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Insung Research Awards Implemented by Yoo Hui Sung Donation
Korea University Business School is proud to announce that ‘Insung Research Awards’ has been implemented. The source of research fund has been donated by KUBS alumni Mr. Yoo Hui Sung (Commerce ‘58), and the fund will be awarded to KUBS professors with outstanding research performance.
The awardees will be four full-time academic staffs at the Business School, with a prize of up to 30 million research fund. To be selected as an Insung Research Award winner, △the academic staff must demonstrate an outstanding level of research which must be agreed in the academic circle of Business Administration △a research that potentially raises discussions for further researches △a research that can potentially be published in internationally renowned journals.
Insung Research Awards will be financed by 200 million won of Insung Research Fund, which is part of the amount Mr. Yoo Hui Sung contributed to the School after the disposal of property worth 2.2 billion won.
In fact, this is the third time Mr. Yoo made the contribution to Korea University. His first donation of one billion won was made in April 2011, which was used to finance the construction of Hyundai Motor Hall. In response to his donation, KUBS named one of the lecture rooms, Room B205, as ‘Yoo Hui Sung Lecture Room’ to appreciate his contribution.
The second donation he made was in July 2015, a contribution of 1.2billion won to Korea University. It was the start of Insung Fund, which provided students with financial support. Insung Fund is used to minimizing students’ financial burden. In fact, not exclusive to the tuition fee, the scholarship was granted to students’ monthly living expenses as well as airfare for exchange students.
Yoo Hui Sung used an analogy between money to sea. “You know how they say you will not be able to relief thirst even if you drink all of the seawater, I think that applies to the use of money. In terms of money, you will never be satisfied – as you get richer, the ‘thirst’ gets stronger. So I figured, I need to make contributions when I can, so I will not regret when I look back.”