Columbus W Thorn JR Foundation

Expenses incurred in administering the student loan program.

The Foundation awards student loans as assistance with higher education after graduation from high school. Repayment of the loan is required within four years after completion or discontinuance of the student's advanced education. The loan is interest free while the student is full time and in good standing. Upon graduation or discontinuance, the loan will bear interest at 5% annually.

The Foundation incurs document service and court costs to pursue collections from students when loans go into default. The student is responsible for reimbursing the Foundation for these fees. Due to timing of payment of expense and actual collection, there is net income related to court costs in 2022.