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The founder Bang Il Young, the then chairman of Chosun Ilbo, and his brother Bang Woo Young contributed 15% of the stock of the company they owned. In 1975 Mr. Bang Il Young contributed again his private property and added about 1.5 billion won of scholarship fund of 'Bang Il Young Scholarship Fund'. The foundation was officially established as a nonprofit public corporation in November 1975.
The spirit of foundation goes back to 1932 when Korea was under the rule of Japanese Empire. The then ower Mr. Bang Eung Mo was consistently presenting education work with the mind that the youths of Chosun must be cultivated so that our country can be stronger, bigger and better off. The young students who were educated by the scholarship fund 12,000 won the biggest amount of that era served our country for reconstruction and prosperity after Independence.

In conformity of the wishes of Mr. Bang Eung Mo, the foundation will do its best to accomplish 'stronger and better off' in the 21st century.

The Bang Il Young Foundation took over and activated Bang Il Young Scholarship Fund in May 1995, organized structural support system and carried on the tradition of cultivating talented youths. On the other hand, patronage to pressmen and journalists was added in the foundation purpose for the development of public opinion. It is to help the domestic presses improve their quality to stand up as being advanced presses trusted by citizens. In addition, the foundation is realizing its hope and will to be the center of the national and social mental culture by executing such cultural and artistic promotions as studies on the succession and development of traditional music, local cultures and various national cultures and as support to academy, writing and publication.