Scholarships for 755 Jeju students over 45 years... Provincial education office presents plaque of appreciation to Kim Myeong-shin, former chair of the Duksan Cultural Foundation

【Financial News Jeju = Jeong Yong-bok】 Kim Myeong-shin, former chair of the Duksan Cultural Foundation, who supported 755 Jeju students with scholarships for more than 45 years and contributed to public-interest projects in the local community, received a plaque of appreciation from the Jeju Office of Education.
According to the Jeju Special Self-Governing Province Office of Education on the 11th, Superintendent of Education Go Ui-suk presented a plaque of appreciation to Kim, the former chair, in the superintendent’s reception room on the 8th in recognition of Kim’s contributions to the development of Jeju education and the nurturing of talent.
The plaque was presented to honor Kim’s contributions to expanding educational opportunities for Jeju students and advancing the local community through many years of scholarship programs and public-interest activities.
Kim’s scholarship program dates back to September 1979. Kim set out to foster talent in the hometown by contributing 5 million won to fund scholarships for students at his alma mater, Jeju Jeil Middle School.
In 1990, Kim established the Ilsong Duksan Scholarship Association with a contribution of 30 million won. In 1995, it was incorporated as the Ilsong Duksan Scholarship Association, a public-interest corporation under the jurisdiction of the Jeju Office of Education. In 1999, it changed its name to the Duksan Cultural Foundation and expanded its activities.
The foundation’s work, which began with scholarship support, extended to culture, sports and welfare in the Jeju community. In 2000, it established the Duksan Culture Award to identify and honor individuals and organizations that had contributed to Jeju’s development. It also supported sports promotion and welfare programs for vulnerable groups, and pursued nature conservation projects, including environmental improvements in Gotjawal and along walking trails.
The scale of support also grew steadily. According to the Jeju Office of Education and the Duksan Cultural Foundation, 755 students received scholarships from 1979 through 2024. The cumulative total of scholarships reached 645,579,000 won.
Total support for public-interest projects, including sports promotion, environmental projects, welfare support and the Duksan Culture Award, came to 1,221,679,000 won.
The numbers of scholarship recipients and the amount of support include results dating back to 1979, before the foundation was established. After its incorporation in 1995, it operated for about 30 years as a public-interest corporation under the jurisdiction of the Jeju Office of Education.
Kim’s work to foster talent also extended to donations to Jeju National University.
In 1995, Kim and his wife, Jeong Ok-seon, donated to Jeju National University the land of Duksan Farm in Doryeon-dong, Jeju City, which was valued at 1 billion won at the time. In March 2024, Kim contributed 300 million won to the Duksan Innovation Award fund, established to encourage education, research and service by university members. Last year, Kim dissolved the Duksan Cultural Foundation and donated all of its basic assets, worth approximately 2.12 billion won, to Jeju National University’s development fund.
Kim’s work is an example of an individual’s scholarship contributions developing into the operation of a public-interest corporation, and continuing as a university development fund even after the foundation was dissolved. In particular, the decision not to pass the foundation’s operation on to Kim’s children, but to donate its basic assets to an educational institution, is significant because it carried Kim’s long-standing commitment to nurturing talent into the next generation.
Jeju Superintendent of Education Go Ui-suk said, “I am deeply grateful to former chair Kim Myeong-shin for working to advance Jeju education and nurture talent through many years of scholarship programs and a range of public-interest activities,” adding, “The support for students and spirit of sharing carried forward through the Duksan Culture Award will remain a cherished value in Jeju society for many years to come.”


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