Morehead Scholarship Foundation
- Assets
- $54.6m
- Revenue
- $5.6m
- Investments
- $49.1m
- Employees
- 0
- Location
- Chapel Hill, NC
- Founding
- 07/2004
- Data as of
- 06/2021
- EIN
- 56-2462593
Organization Overview
Morehead Scholarship Foundation is located in Chapel Hill, NC. The organization was established in 2004. According to its NTEE Classification (B82) the organization is classified as: Scholarships & Student Financial Aid, under the broad grouping of Education and related organizations. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Morehead Scholarship Foundation is a 501(c)(3) and as such, is described as a "Charitable or Religous organization or a private foundation" by the IRS.
For the year ending 06/2021, Morehead Scholarship Foundation generated $5.6m in total revenue. This represents relatively stable growth, over the past 6 years the organization has increased revenue by an average of 5.8% each year. All expenses for the organization totaled $2.9m during the year ending 06/2021. While expenses have increased by 8.2% per year over the past 6 years. They've been increasing with an increasing level of total revenue. You can explore the organizations financials more deeply in the financial statements section below.
Form
990
Mission & Program ActivityExcerpts From the 990 Filing
TAX YEAR
2021
Describe the Organization's Mission:
Part 3 - Line 1
MOREHEAD-CAIN SCHOLARSHIP FUND PROVIDES SUPPORT FOR THE MOREHEAD-CAIN SCHOLARSHIP PROGRAMAT THE UNIVERSITY OF NORTH CAROLINA AT CHAPEL HILL.
Describe the Organization's Program Activity:
Part 3 - Line 4a
THE FUND DISBURSED $2,724,046 TO THE MOREHEAD-CAIN FOUNDATION TO SUPPORT THE NATION'S OLDEST AND MOST PRESTIGIOUS UNDERGRADUATE MERIT SCHOLARSHIP PROGRAM AT THE UNIVERSITY OF NORTH CAROLINA AT CHAPEL HILL. THIS AMOUNT REPRESENTED 27.51% OF THE FOUNDATION'S PROGRAM EXPENSES IN FISCAL YEAR 2021 AND HELPED PROVIDE FULL-COST SCHOLARSHIPS, SUMMER ENRICHMENT EXPERIENCES AND OTHER DEVELOPMENTAL OPPORTUNITIES TO 360 OF THE COUNTRY'S MOST PROMISING FUTURE LEADERS. THE FINANCIAL SUPPORT PROVIDED BY THE MOREHEAD-CAIN SCHOLARSHIP FUND IS A VITAL AND GROWING PORTION OF THE FUNDS NEEDED TO SUSTAIN AND ENHANCE THE MOREHEAD-CAIN SCHOLARS PROGRAM.
Get More from Intellispect for FreeCreate a free account to get more data, nonprofit salaries, advanced search and more.
Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Jennifer Halsey Evans Chair | OfficerTrustee | 2.5 | $0 |
Philip E Berney Vice Chair | OfficerTrustee | 2.5 | $0 |
Charles E Lovelace Jr Executive Director | Officer | 2.5 | $0 |
Steven R Michalak Treasurer | Officer | 2.5 | $0 |
Barbara Rosser Hyde Director | Trustee | 2.5 | $0 |
Walker L Poole Director | Trustee | 2.5 | $0 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $0 |
| Fundraising events | $0 |
| Related organizations | $0 |
| Government grants | $0 |
| All other contributions, gifts, grants, and similar amounts not included above | $3,771,430 |
| Noncash contributions included in lines 1a–1f | $232,743 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $3,771,430 |
| Total Program Service Revenue | $0 |
| Investment income | $966 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | $1,834,000 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $5,606,396 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $2,724,047 |
| Grants and other assistance to domestic individuals. | $0 |
| Grants and other assistance to Foreign Orgs/Individuals | $0 |
| Benefits paid to or for members | $0 |
| Compensation of current officers, directors, key employees. | $0 |
| Compensation of current officers, directors, key employees. | $0 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $0 |
| Pension plan accruals and contributions | $0 |
| Other employee benefits | $0 |
| Payroll taxes | $0 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $0 |
| Fees for services: Accounting | $0 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $140,142 |
| Fees for services: Other | $9,880 |
| Advertising and promotion | $0 |
| Office expenses | $0 |
| Information technology | $0 |
| Royalties | $0 |
| Occupancy | $0 |
| Travel | $0 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $0 |
| Interest | $0 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $0 |
| Insurance | $0 |
| All other expenses | $0 |
| Total functional expenses | $2,874,069 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $0 |
| Savings and temporary cash investments | $3,158,810 |
| Pledges and grants receivable | $2,331,472 |
| Accounts receivable, net | $0 |
| Loans from Officers, Directors, or Controlling Persons | $0 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $0 |
| Inventories for sale or use | $0 |
| Prepaid expenses and deferred charges | $0 |
| Net Land, buildings, and equipment | $0 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $49,094,767 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $0 |
| Total assets | $54,585,049 |
| Accounts payable and accrued expenses | $0 |
| Grants payable | $0 |
| Deferred revenue | $0 |
| Tax-exempt bond liabilities | $0 |
| Escrow or custodial account liability | $0 |
| Loans and other payables to any current Officer, Director, or Controlling Person | $0 |
| Secured mortgages and notes payable | $0 |
| Unsecured mortgages and notes payable | $0 |
| Other liabilities | $0 |
| Total liabilities | $0 |
| Net assets without donor restrictions | $49,055,533 |
| Net assets with donor restrictions | $5,529,516 |
| Capital stock or trust principal, or current funds | $0 |
| Paid-in or capital surplus, or land, building, or equipment fund | $0 |
| Retained earnings, endowment, accumulated income, or other funds | $0 |
| Total liabilities and net assets/fund balances | $54,585,049 |
Grants Recieved
Over the last fiscal year, we have identified 5 grants that Morehead Scholarship Foundation has recieved totaling $258,487.
| Awarding Organization | Amount |
|---|---|
Schwab Charitable Fund San Francisco, CA PURPOSE: EDUCATION | $126,837 |
National Christian Charitable Foundation Inc Alpharetta, GA PURPOSE: GROWTH | $101,700 |
Foundation For The Carolinas Charlotte, NC PURPOSE: CHARITABLE GIFT | $19,950 |
Yusko Family Foundation Chapel Hill, NC PURPOSE: GENERAL SUPPORT | $5,000 |
Make A Difference Fund Inc Rocky Mount, NC PURPOSE: GENERAL SUPPORT | $5,000 |
Endowment Analysis
| Beg. Balance | $36,189,852 |
| Earnings | $14,189,003 |
| Net Contributions | $3,771,430 |
| Grants | $2,724,046 |
| Ending Balance | $51,426,239 |
Peer Organizations
| Organization Name | Assets | Revenue |
|---|---|---|
Hca Healthcare Foundation Nashville, TN | $97,582,102 | $44,453,527 |
James Madison University Foundation Inc Harrisonburg, VA | $191,139,680 | $18,508,438 |
Marine Corps Scholarship Foundation Inc Alexandria, VA | $149,128,193 | $34,285,716 |
Children Of Fallen Patriots Foundation Reston, VA | $18,264,760 | $13,060,746 |
The Hartwell Foundation Corporation Memphis, TN | $88,595,532 | $17,280,759 |
Morehead Cain Foundation Chapel Hill, NC | $0 | $13,275,596 |
Education Foundation Scholarship Endowment Trust Chapel Hill, NC | $389,903,195 | $25,351,334 |
Hire Heroes Usa Alpharetta, GA | $7,840,449 | $13,205,192 |
Apogee Georgia School Choice Scholarship Fund Atlanta, GA | $21,549,156 | $14,581,744 |
Amity Medical Group Inc Charlotte, NC | $3,300,228 | $10,911,191 |
Inspire Brands Foundation Inc Atlanta, GA | $11,528,068 | $11,993,911 |
Beemok Family Foundation Charleston, SC | $51,753,352 | $227,490 |