From the latter half of 2008, the normalization of the YU foundation has been a topic of focus at YU. YNO found out why the normalization of the YU foundation has been such an important issue and what it means to us. YNO will also analyze what resolution of this issue will mean to us in 2009.
Yeungnam University was founded through a merger between Daegu College and Chunggu College in Dec. 16, 1967. Yeungnam University is a private school which was created from the Educational Foundation Yeungnam Hakwon. Jung-Hee Park, the founder of YU, and subsequent board members have run this university ever since. In 1988, YU had a parliamentary inspection of the administration as part of the first audit for private schools. This was unprecedented in the history of this country under the past authoritarian governments. After the inspection, some startling realities came to light. It had long been rumored that school administrators had misused YU resources. After the inspection the extent of the corruption that was discovered was shocking. Some administrators had disposed of YU's land, embezzled public funds, overlooked admission irregularities, used expense accounts for private use, and manipulated the school's account books. Geun-Hye Park, chairman of Educational Foundation Yeungnam Hakwon, stepped down as a result and to take responsibility for the mess.
YU has existed with a government-appointed trustee system for 20 years. The charter for this system expired in 2008. The government has requested that the university submit a list of names for a new board of directors. This is why YU is hurrying to normalize the YU Foundation. The movement is being affected and is influencing professors, school staffs, and the alumni reunion organization.