The Mustang Foundation began as the Malta Educational Foundation and Alumni Association (MEFAA), holding its 1st meeting June 27th 1996. Those present were Malta School Board Trustee Sheila Simanton, Supt. William Parker, and Board members Byron Ereaux, Michael Fred Ereaux, Lyle Lilienthal and Secretary Susy Johnson. The foundation has had many join the organization over the years and currently has 12 members on the board. Its main purpose has been to manage funds that are given out yearly as scholarships to Malta seniors and alumni.