Morehead Scholarship Foundation

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.

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.


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Board, Officers & Key Employees

Name (title)Compensation
Philip E Berney
Vice Chair
$0
Jennifer Halsey Evans
Chair
$0
Charles E Lovelace Jr
Executive Director
$0
Steven R Michalak
Treasurer
$0
Robert J Bach
Director
$0
Robert A Blouin
Director
$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

Grants Recieved

Over the last fiscal year, we have identified 5 grants that Morehead Scholarship Foundation has recieved totaling $258,487.

Awarding OrganizationAmount
Schwab Charitable Fund

San Francisco, CA

PURPOSE: EDUCATION

$126,837
$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
View Grant Recipient Profile

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

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