Below is the annual report for the Norristown Rotary Student Loan Fund. 

This is prepared for the year ended 9/30/2014-  Don Kimmel

 

NORRISTOWN ROTARY STUDENT LOAN FUND

 

History Summary  -  1982 TO 2014

 

Granting Student Loans

    Eligible students are those selected as Norristown Rotary Students of the Month, Camp Neidig Leadership attendees, and occasionally faculty designated deserving students.  The school faculty nominates the students and selected students are graduates of Kennedy-Kenrick, Methacton, Norristown, and Plymouth-Whitemarsh High Schools.

  

Interest-free educational loans are available annually upon completion by the student of an application form submitted to the Loan Fund.  There is no means test to be eligible.  Students can apply annually for additional loans during full time college attendance, up to a total of four years.  Annual loan amounts to each student, which is $1000 currently, are distributed to the students in July each year.  The checks are payable to the institution that the student is attending.

 

    Loan repayment begins six months after completion or other termina­tion of full time college educational programs, or after completion of full time post-graduate studies by the student.  A minimum monthly repayment of $75.00 is required, many students accelerate the repayment.  No interest is payable unless the student defaults in repay­ment.

 

History

    This Club project was proposed by D. Kimmel while serving as club president in 1982-83 and adopted by the Board of Directors.  Loans of $400 to 8 students were initially made in 1983.  This year, 2014, 14 students each received loans of $1000.  During its existence, the Loan Fund has made 832 loans totaling $691,750.

 

Funding Source

    Funding for the Loan Fund has come from several sources, including contributions from the Norristown Rotary Club, individual contributions from members, interest earned, and special projects.  In prior years a major fund-raiser was the annual Arbaugh-Weiss Tennis Tournament sponsored by two club members and participated in by many of our members and other persons from the community.  Currently the Loan Fund is self-sustaining from loan repayments.

 

Administration

    A four-member committee, appointed by the Board of Directors, with staggered four-year terms administers the Loan Fund.  Subject to approval of the Board of Directors, the committee maintains published loan regulations, loan application and repayment forms that include guarantees from two persons, generally parents, and the student recipient.  Computerized student and financial records are maintained.  Records for the Loan Fund are maintained on a fiscal year ending September 30th.

rotary annual report