Charles T King Student Loan Fund
- Assets
- $1.6m
- Revenue
- $48.7k
- Investments
- $0.0
- Employees
- 0
- Location
- Short Hills, NJ
- Founding
- 03/1942
- Data as of
- 06/2024
- EIN
- 22-6052901
Organization Overview
Charles T King Student Loan Fund is located in Short Hills, NJ. The organization was established in 1942. According to its NTEE Classification (B82) the organization is classified as: Scholarships & Student Financial Aid, under the broad grouping of Education and related organizations. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Charles T King Student Loan Fund is a 501(c)(3) and as such, is described as a "Charitable or Religous organization or a private foundation" by the IRS.
For the year ending 06/2024, Charles T King Student Loan Fund generated $48.7k in total revenue. This organization has experienced exceptional growth, as over the past 9 years, it has increased revenue by an average of 12.8% each year . All expenses for the organization totaled $8.4k during the year ending 06/2024. While expenses have increased by 3.4% per year over the past 9 years. They've been increasing with an increasing level of total revenue. You can explore the organizations financials more deeply in the financial statements section below.
Form
990
Mission & Program ActivityExcerpts From the 990 Filing
TAX YEAR
2024
Describe the Organization's Mission:
Part 3 - Line 1
TO PROVIDE LOANS TO MILLBURN TOWNSHIP NJ STUDENTS ATTENDING ACCREDITED COLLEGES, UNIVERSITIES AND TECHNICAL SCHOOLS.
Describe the Organization's Program Activity:
Part 3 - Line 4a
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, 2024, THERE WERE 98 LOANS OUTSTANDING WITH AN AVERAGE BALANCE OF 7,200.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Cordelia Chan Co-Treasurer | OfficerTrustee | 1 | $0 |
Thomas Chase Director | Trustee | 1 | $0 |
Tiffany Fehrenback Director | Trustee | 1 | $0 |
Sonali Ganti Director | Trustee | 1 | $0 |
Jane Gomez Director | Trustee | 1 | $0 |
David Green Director | Trustee | 1 | $0 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $0 |
| Fundraising events | $0 |
| Related organizations | $0 |
| Government grants | $0 |
| All other contributions, gifts, grants, and similar amounts not included above | $10,218 |
| Noncash contributions included in lines 1a–1f | $0 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $10,218 |
| Total Program Service Revenue | $0 |
| Investment income | $38,507 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | $0 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $48,725 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $0 |
| Grants and other assistance to domestic individuals. | $0 |
| Grants and other assistance to Foreign Orgs/Individuals | $0 |
| Benefits paid to or for members | $0 |
| Compensation of current officers, directors, key employees. | $0 |
| Compensation of current officers, directors, key employees. | $0 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $0 |
| Pension plan accruals and contributions | $0 |
| Other employee benefits | $0 |
| Payroll taxes | $0 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $0 |
| Fees for services: Accounting | $1,700 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $0 |
| Advertising and promotion | $0 |
| Office expenses | $399 |
| Information technology | $0 |
| Royalties | $0 |
| Occupancy | $0 |
| Travel | $0 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $0 |
| Interest | $0 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $0 |
| Insurance | $811 |
| All other expenses | $0 |
| Total functional expenses | $8,411 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $110,556 |
| Savings and temporary cash investments | $244,310 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $0 |
| Loans from Officers, Directors, or Controlling Persons | $0 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $664,828 |
| Inventories for sale or use | $0 |
| Prepaid expenses and deferred charges | $0 |
| Net Land, buildings, and equipment | $0 |
| Investments—publicly traded securities | $613,720 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $0 |
| Total assets | $1,633,414 |
| Accounts payable and accrued expenses | $0 |
| Grants payable | $0 |
| Deferred revenue | $0 |
| Tax-exempt bond liabilities | $0 |
| Escrow or custodial account liability | $0 |
| Loans and other payables to any current Officer, Director, or Controlling Person | $0 |
| Secured mortgages and notes payable | $0 |
| Unsecured mortgages and notes payable | $0 |
| Other liabilities | $0 |
| Total liabilities | $0 |
| Net assets without donor restrictions | $0 |
| Net assets with donor restrictions | $0 |
| Capital stock or trust principal, or current funds | $0 |
| Paid-in or capital surplus, or land, building, or equipment fund | $0 |
| Retained earnings, endowment, accumulated income, or other funds | $1,633,414 |
| Total liabilities and net assets/fund balances | $1,633,414 |