The Charles T. King Student Loan Fund

Legal name: Charles T King Student Loan Fund

Nonprofit profile at a glance

EIN
226052901
IRS 990 coverage
2010–2024
Official website data refreshed
Sep 2026
Forms available
Form 990 2024
Location
Short Hills, NJ, US
Phone
9733763600
Rating
60
Verdict
SUPPORTED
Rating confidence
Moderate
Sector
Scholarships, Student Financial Aid Services, Awards

Official website

Reported finances

Revenue
$43,640
Expenses
$4,272
Assets
$1,672,782
Liabilities
$0

Source: IRS Form 990. Selected filing: tax year 2024. Amounts in USD.

Leadership & pay

15 people listed

People named in this filing

  • LILY LEE (CHAIR)
  • ANDREA SPAAR (SECRETARY)
  • CORDELIA CHAN (CO-TREASURER)

Selected names, not a complete roster or a statement of current roles. Open leadership details for the complete filed list.

Source: IRS Form 990. Selected filing: tax year 2024. Names and roles reflect this filing, not necessarily current officeholders.

Overview

Mission

Our mission is to provide school loans to Millburn township students in need.

What it reported doing in 2024

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, 2025, there were 92 loans outstanding with an average balance of 7,400.

Operating model

Revenue model
Investment-supported. 76% of the money available for current operations came from recurring investment income.
Distribution model
Direct operator. The filing allocates 100% of reported program-service expenses outside its grant, affiliate-payment, and member-benefit lines. This expense classification does not rule out separately announced grant awards.

The verdict

SUPPORTED - The filed numbers largely add up and most voting board members are independent. A relatively small share of available resources goes toward mission work and some filing-based governance responses are negative or unanswered.

Rating breakdown

  • Financial Efficiency: 24
  • Transparency & Controls: 90
  • Accountability: 82
  • Sustainability: 90
  • Growth: 60

Detailed rating inputs

Financial Efficiency

  • Mission deployment rate: 7.3%; rating input score 7
  • Program expense ratio: 60.2%; rating input score 60
  • Fundraising efficiency: Limited

Transparency & Controls

  • Consistency checks: 100%; rating input score 100; 63rd percentile among comparable filings
  • Pay-setting controls: Limited
  • Foreign activity oversight: Limited
  • Grant itemization coverage: Limited
  • Major donor itemization: Limited
  • Related-party transparency: Limited

Accountability

  • Independent voting board: 100%; rating input score 100; 64th percentile among comparable filings
  • Governance controls: 4 of 7 controls in place; rating input score 57
    • Conflict-of-interest policy: Pass
    • Whistleblower policy: Fail
    • Document-retention policy: Pass
    • CEO compensation review process: NotApplicable
    • Other executive compensation review process: NotApplicable
    • Form 990 shared with the board: Pass
    • Board meeting minutes documented: Pass
    • Audit committee oversight: Missing
    • Independent financial-statement audit: Fail

Sustainability

  • Operating margin: 90.2%; rating input score 98; 98th percentile among comparable filings
  • Total-asset coverage ratio: 391.57; rating input score 98; 98th percentile among comparable filings
  • Liabilities to assets ratio: 0; rating input score 69; 69th percentile among comparable filings
  • Officer compensation ratio: 0%; rating input score 60; 60th percentile among comparable filings

Growth

  • Program expense growth: -12.4% per year; rating input score 0; 25th percentile among comparable filings
  • Revenue growth: 9.4% per year; rating input score 100; 86th percentile among comparable filings
  • Asset growth: 1% per year; rating input score 100; 46th percentile among comparable filings

Details

  • What they do: 2 programs and campaigns described on the official site · 1 operating location identified
  • Where the money goes: 7.3% of revenue deployed · 60.2% of spending went to programs
  • Governance: 15 of 15 board members independent · 4 of 7 filing controls reported
  • Programs: 1 filed program accomplishment · $3K in reported program spending
  • Leadership: top reported pay $0 · 15 people listed
  • Consistency: 14 of 14 current checks pass
  • Schedules: 2 filed schedules
  • Filing history: 15 filing years from 2010 to 2024
  • Contacts: How to reach this organization
  • Grant readiness: Federal tax and exclusion status, award history, and grant-maker relationships.
  • People: Everyone the filings name, and which of them the filings identify by more than a name.

Key Signals

Signals prioritize questions for review. They are not findings of misconduct.

  • High — Financial Efficiency: Mission deployment rate scored 7/100.
  • Review — Accountability: Governance controls: 2 of 6 not reported.
  • High — Growth: Program expense growth scored 0/100.