Overview
What is Morehead State University Foundation Inc?
Morehead State University Foundation Inc, based in Morehead, Kentucky, serves as a vital supporter of Morehead State University's academic programs. As a nonprofit organization, their primary mission is to enhance the educational opportunities at the university through fundraising and administrative assistance. They operate with a focus on providing a 'margin of excellence' funding to Morehead State University, helping the institution reach its established goals. The foundation fulfills this mission by prudently managing its assets, advocating for educational purposes, offering advice and support to the university's leadership, and contributing to its fundraising programs. With a team of three dedicated individuals, they strive to promote educational growth and development at Morehead State University.
Official website here: www.alumni.moreheadstate.edu/s/1869/foundation19
What are the reviews and ratings of this charity?
Charity Navigator Rating: 92% (Four-Star out of Four Stars)
Morehead State University Foundation Inc has achieved a Four-Star rating on Charity Navigator, reflecting a strong commitment to accountability and finance management. This high score is derived entirely from its exceptional performance in the Accountability & Finance category, indicating that the organization effectively manages its resources and maintains transparency in its operations.
The foundation benefits from a wholly independent board, with all 22 members meeting the criteria for independence. Their financial practices are robust, demonstrated by a significant program expense ratio of 88.93%, ensuring that the majority of funds are directed towards their programs. Additionally, the foundation shows no material diversions of assets and has a solid liabilities-to-assets ratio, reinforcing its financial stability.
However, there are a couple of areas identified for improvement, notably the absence of a whistleblower policy and a document retention and destruction policy. While these gaps do not overshadow the foundation's overall positive assessment, addressing them could further enhance its accountability framework. Overall, Morehead State University Foundation Inc demonstrates a strong financial foundation and commitment to its mission.
This AI summary has been generated from information found on Charity Navigator.
Is Morehead State University Foundation Inc legitimate?
Morehead State University Foundation Inc is a legitimate nonprofit organization registered as a 501(c)(3) entity. Morehead State University Foundation Inc submitted a form 990, which is a tax form used by tax-exempt organizations in the U.S., indicating its operational transparency and adherence to regulatory requirements. Donations to this organization are tax deductible.
Heare are some key statistics you may want to consider:
Executive Compensation: $0
Professional Fundraising Fees: $0
Other Salaries and Wages: $25,301
For more financial information, click here
Official website here: www.alumni.moreheadstate.edu/s/1869/foundation19
What is the mission statement of Morehead State University Foundation Inc?
The Morehead State University Foundation Inc's mission is centered around supporting Morehead State University. This support is primarily through fundraising and providing administrative assistance. The foundation's primary objective is to provide funding for a 'margin of excellence' to aid Morehead State University in achieving its established goals. The foundation is responsible for managing its assets in accordance with federal and state laws and regulations, promoting educational purposes in conjunction with the university. It encourages, sponsors, and supports the institutional priorities of Morehead State University, offering advice, consultation, and support to the university's board of regents and president. Additionally, the foundation provides volunteer leadership for Morehead State University's fundraising programs and assists with other institutional advancement efforts.
Official website here: www.alumni.moreheadstate.edu/s/1869/foundation19
Who is the CEO of Morehead State University Foundation Inc?
Richard L Hesterberg is the Chair of Morehead State University Foundation Inc. The CEO's salary of Morehead State University Foundation Inc is $0 and their total compensation is $0.
Official website here: www.alumni.moreheadstate.edu/s/1869/foundation19
What is the revenue of Morehead State University Foundation Inc?
Morehead State University Foundation Inc's revenue in 2023 was $6,483,169.
Official website here: www.alumni.moreheadstate.edu/s/1869/foundation19
Who are the executives of Morehead State University Foundation Inc and what are their salaries?
The average compensation at Morehead State University Foundation Inc during 2023 was $8,434. There are 3 employees and 22 volunteers at Morehead State University Foundation Inc.
Here are 22 key members and their salaries (Morehead State University Foundation Inc's CEO's salary is $0 and their total compensation is $0):
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Official website here: www.alumni.moreheadstate.edu/s/1869/foundation19
Where can I find the form 990 for Morehead State University Foundation Inc?
Morehead State University Foundation Inc's most recent form 990 was submitted in 2023 and can be accessed here.
Official website here: www.alumni.moreheadstate.edu/s/1869/foundation19
Learn more at the official website: www.alumni.moreheadstate.edu/s/1869/foundation19
Mission Statement of Morehead State University Foundation Inc
Morehead State University Foundation Inc is committed to supporting Morehead State University (MSU) through fundraising and administrative assistance. Their mission is to provide a 'Margin of Excellence Opportunity Funding' to MSU, helping the university achieve its established goals. The foundation is responsible for administering its assets prudently, adhering to federal and state laws and regulations, and upholding a fiduciary responsibility between the university and itself. The goal is to promote educational purposes in conjunction with or at the request of MSU, encouraging, sponsoring, and supporting institutional priorities. The foundation also offers advice, consultation, and support to the president and the Board of Regents of MSU, and provides volunteer leadership for MSU's fundraising programs, as well as supporting other institutional advancement efforts.
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Impact
October, 2024
Morehead State University Foundation Inc. significantly enhances the academic environment at Morehead State University through strategic fundraising and administrative support. By providing essential assistance to various academic programs, the foundation plays a crucial role in ensuring that the university can meet its goals and fulfill its mission.
The foundation's activities are focused on creating a "margin of excellence" funding that allows the university to go beyond basic financial support, thereby promoting innovative educational opportunities. Their commitment includes prudent management of all foundation assets, ensuring that resources are allocated effectively to support institutional priorities.
Additionally, the foundation fosters collaboration by offering advice and consultation to the university's leadership. This partnership is vital in aligning fundraising efforts with the needs of Morehead State University, ultimately enhancing the educational experience for students. The proactive engagement of the foundation in fundraising initiatives not only helps secure necessary financial resources but also cultivates a culture of community involvement and support for the university's mission.
Overall, Morehead State University Foundation Inc. serves as a vital resource for enhancing educational opportunities, promoting excellence, and ensuring the sustainable growth of Morehead State University.
This information is meant to be a general summary of Morehead State University Foundation Inc. Please take the time to review official sources before making any decisions based upon the content provided here.
Financials
This financial information is from Propublica.
Other financial information:
This information is from the most recently submitted tax form from this organization, which was in 2023.
- Investment Income: $858,150
- Gross Receipts: $6,537,456
Assets and Liabilities:
- Total Assets: $75,848,542
- Total Liabilities: $12,097,351
- Net Assets: $63,751,191
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Organization Details
Founding Year
1979
Phone
(606) 783-2599Principal Officer
Richard L Hesterberg
Main Address
150 UNIVERSITY BLVD, MOREHEAD, KY, 40351
NTEE Category
Code: B84 - Education
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