Overview
What is Morehead-Cain Scholarship Fund?
The Morehead-Cain Scholarship Fund is a distinguished nonprofit organization based in Chapel Hill, North Carolina. Its primary mission is to support the country's oldest and most renowned merit scholarship program at the University of North Carolina at Chapel Hill. This funding, amounting to $2,965,078 in fiscal year 2022, accounted for 24.01% of the foundation's total expenses. The financial aid provided by the Morehead-Cain Scholarship Fund enables 371 promising future leaders to benefit from full-tuition scholarships, summer enrichment experiences, and various developmental opportunities. The organization's contributions are essential in sustaining and improving the Morehead-Cain Scholars Program.
What are the reviews and ratings of this charity?
Charity Navigator Rating: 95% (Four-Star out of Four Star rating)
The Morehead-Cain Scholarship Fund has earned a Four-Star rating from Charity Navigator, reflecting its strong commitment to accountability and financial health. The organization's outstanding score of 95% is based entirely on its Accountability & Finance metrics, indicating robust governance and management practices. This high rating signifies that the fund is well-managed and transparent in its operations.
Strengths of the Morehead-Cain Scholarship Fund include a fully independent board and a strong financial oversight structure. With all board members being independent and high scores in various governance areas such as conflict of interest policies and whistleblower protections, the organization demonstrates a commitment to ethical practices. Additionally, the fund shows excellent financial ratios, with zero liabilities to assets and a program expense ratio of 100%, meaning all funds are directed towards its scholarship programs.
Limitations were not noted in the available data, which reinforces the positive standing of the Morehead-Cain Scholarship Fund. Its operational efficiencies, with a fundraising efficiency ratio of $0.00, suggest no costs associated with fundraising, further enhancing its financial profile and effectiveness in supporting its mission. Overall, the organization stands out for its integrity and focus on its core objectives.
This AI summary has been generated from information found on Charity Navigator.
Is Morehead-Cain Scholarship Fund legitimate?
Morehead-Cain Scholarship Fund is a legitimate nonprofit organization registered as a 501(c)(3) entity. Morehead-Cain Scholarship Fund 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:
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What is the mission statement of Morehead-Cain Scholarship Fund?
The Morehead-Cain Scholarship Fund supports the Morehead-Cain Scholarship Program at the University of North Carolina at Chapel Hill. Its mission is to provide financial assistance, enabling the program to offer full-cost scholarships, summer enrichment experiences, and other developmental opportunities to 371 of the nation's most promising future leaders. The fund disbursed a significant portion of its resources to the Morehead-Cain Foundation in fiscal year 2022, contributing to 24.01% of the foundation's program expenses. This financial aid is essential for sustaining and enhancing the Morehead-Cain Scholars Program, thereby nurturing the next generation of influential leaders.
Who is the CEO of Morehead-Cain Scholarship Fund?
Steven R Michalak is the Chair of Morehead-Cain Scholarship Fund.
What is the revenue of Morehead-Cain Scholarship Fund?
Morehead-Cain Scholarship Fund's revenue in 2022 was $5,585,663.
Who are the executives of Morehead-Cain Scholarship Fund and what are their salaries?
Here are 22 key members and their salaries:
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Where can I find the form 990 for Morehead-Cain Scholarship Fund?
Morehead-Cain Scholarship Fund's most recent form 990 was submitted in 2022 and can be accessed here.
Mission Statement of Morehead-Cain Scholarship Fund
The Morehead-Cain Scholarship Fund plays a crucial role in supporting the Morehead-Cain Scholarship Program at the University of North Carolina at Chapel Hill. This fund's mission is to provide financial assistance, enabling the scholarship program to offer full-cost scholarships, summer enrichment experiences, and other developmental opportunities to a select group of 371 promising future leaders. These scholarships are designed to nurture and empower these individuals, helping them to reach their full potential. The financial backing provided by the Morehead-Cain Scholarship Fund is a significant and expanding portion of the funds required to maintain and enhance the Morehead-Cain Scholars Program. This support contributes to the program's overall success and enables it to continue its mission of identifying and nurturing some of the nation's most promising young leaders.
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Impact
July, 2024
The Morehead-Cain Scholarship Fund's impact is significant in providing support for the Morehead-Cain Scholarship Program at the University of North Carolina at Chapel Hill. In fiscal year 2022, the fund disbursed $2,965,078 to the Morehead-Cain Foundation, representing 24.01% of the foundation's program expenses. This support 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 from the Morehead-Cain Scholarship Fund is crucial in sustaining and enhancing the Morehead-Cain Scholars Program, ensuring its continued impact on education and the development of emerging leaders.
This information is meant to be a general summary of Morehead-Cain Scholarship Fund. 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 2022.
- Investment Income: $2,104,945
- Gross Receipts: $5,585,663
Assets and Liabilities:
- Total Assets: $57,055,868
- Total Liabilities: $0
- Net Assets: $57,055,868
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Organization Details
Founding Year
2004
Phone
(919) 962-1201Principal Officer
Steven R Michalak
Main Address
POST OFFICE BOX 690, CHAPEL HILL, NC, 27514
NTEE Category
Code: B82 - Education
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