness and global exposure. We are happy for this opportunity to be a partner in contributing to university excellence and shaping young visionary leaders out of SMU."