Civic Intelligence

Morehead-Cain Scholarship Fund

990 • Fiscal year 2017 • EIN 56-2462593

Jul 01, 2016 to Jun 30, 2017 • Filed on May 14, 2018

Organization ProfileN/A
Post Office Box 690Chapel Hill, NC 27514

(919) 962-1201

Siviq Scores

Precomputed percentiles for this filing year versus similar nonprofits in the same peer cohort.

Liabilities / Assets

3rd percentile

0.00x

Tied with the lowest-debt nonprofits in its peer group.

2017 filings • NTEE B • $25M-$50M nonprofits • Source year 2017

Liabilities / Revenue

3rd percentile

0.00x

Tied with the lowest-debt nonprofits in its peer group.

2017 filings • NTEE B • $25M-$50M nonprofits • Source year 2017

Net Margin

95th percentile

67%

Higher net margin than 95% of similar nonprofits.

2017 filings • NTEE B • $25M-$50M nonprofits • Source year 2017

Top Officer Pay

79th percentile

$365,246

Higher top officer pay than 79% of similar nonprofits.

Top officer pay equals 6.3% of source-year revenue.

2017 filings • NTEE B • $25M-$50M nonprofits • Source year 2017

Asset Growth

83rd percentile

21%

Faster asset growth than 83% of similar nonprofits.

2017 filings • NTEE B • $25M-$50M nonprofits • Annualized from 2016 to 2017

Revenue Growth

85th percentile

45%

Faster revenue growth than 85% of similar nonprofits.

2017 filings • NTEE B • $25M-$50M nonprofits • Annualized from 2016 to 2017

Balance Sheet
Liabilities / Assets3rd percentile

Assets

Up

$30,569,482

Up $5,206,424 (+21%) from 2016

Net Assets

Up

$30,569,482

Up $5,206,424 (+21%) from 2016

Liabilities

Flat

$0

Flat from 2016

Revenue And Expenses
Liabilities / Revenue3rd percentileNet Margin95th percentile

Revenue

Up

$5,784,180

Up $1,798,012 (+45%) from 2016

Expenses

Up

$1,906,063

Up $113,707 (+6.3%) from 2016

Net Income

Up

$3,878,117

Up $1,684,305 (+77%) from 2016

Historical Trend

Balance Sheet Trend

Asset Growth83rd percentile

The highlighted filing sits inside the broader history for assets, liabilities, and net assets.

$80M$60M$40M$20M$0Assets 2011: $13,124,830Liabilities 2011: $0Net Assets 2011: $13,124,8302011Assets 2012: $13,596,606Liabilities 2012: $0Net Assets 2012: $13,596,6062012Assets 2013: $16,076,716Liabilities 2013: $0Net Assets 2013: $16,076,7162013Assets 2014: $21,235,251Liabilities 2014: $0Net Assets 2014: $21,235,2512014Assets 2015: $24,597,369Liabilities 2015: $0Net Assets 2015: $24,597,3692015Assets 2016: $25,363,058Liabilities 2016: $0Net Assets 2016: $25,363,0582016Assets 2017: $30,569,482Liabilities 2017: $0Net Assets 2017: $30,569,4822017Assets 2018: $35,331,928Liabilities 2018: $0Net Assets 2018: $35,331,9282018Assets 2019: $38,824,104Liabilities 2019: $0Net Assets 2019: $38,824,1042019Assets 2020: $39,200,307Liabilities 2020: $0Net Assets 2020: $39,200,3072020Assets 2021: $54,585,049Liabilities 2021: $0Net Assets 2021: $54,585,0492021Assets 2022: $57,055,868Liabilities 2022: $0Net Assets 2022: $57,055,8682022Assets 2023: $58,361,417Liabilities 2023: $0Net Assets 2023: $58,361,4172023Assets 2024: $59,412,458Liabilities 2024: $0Net Assets 2024: $59,412,4582024Assets 2025: $61,131,778Liabilities 2025: $31,825Net Assets 2025: $61,099,9532025

Highlighted filing

2017

Assets$30,569,482
Liabilities$0
Net Assets$30,569,482
Open 2017 Filing

Operations Trend

Revenue Growth85th percentile

Revenue, expenses, and net income across loaded years, with this filing highlighted.

$10M$5.0M$0-$5.0MExpenses 2011: $560,2882011Expenses 2012: $637,5832012Expenses 2013: $1,072,8542013Revenue 2014: $5,109,772Expenses 2014: $1,436,730Net Income 2014: $3,673,0422014Revenue 2015: $4,158,672Expenses 2015: $1,603,008Net Income 2015: $2,555,6642015Revenue 2016: $3,986,168Expenses 2016: $1,792,356Net Income 2016: $2,193,8122016Revenue 2017: $5,784,180Expenses 2017: $1,906,063Net Income 2017: $3,878,1172017Revenue 2018: $5,219,834Expenses 2018: $2,096,473Net Income 2018: $3,123,3612018Revenue 2019: $5,166,647Expenses 2019: $2,459,797Net Income 2019: $2,706,8502019Revenue 2020: $3,979,572Expenses 2020: $2,638,487Net Income 2020: $1,341,0852020Revenue 2021: $5,606,396Expenses 2021: $2,874,069Net Income 2021: $2,732,3272021Revenue 2022: $5,585,663Expenses 2022: $3,129,712Net Income 2022: $2,455,9512022Revenue 2023: $7,535,675Expenses 2023: $3,611,540Net Income 2023: $3,924,1352023Revenue 2024: $9,339,120Expenses 2024: $9,990,182Net Income 2024: -$651,0622024Revenue 2025: $6,053,774Expenses 2025: $7,792,924Net Income 2025: -$1,739,1502025

Highlighted filing

2017

Revenue$5,784,180
Expenses$1,906,063
Net Income$3,878,117
Open 2017 Filing
Jump To
Filing Snapshot
Filing Period
Jul 1, 2016 to Jun 30, 2017
Signed
May 14, 2018
Return Version
2016v3.1
Gross Receipts
$5,784,180
Mission and Program Overview

Mission

Morehead-cain scholarship fund provides support for the morehead-cain program at the university of north carolina at chapel hill.

Morehead-cain scholarship fund provides support for the morehead-cain scholarship program at the university of north carolina at chapel hill.

Balance Sheet Detail
LineBeginningEndChange
Assets
Investments Other Securities$19,773,202$24,017,923▲ $4,244,721
Pledges and Grants Receivable$3,465,675$4,219,216▲ $753,541
Savings and Temporary Cash Investments$2,124,181$2,332,343▲ $208,162
Cash and Non-Interest-Bearing Accounts$0$0→ $0
Accounts Receivable$0$0→ $0
Other Notes and Loans Receivable, Net$0$0→ $0
Receivable From Disqualified Prsn$0$0→ $0
Receivables From Officers Etc$0$0→ $0
Investments Program Related$0$0→ $0
Investments in Publicly Traded Securities$0$0→ $0
Land, Buildings, and Equipment, Net$0$0→ $0
Intangible Assets$0$0→ $0
Inventories for Sale or Use$0$0→ $0
Loans From Officers Directors$0$0→ $0
Prepaid Expenses and Deferred Charges$0$0→ $0
Total Assets$25,363,058$30,569,482▲ $5,206,424
Other Assets Total$0$0→ $0
Liabilities
Accounts Payable and Accrued Expenses$0$0→ $0
Grants Payable$0$0→ $0
Mortgage Notes Payable Secured by Investment Property$0$0→ $0
Unsecured Notes Loans Payable$0$0→ $0
Other Liabilities$0$0→ $0
Deferred Revenue$0$0→ $0
Escrow Account Liability$0$0→ $0
Tax Exempt Bond Liabilities$0$0→ $0
Total Liabilities$0$0→ $0
Net Assets / Fund Balance
Unrestricted Net Assets$19,833,542$25,039,966▲ $5,206,424
Permanently Rstr Net Assets$5,529,516$5,529,516→ $0
Temporarily Rstr Net Assets$0$0→ $0
Total Net Assets Fund Balance$25,363,058$30,569,482▲ $5,206,424
Total Liabilities and Net Assets / Fund Balance$25,363,058$30,569,482▲ $5,206,424

Asset Categories

AssetBook ValueDepreciationBasis
Other Securities$24,017,923--

Endowment Activity

PeriodBeginningContrib.Gain/LossOther UsesEnd
2016$23,238,877$4,611,341▲ $2,188,787-$28,237,139
2015$22,758,983$2,937,168▼ $738,986-$23,238,877
2014$19,210,733$3,218,764▲ $1,898,511-$22,758,983
2013$14,598,595$4,252,204▲ $1,764,580-$19,210,733
2012$12,660,617$2,020,802▲ $958,730-$14,598,595
Compensation and Service Providers
Top Officer Pay79th percentile

Board Members and Trustees

NameTitle
Keith O CowanChair
Alicia AlfordDirector
Channing MitzellDirector
DANA BURGESS O'DONOVANDirector
Frank C SullivanDirector
James L Tanner JrDirector
James W Dean JrDirector
Jennifer Lloyd HalseyDirector
Katie M ZiglarDirector
Malcolm K TurnerDirector
Noel DunivantDirector
Timothy B BurnettDirector
Timothy P SullivanDirector
Charles E Lovelace JrExecutive Director
Steven R MichalakTreasurer
Revenue and Support

Revenue Composition

Contributions and Grants
$4,611,341
Program Service Revenue
$0
Investment Income
$1,172,839
Other Revenue
$0
All Other Contributions
$4,611,341
Change in Net Assets
$3,878,117

Noncash Contribution Practices

Property subject to holding requirements
No
Reviewed unusual noncash gifts
No
Third parties used for noncash contributions
Yes

Noncash Contributions

Contribution TypeContribution CountReported AmountValuation Method
Securities Publicly Traded36$1,246,596Exchange Price
Total Noncash Contributions36$1,246,596-

Audited Revenue Reconciliation

Revenue per Audited Statements
$5,699,332
Revenue Not Reported on Financial Statements
$84,848
Revenue Not Reported on Form 990
$2,033,584
Total Revenue per Audited Statements
$7,732,916
Total Revenue per Form 990
$5,784,180
Expenses and Functional Allocation

Major Expense Lines

Line ItemAmount
Grants and Similar Amounts Paid$1,801,866
Other Expenses$104,197
Professional Fundraising Fees$0
Salaries, Compensation, and Employee Benefits$0
Total Fundraising Expense$0

Functional Expense Allocation

Line ItemProgramManagementFundraisingTotal
Grants to Domestic Orgs$1,801,866--$1,801,866
Fees for Service Investment Mgmnt Fees$84,848$0$0$84,848
Fees for Services Other$19,349$0$0$19,349
Total Functional Expenses$1,906,063$0$0$1,906,063

Audited Expense Reconciliation

Line ItemAmount
Total Expenses per Audited Statements$2,526,492
Total Expenses per Form 990$1,906,063
Expenses per Audited Statements$1,821,215
Expenses Not Reported on Form 990$705,277
Expenses Not Reported on Financial Statements$84,848
International Activity

Grant and Assistance Recipients

RecipientLocationCategoryPurposeAmount
The Morehead-cain FoundationChapel Hill, NC501(c)(3)To Support Higher Education.$1,801,866
Fundraising, Events, and Gaming
Fundraising activities
No
Gaming activities
No
Professional fundraiser used
No

Fundraising and Gaming Totals

Line ItemAmount
Fundraising Direct Expenses$0
Fundraising Gross Income$0
Gaming Direct Expenses$0
Gaming Gross Income$0
Professional Fundraising Fees$0
Political and Lobbying Activity
Political campaign activity
No
Lobbying activity
No
Insider Transactions and Loans

Loans and Receivables

Line ItemBeginningEndChange
Loans from Officers, Directors, Trustees, and Key Employees$0$0→ $0
Receivables from Disqualified Persons$0$0→ $0
Receivables from Officers, Directors, Trustees, and Key Employees$0$0→ $0
Governance and Compliance

Governance Checklist

Compiled or reviewed by an accountant
No
Annual disclosure for covered persons
Yes
Audit committee
Yes
Business relationship with family members
No
Business relationship with organization members
No
Material changes to governing documents
No
Compensation from other sources disclosed
No
Conflict-of-interest policy
Yes
Audited financial statements prepared
No
Key decisions subject to board approval
No
Management duties delegated
No

Governance Explanations

Form 990, Part VI - Section B, Line 11A

“Form 990 review process: the morehead-cain scholarship fund's form 990 was completed by a qualified and authorized public accounting firm under the direction of the treasurer. The completed return was reviewed by the executive director and treasurer and then presented to the chairman and the audit committee of the fund's board of directors prior to its filing with the irs. The treasurer and/or the outside accounting firm are available for questions from the board or to review the form 990 in detail at a subsequent regularly scheduled board meeting.”

Form 990, Part VI - Section B, Line 12C

“Monitoring conflicts of interest: the morehead-cain scholarship fund regularly discloses to all directors, officers and key employees any entities with which the fund has a significant business interest and takes any appropriate action regarding conflicts according to its policy statement on ethical conduct and improper activities. The policy statement on ethical conduct and improper activities is reviewed annually with all directors, officer and key employees of the fund.”

Form 990, Part VI - Section C, Line 19

“Making information available to the public: the morehead-cain scholarship fund's form 990 is available online at www.guidestar.org, where it is confirmed to be widely available. The fund's governing documents which are required by law to be publicly available (if any), conflict of interest policy, and audited financial statements are available upon request for inspection at our primary business location during normal business hours. Copies of the above documents may also be provided, upon request, for a reasonable fee to defray copying and postage expense.”

Filing and Contact Details

Filer

Filer Name
Morehead-cain Scholarship Fund
EIN
56-2462593
In Care Of
% STEVEN R MICHALAK
Phone
9199621201
Address
POST OFFICE BOX 690, CHAPEL HILL, NC 27514

Signing Officer

Name
Steven R Michalak
Title
Treasurer
Phone
9199621201
Signed
2018-05-14
Discuss with paid preparer
Yes

Organization Details

Principal Officer
Charles E Lovelace Jr
Formed
2004
Legal Domicile
Nc
Voting Board Members
13
Independent Board Members
13
Employees
0

Preparer

Firm
Batchelor Tillery & Roberts Llp
Address
3605 GLENWOOD AVENUE SUITE 350, RALEIGH, NC 27612
Preparer
Jared L Piland
Phone
9197878212
Supplemental Narrative

Additional Explanations

Form 990, Part XI - Line 5

“Other changes in net assets or fund balances: $1,328,307 net unrealized gain on investments”

Financial Statement Notes

Schedule D, Part V, Line 4

“The intended uses of the organization's endowment funds are to provide support for the morehead-cain scholarship program at the university of north carolina at chapel hill.”

Schedule D, Part X, Line 2

“The Fund is exempt from federal and state income taxes under Section 501(c)(3) of the Internal Revenue Code and applicable state statutes. The Fund is further classified as a public charity based on its expected broad public support.”

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Document Assets

No mirrored PDF or thumbnail assets are attached yet.

Filings

Displayed year

2017 • Form 990Detailed filing. Detailed filing data is available for this year.

Open filing
Assets
$30,569,482
Liabilities
$0
Net assets
$30,569,482
Revenue
$5,784,180
Expenses
$1,906,063
Net income
$3,878,117
Balance SheetOperations
YearAssetsLiabilitiesNet AssetsRevenueExpensesNet Income
2025Detailed filing. Detailed filing data is available for this year.$61.1$0.03$61.1$6.05$7.79$1.74
2024XML pending. An XML filing is linked for this year, but detailed extraction is still pending.$59.4$0.00$59.4$9.34$9.99$0.65
2023XML pending. An XML filing is linked for this year, but detailed extraction is still pending.$58.4$0.00$58.4$7.54$3.61$3.92
2022XML pending. An XML filing is linked for this year, but detailed extraction is still pending.$57.1$0.00$57.1$5.59$3.13$2.46
2021XML pending. An XML filing is linked for this year, but detailed extraction is still pending.$54.6$0.00$54.6$5.61$2.87$2.73
2020XML pending. An XML filing is linked for this year, but detailed extraction is still pending.$39.2$0.00$39.2$3.98$2.64$1.34
2019XML pending. An XML filing is linked for this year, but detailed extraction is still pending.$38.8$0.00$38.8$5.17$2.46$2.71
2018XML pending. An XML filing is linked for this year, but detailed extraction is still pending.$35.3$0.00$35.3$5.22$2.10$3.12
2017Detailed filing. Detailed filing data is available for this year.$30.6$0.00$30.6$5.78$1.91$3.88
2016Detailed filing. Detailed filing data is available for this year.$25.4$0.00$25.4$3.99$1.79$2.19
2015Detailed filing. Detailed filing data is available for this year.$24.6$0.00$24.6$4.16$1.60$2.56
2014Detailed filing. Detailed filing data is available for this year.$21.2$0.00$21.2$5.11$1.44$3.67
2013Facts available. Structured filing facts are available, but richer extracted sections are limited.$16.1$0.00$16.1$1.07
2012Facts available. Structured filing facts are available, but richer extracted sections are limited.$13.6$0.00$13.6$0.64
2011Facts available. Structured filing facts are available, but richer extracted sections are limited.$13.1$0.00$13.1$0.56