Ministry of Education Project Funding Ranked Yonsei Top in Nation Yonsei University ranked above not only all other private universities but Seoul National University as well, the largest public institution supported by the national government, in an evaluation of Korean universities in areas such as education results and educational environment. The Ministry of Education, Science, and Technology announced the recipients of a funding project which uses the “formula funding” method of evaluating universities according to objective, quantitative measures regarding educational environment and results (see Table 1). A total of 136 universities were selected for the 100 billion won project. Among the 136 institutions, 64 four-year universities were granted an average of 780 million won per university, and 72 professional schools 690 million won each. The Ministry calculated the scores for each university according to a formula involving graduate employment rate (25 percent), student recruitment (50 percent), full-time faculty ratio (10 percent), education fee per student (20 percent) and scholarships (20 percent) and gave additional points for student population to decide the funding recipients and the amount of funding for each institution. The results show that Yonsei was given the highest score of 1.8 together with Sungkyunkwan University. The funding received by each university was 1,449 million won for Yonsei University, 1,375 million won for Korea University, 1,327 million won for Hanyang University, 1,285 million won for Kyunghee University, and 1,231 million won for Sungkyunkwan University. Yonsei Receives Most Government Funding Among Private Institutions Located in Seoul In the past three years, Yonsei University has been awarded the largest amount in government funding among private institutions in the Seoul metropolitan area, with its government grants from 2005 adding up to 59.7 billion won. These results were derived from the information collected by the Korea Foundation for the Promotion of Private Schools and the calculation of funds reported by each university. For every year in the past three years, Yonsei was awarded the largest amount of government funding. The funds awarded to Yonsei last year amounted to 26.1 billion won, a 6.8 billion won increase from the year before, resulting in not only the largest funding amount but also the greatest increase in funding. Government funds include grants from various government departments and offices and all other grants from the government that are given to encourage research and education. The BK21 Project is an example of such government funding.