Charles T King Student Loan Fund
Public records show a registered, tax-exempt organization in good standing.
What it says it does
TO PROVIDE LOANS TO MILLBURN TOWNSHIP NJ STUDENTS ATTENDING ACCREDITED COLLEGES, UNIVERSITIES AND TECHNICAL SCHOOLS.
- Income
- $43,640
- Spending
- $4,272
- Spent on programs
- 60%
- Reserves
- Over 10 years of spending
- Largest source of income
- investment income, 76%
- Employees
- 0
- Volunteers
- 15
Source: Form 990 for the year ending June 30, 2025, filed with the Internal Revenue Service. Rating method 2026.2. How we rate
Financial health
We do not score finances when yearly spending is very small or the return has too little detail. The ratios stop meaning much at that size.
Source: Form 990 for the year ending June 30, 2025, filed with the Internal Revenue Service. Rating method 2026.2. How we rate
Governance
Strong: 90 out of 100. Higher than 85% of charities in its peer group (education, under $250k).
Independent board
25 of 2515 of 15 voting board members are independent.
Conflict of interest policy
15 of 15Has a written conflict of interest policy.
Whistleblower policy
0 of 8Reports no written whistleblower policy.
Record keeping policy
7 of 7Has a written policy on keeping and destroying records.
Board minutes
5 of 5Keeps minutes of board meetings.
Board sees the tax return
10 of 10Gave the board a copy of this return before filing it.
No reported misuse
10 of 10Reports no diversion of assets, excess benefits or loans to insiders.
Source: Form 990 for the year ending June 30, 2025, filed with the Internal Revenue Service. Rating method 2026.2. How we rate
Impact evidence
Describes programs. Its tax return describes what it does but we have found no measurable results in it.
Programs described in its return (1)
- $2,572 spent. 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. 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.
Source: Form 990 for the year ending June 30, 2025, filed with the Internal Revenue Service. Rating method 2026.2. How we rate
Legitimacy checks
Is it registered with the IRS? Passed.
Listed in the IRS master file of tax-exempt organizations as a 501(c)(3) charitable organization.
Source: Exempt Organizations Business Master File, Internal Revenue Service, file dated October 13, 2026.
Has the IRS revoked its tax-exempt status? Passed.
Not on the IRS automatic revocation list.
Source: Automatic revocation of exemption list, Internal Revenue Service, file dated October 13, 2026.
Are donations tax-deductible? Passed.
On the IRS list of organizations eligible to receive tax-deductible contributions.
Source: Publication 78 data: organizations eligible for tax-deductible contributions, Internal Revenue Service, file dated October 13, 2026.
Is it keeping up with its IRS filings? Passed.
Most recent return on file covers the year ending June 2025.
Source: Exempt Organizations Business Master File, Internal Revenue Service, file dated October 13, 2026.
How long has it been tax-exempt? Passed.
Recognized by the IRS since March 1942.
Source: Exempt Organizations Business Master File, Internal Revenue Service, file dated October 13, 2026.
Is it in good standing with state regulators? Passed.
Not on California's list of charities barred from soliciting. Other states are not yet checked.
Source: May Not Operate or Solicit for Charitable Purposes list, California Attorney General, Registry of Charities and Fundraisers, file dated October 21, 2026.
Ratings and checks are our reading of public records, using the published method. They are not a statement about anyone's honesty. If you work for this organization, you can send corrections or results, confirm you want gifts through Veridonate, or ask to be removed from giving.