View of the Ministry of Education building in Sejong, ‘ Mandatory disclosure of endowment funds for private universities and school corporations will be required in the future.’,
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, “The Ministry of Education announced on the 13th that a partial revision decree of the Private School Act Enforcement Ordinance was deliberated and passed at the State Council.”,
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, ” This revision is to regulate specific details following the amendment of the Private School Act, which mandates the disclosure and inspection of endowment funds for private universities and school corporations. Earlier revisions to the Private School Act required the mandatory disclosure of endowment funds by amount and usage details for private universities (corporations), as well as mandatory inspection of the current status and usage details of endowment funds by universities (corporations).”,
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, ‘According to the revised decree, private universities and school corporations are obligated to disclose the amount and usage details of endowment funds on their university website within 3 months after the end of each fiscal year for a year. From now on, they must disclose the endowment amount and usage details categorized by research, construction, scholarship, retirement, and specific purpose endowment funds.’,
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, ‘To enhance transparency in endowment fund usage, the Ministry of Education has established a legal basis for inspecting the current status and usage details of endowment funds for private universities and school corporations.’,
, ‘Measures have also been taken to expand the autonomy of school corporation property disposal. In the future, the amount that can be replaced with a report instead of approval from the relevant authority for basic property disposal has been expanded from under 5 billion won to under 20 billion won.’,
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, ‘Deputy Prime Minister and Minister of Education Lee Joo-ho expressed his expectation that “through this revision, the accountability and transparency of the use of endowment funds by private universities and school corporations will be enhanced” and stated, “The Ministry of Education will actively seek out regulations that hinder the autonomous innovation of universities and will promote regulatory easing.”‘, ‘article_split’,
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