Charles T King Student Loan Fund
Charles T King Student Loan Fund
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About this organization
Mission
To provide loans to Millburn Township NJ students attending accredited colleges, universities and technical schools.
About
The student loan fund was established over eighty years ago to help Millburn Township students further their educational goals. Renamed in 1974 to honor Dr. Charles T. King, who retired as superintendent of schools after 27 years of service in the system, the fund is sponsored by the Millburn Township Conference of Parents and Teachers. Due to the tremendous increase in college tuition, the fund plays an important role in helping to finance students' postsecondary school educations. The loans are need-based and currently interest-free. More than 700 students have received them to date. The fund is maintained by personal and business contributions from within the community. Through the generosity of our residents and businesses, over 2.5 million in loans have been made to students throughout the years. The loans are due upon graduation and by 'paying it forward' the fund is continually replenished by past recipients to support students in the future. Loans are renewable for four years of full time studies and repayable upon completion of all studies. As of June 30, 2019, there were 92 loans outstanding with an average balance of 6,600.
Interesting data from their 2019 990 filing
The filing documents outline the non-profit's mission as “To provide loans to millburn township nj students attending accredited colleges, universities and technical schools.”.
When outlining the tasks it performs, they were referred to as: “To provide loans to millburn township nj students attending accredited colleges, universities and technical schools.”.
- The non-profit's reported state of operation is NJ as per legal requirements.
- The filing reveals that the address of the non-profit in 2019 is P O BOX 45, SHORT HILLS, NJ, 07078.
- As of 2019, the non-profit has 0 employees reported on their 990 form.
- Does not operate a hospital.
- Does not operate a school.
- Does not collect art.
- Does not provide credit counseling.
- Does not have foreign activities.
- Is not a donor-advised fund.
- Is not a private foundation.
- Expenses are less than $100,000.
- Revenue is less than $100,000.
- Revenue less expenses is $21,844.
- The CEO compensation policy of the organization is not established through an independent review and approval process.
- The organization has 13 independent voting members.
- The organization was formed in 1964.
- The organization is required to file Schedule O.
- The organization pays $0 in salary, compensation, and benefits to its employees.
- The organization pays $0 in fundraising expenses.
- The organization provides Form 990 to its governing body.
- The organization has minutes of its meetings.
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