Dr. New’s will specified that approximately 93,300 of his own shares of Yuhan stock be used to establish the Korean Society and Education Trust Fund. In 1977, the fund was renamed the Yuhan Foundation according to the Act on the Establishment and Operation of Public Service Corporations.

The Yuhan Foundation allotted a portion of Dr. New’s initial stock donation to establish the Yuhan School. Dr. New’s eldest daughter, Ms. Jaera (Janet) New, also donated her entire property (approximately 20 billion KRW) to the Yuhan Foundation in 1991. Today, the Yuhan Foundation supports the ‘Ilhan New Awards’ and the ‘Jaera Voluntary Service Award’ in memory of both donors.

The Yuhan Foundation actively supports:

• Scholarships at secondary and post-secondary academic levels
• Extra-curricular academic competitions
• Technology development
• Cultural research
• Encouragement of social volunteerism
• Social welfare programs for the elderly and disabled
• Disaster relief