Morehead Scholarship Foundation
- Assets
- $57.1m
- Revenue
- $5.6m
- Investments
- $52.0m
- Employees
- 0
- Location
- Chapel Hill, NC
- Founding
- 07/2004
- Data as of
- 06/2022
- 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 06/2022, Morehead Scholarship Foundation generated $5.6m in total revenue. This represents relatively stable growth, over the past 7 years the organization has increased revenue by an average of 4.9% each year. All expenses for the organization totaled $3.1m during the year ending 06/2022. While expenses have increased by 8.3% per year over the past 7 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
2022
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 $2,965,078 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 24.01% OF THE FOUNDATION'S PROGRAM EXPENSES IN FISCAL YEAR 2022 AND HELPED PROVIDE FULL-COST SCHOLARSHIPS, SUMMER ENRICHMENT EXPERIENCES AND OTHER DEVELOPMENTAL OPPORTUNITIES TO 371 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) | Role | Hours | Compensation |
|---|---|---|---|
Jennifer Halsey Evans Chair | OfficerTrustee | 2.5 | $0 |
Philip E Berney Vice Chair | OfficerTrustee | 2.5 | $0 |
Robert J Bach Director | Trustee | 2.5 | $0 |
Robert A Blouin Director | Trustee | 2.5 | $0 |
Keith O Cowan Director | Trustee | 2.5 | $0 |
William M Detmer 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 | $3,480,718 |
| Noncash contributions included in lines 1a–1f | $1,522,847 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $3,480,718 |
| Total Program Service Revenue | $0 |
| Investment income | $3,951 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | $2,100,994 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $5,585,663 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $2,965,078 |
| 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 | $156,313 |
| Fees for services: Other | $8,321 |
| 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 | $3,129,712 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $0 |
| Savings and temporary cash investments | $3,501,284 |
| Pledges and grants receivable | $1,523,411 |
| 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 | $52,031,173 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $0 |
| Total assets | $57,055,868 |
| 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 | $51,526,352 |
| 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 | $57,055,868 |