Private Kindergarten Reserve Fund Status to Be Disclosed Every October

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[Asia Economy Reporter Han Jinju] From now on, private kindergartens must disclose the status of their reserve funds every October.

The Ministry of Education announced on the 26th that it reviewed and approved a partial amendment to the Enforcement Decree of the Act on the Disclosure of Information by Educational Institutions at the Cabinet meeting.

This amendment newly established the disclosure of reserve fund status as an item to ensure the accounting transparency of private kindergartens.

Previously, the government had been promoting measures to strengthen public accountability, such as audits and the introduction of the national management accounting system (EduFine), following accounting fraud controversies in some private kindergartens.

The Ministry of Education also prepared grounds to adjust the disclosure timing when it is difficult to disclose information from kindergartens and schools during disaster situations such as the COVID-19 pandemic or other infectious disease outbreaks.

According to the Framework Act on Disaster and Safety Management, if it is difficult to collect and manage information that must be disclosed, the Minister of Education or the Superintendent of Education may disclose the information at a time they determine.

Additionally, the timing for disclosing graduates' career and employment status was adjusted from May to November to align with the announcement timing of the "Public Database-linked Vocational High School Graduates Employment Statistics Survey Results."

The performance results of universities benefiting from financial support projects have been excluded from the university information disclosure items to be integrated and disclosed through the University Financial Information Disclosure System.

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