Money for Belongingness: The Account Book and the Management of the Communal Fund of a High School Alumni Association in South Korea

This paper analyzes the communal fund of a school alumni association in South Korea and attempts to expand the understanding of money's social role in maintaining its network. The analysis concentrates on the account book of the 1974 alumni association of Hani High School in Seoul and follows the expenditure traces of its communal fund since 1987. Over the last 30 years, money for the communal fund has been regularly collected at the alumni reunions and distributed on various ceremonial occasions, such as member weddings and funerals. By defining the alumni association as a type ofkye, this study explores the correlation between the communal fund's operation and the members' belongingness in the association. Most of them have actively engaged in operating their communal fund. They have applied flexible management regulations, reflecting members' respective financial conditions and life events. In the distribution of their fund, not only economic principles but also moral and normative standards are manifested. The 1974 alumni association and their communal fund demonstrate the symbolic meaning of money and its active role in a community. It also challenges the widespread belief that money is an alienating object in the market society. Indeed, money has morality and the potential to help maintain social ties in the long run.