The Corporation is organized for the following purposes: To provide and administer funds to award for scholarships for deserving Longport students. To further the education of Longport residents and children of Longport residents. To assist in the financial mix of monies available to students beginning or continuing the post high school education or to adult students furthering their schooling. To encourage students of intellectual promise, promote civic leadership, encourage social responsibility and good character in students. To administer all funds in a prudent manner. To preserve the funds balance, yet make it grow in a responsible way.