“I want to help so they can study all they want” … Cumulative Donation of 8.4 Billion KRW, Philanthropist, Alumnus Hwisung Yu 

2023 May, made an additional donation of 1 billion KRW to his alma mater Korea University, 500 million KRW was allocated to the development of the Business School 
 

In 2011, Hwisung Yu, who donated 1 billion KRW to his alma mater Korea University for the Hyundai Motor Business Building Fund, is also known as the ‘donation king’. Not only did he donate 1 billion KRW in 2011, but he also contributed 1 billion KRW in 2015 for a development fund and in 2017, he also donated an apartment (worth 2.4 billion KRW at the time) in Seoul Seochogu. In 2022, he made an additional donation of 1 billion KRW to welcome the new year.  

The donation king’s donations are not offer yet. He visited Korea University once again to donate another 1 billion KRW. On May 25th, a “Insung Fund Donation Ceremony” took place at the main building of Korea University, with President Dongwon Kim, Dean, Sang Yong Kim, Vice President for Development and External Affairs Hojeong Shin attending. During the ceremony, alumnus Hwisung Yu expressed his thoughts saying, “Because I have struggled through studying while working earning money, when I see juniors struggling, it touches my heart. I want to help them study all they want without financial worries.”   

The reason why alumnus Hwisung Yu was able to donate a total of 8.4 billion KRW (2 billion KRW of which went to the Business School) to Korea University is because of his frugal lifestyle. Despite facing many difficulties after establishing Joheung Construction, he overcame difficulties with perseverance and passion, establishing himself as a successful entrepreneur. Throughout his life, alumnus Hwisung Yu has practiced a frugal lifestyle. 

The 1 billion KRW donated by alumnus Hwisung Yu will be divided, with the Insung Fund and the Business School receiving 500 million KRW each. The Insung Fund, named according to the wishes of alumnus Hwisung Yu, combines the Chinese character ‘In’ from the names of alumnus Hwisung Yu’s mother and grandmother and the Chinese character ‘Sung’ from alumnus Hwisung Yu’s own name. The Insung Fund is names in recognition of its various forms, such as the Insung Scholarship Fund, Insung Research Fund, and Insung Research Award. It is highly valued and meaningful because it supports all members of Korea University including not only students but also faculty members and even research advancement.  

As a gesture of gratitude towards alumnus Hwisung Yu who dontated 10 billion KRW to the Hyundai Motor Business Hall Fund, the Business School named Room B204 of the Hyundai Motor Business Hall as the ‘Hwisung Yu Lecture Room.”  

Furthermore, the Insung Research Award, established to support the research conducted by faculty members of the Business School, aims to recognize, and support faculty members who engage in innovative and groundbreaking research in the field of business that contributes to the creation of future literature and achieves publication in top international journals. Selected as “Insung Researchers”, these faculty members received up to 30 million KRW to support their research endeavors. In 2017, the Business School held the Insung Research Award ceremony, and professors Dongseop Lee, Chris Changwha Chung, Kihoon Kim, and Ji-Woong Chung were awarded the Insung Research Award. 

Meanwhile, the Business School plans to utilize the Business School Insung Fund donated by Hwisung Yu for purposes such as professor recruitment, aiming to achieve the goal of becoming a Global Top30, Asia No.1. business school.