The Early Years
In 1922, the Foundation began with $0 assets. After twenty-five years, the Foundation reported assets of $45,700. After fifty years, assets were $491,200. Today, assets are over $6,400,000. In the fledgling years, students were permitted to borrow up to $150 per year or a total of $600. Today, the Board allows loans of up to $3,000 per year or a maximum total loan of $12,000. The first loan was granted on October 5, 1923 to a young man who borrowed $150. The Foundation assisted two young men that year.

In August 1929, the Board approved four loans, three of which were granted to young women for the first time. Today the Board approves about 400 loans each year with about 1/2 going to men and 1/2 to women students. During the first 25 years, the Foundation assisted an average of 4 to 5 students per year with an average of $3,000 in loans each year. After 50 years, the Foundation was granting about 100 loans per year in the amount of almost $100,000. Today we provide approximately $1,200,000 in loans to about 400 students annually. .

After the first 25 years, there were 32 loans outstanding in the amount of $12,174. Today, we have approximately 1,034 loans outstanding in the amount of $7,025,000. The first loan repayment was received on November 7, 1924. At the beginning, loans were to be repaid within four years of graduating or leaving college. Today loans must be repaid in full within 7 years of graduating or leaving school.

In August 1928, the Board approved graduated interest charges to begin accruing at 4% when loan repayment began and increasing by 1% each year to 6%. In January 1942, the Board approved suspending interest on the loans of men in service during World War II. Today interest of 6% per year begin to be charged when the first loan payment becomes due. In 1947, average monthly receipts from loans were $250. By 1972, monthly income from loans was averaging around $6,000. Today, our average monthly loan payments are close to $100,000.

For the first 46 years, the Foundation's administrative tasks were handled by volunteer Board members.

In October 1968, the Board approved hiring the first full time Executive Secretary - Mr. Halbert White - effective January 1, 1969. He was succeeded by Andrew Kristy on July 1, 1971. In July 1974, Audrey Bowling was hired to replace Mr. Kristy. In February 1978, Helen Bibbee was hired to replace Mrs. Bowling when she moved out of state. In November 1993, upon Mrs. Bibbee's retirement after 16 years of service, Lori Lapp was hired as the Executive Director. Lori retired in December of 2005 and in January 2006, Kimberly Legget was named Executive Director.

Until May 1974, administrative functions were handled out of the homes of Board members and Executive Secretaries. In May 1974, 300 square feet of office space was leased in the Citizens Savings Building in downtown Canton, Ohio. In June 1991, the office relocated to its present location at Higbee Avenue in Jackson Township, Ohio, with 825 square feet in the Atrium South building.