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The Korean Culture and Arts
Promotion Fund (KCAP Fund), raised and managed by the KCAF, is a vital financial source
for the development of Korea's culture and arts. Since the size of
the fund can be seen as a
yardstick to measure the nation's capacity and interest in promoting culture,
the KCAF autonomously forms
the fund through various funds-raising activities and donations
from both public and private
sectors.
The collection system for the
KCAP Fund, collected via surcharges from admission fees to
cinemas, theaters, historical
sites, art galleries, royal palaces and museums, was first introduced
in July 1973 according to
Clause 7 of the Culture and Arts Promotion Act, and is planned to
continue until the end of
2003. The fund is invested in the fields of culture and arts to construct
artistic and cultural
infrastructures designed to create a better environment for anyone interested in
arts, including artists and art lovers. Thus, the fund is considered essential
for the development of Korea culture and arts in general. There have been other
sources as well. The KCAF has received donations from individuals and business
organizations as well as allocations from the government budget, which began in
1989, and from the Broadcasting Development Fund that is raised from profits
from broadcasting advertisement. In 2001, the KCAF introduced a system in which
special sub-funds are established under donors name.
The KCAP Fund is widely
regarded as an important basic financial source needed for the
promotion of culture and
arts, and thus has become a major contribution to improving the quality
of people's life. The KCAF has
established long-term plans to secure stable fund raising and support by saving each year's
balance for future use. The total sum thus accumulated was 400.4 billion won as of the
end of 2001, while a total of 586.3 billion won had been invested in the
projects to promote culture and arts up until 2001. The KCAP Fund will continue
to be a valuable resource for the more productive cultural welfare of the Korean
people.
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