Canton Student Loan Foundation
- Assets
- $13.4m
- Revenue
- $509.5k
- Investments
- $378.2k
- Employees
- 4
- Location
- Canton, OH
- Founding
- 01/1945
- Data as of
- 06/2022
- EIN
- 34-0906580
Organization Overview
Canton Student Loan Foundation is located in Canton, OH. The organization was established in 1945. According to its NTEE Classification (B82) the organization is classified as: Scholarships & Student Financial Aid, under the broad grouping of Education and related organizations. As of 06/2022, Canton Student Loan Foundation employed 4 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Canton Student Loan Foundation 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 06/2022, Canton Student Loan Foundation generated $509.5k in total revenue. This represents relatively stable growth, over the past 7 years the organization has increased revenue by an average of 2.8% each year. All expenses for the organization totaled $207.9k during the year ending 06/2022. While expenses have increased by 1.1% per year over the past 7 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
2022
Describe the Organization's Mission:
Part 3 - Line 1
TO HELP GRADUATES OF STARK COUNTY HIGH SCHOOLS ACHIEVE HIGHER EDUCATION BY GRANTING LOW INTEREST LOANS TO ELIGIBLE APPLICANTS
Describe the Organization's Program Activity:
Part 3 - Line 4a
LOAN SERVICES:FURNISH FINANCIAL ASSISTANCE TO GRADUATES OF STARK COUNTY HIGH SCHOOLS BY GRANTING LOW INTEREST LOANS TO ELIGIBLE APPLICANTS SO THEY CAN COMPLETE POST-HIGH SCHOOL EDUCATION AND TRAINING. THE UNDERGRADUATE PROGRAM LOANED $1,262,500 TO 377 STUDENTS AND THE GRADUATE PROGRAM DISBURSED $147,000 TO 35 STUDENTS.
MEMBERSHIP DEVELOPMENT: THIS PROGRAM EDUCATES THE COMMUNITY ABOUT THE LOAN SERVICES OF THE CANTON STUDENT LOAN FOUNDATION AND ENCOURAGES COMMUNITY DONATIONS TO THE FOUNDATION IN ORDER TO INCREASE THE POOL OF FUNDS AVAILABLE FOR THE REVOLVING LOAN PROGRAM. ACTIVE MEMBERSHIP NUMBERS ARE 168.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Kimberly Leggett Executive Director | Officer | 32 | $69,468 |
George Downes Treasurer | OfficerTrustee | 0.25 | $0 |
Kathy Poporad Secretary | OfficerTrustee | 0.25 | $0 |
Joann Smith Vice President | OfficerTrustee | 0.25 | $0 |
Michael Gallina President | OfficerTrustee | 0.25 | $0 |
Robert Belden Trustee | Trustee | 0.25 | $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 | $267,835 |
| Noncash contributions included in lines 1a–1f | $0 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $267,835 |
| Total Program Service Revenue | $211,480 |
| Investment income | $27,825 |
| 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 | $509,535 |
| 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. | $69,468 |
| Compensation of current officers, directors, key employees. | $13,894 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $40,782 |
| Pension plan accruals and contributions | $6,947 |
| Other employee benefits | $3,778 |
| Payroll taxes | $8,434 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $5,061 |
| Fees for services: Accounting | $8,320 |
| 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 | $0 |
| Information technology | $0 |
| Royalties | $0 |
| Occupancy | $24,020 |
| 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 | $1,283 |
| Insurance | $0 |
| All other expenses | $28,575 |
| Total functional expenses | $207,868 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $0 |
| Savings and temporary cash investments | $6,360,627 |
| 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 | $6,618,525 |
| Inventories for sale or use | $0 |
| Prepaid expenses and deferred charges | $1,232 |
| Net Land, buildings, and equipment | $542 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $378,213 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $0 |
| Total assets | $13,359,139 |
| 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 | $12,777,772 |
| Net assets with donor restrictions | $581,367 |
| 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 | $0 |
| Total liabilities and net assets/fund balances | $13,359,139 |
Grants Recieved
Over the last fiscal year, we have identified 5 grants that Canton Student Loan Foundation has recieved totaling $256,878.
| Awarding Organization | Amount |
|---|---|
Stark Community Foundation Inc Canton, OH PURPOSE: GENERAL SUPPORT | $199,278 |
Timken Foundation Of Canton Canton, OH PURPOSE: STUDENT LOAN FINANCING | $50,000 |
W R Timken Jr Foundation Canton, OH PURPOSE: UNRESTRICTED GRANT SUPPORTING STARK COUNTY STUDENTS | $5,000 |
Klein-Lottman Family Fund Canton, OH PURPOSE: GENERAL PURPOSE | $2,500 |
Bank Of America Charitable Foundation Inc Charlotte, NC PURPOSE: OPERATIONAL SUPPORT | $100 |
Endowment Analysis
| Beg. Balance | $194,539 |
| Earnings | -$12,066 |
| Admin Expense | $1,465 |
| Ending Balance | $181,008 |
Peer Organizations
| Organization Name | Assets | Revenue |
|---|---|---|
Richard U Light Foundation Kalamazoo, MI | $629,730 | $25,417,215 |
Business Leadership Organized For Catholic Schools King Of Prussia, PA | $82,544,630 | $55,644,917 |
Central Pennsylvania Scholarship Fund Tyrone, PA | $42,508,819 | $45,167,381 |
Skillman Foundation Detroit, MI | $412,503,854 | $53,699,386 |
Cardinal Services Inc Of Indiana Warsaw, IN | $28,675,162 | $26,373,889 |
Kalamazoo Promise Kalamazoo, MI | $7,251,327 | $23,596,440 |
College Now Greater Cleveland Inc Cleveland, OH | $24,271,314 | $18,465,003 |
Cigna Foundation Philadelphia, PA | $165,016,072 | $8,084,237 |
Children Scholarship Fund Philadelphia Philadelphia, PA | $24,817,690 | $13,351,193 |
Knowledgeworks Foundation Cincinnati, OH | $34,010,195 | $7,717,304 |
Ruth Mott Foundation Flint, MI | $290,091,185 | $30,117,543 |
Foundation For Jewish Day Schools Of Greater Philadelphia Philadelphia, PA | $5,671,351 | $11,978,701 |