Morehead State University Foundation: Nonprofit Profile, Financials & Form 990 (EIN 31-1003236)

Revenue by fiscal year
FY2021	$4.9M
FY2022	$5.6M
FY2023	$6.5M
FY2024	$10.2M
FY2025	$12.8M

Expenses by fiscal year
FY2021	$3.3M
FY2022	$4.9M
FY2023	$6.3M
FY2024	$6.7M
FY2025	$6.8M

Net assets by fiscal year
FY2021	$62.2M
FY2022	$59.6M
FY2023	$63.8M
FY2024	$71.8M
FY2025	$79.4M

Is it real?

Yes. Never revoked by the IRS. Latest filing on record: FY2025. IRS ruling in Mar 1981.

IRS Pub. 78 · IRS Auto-Revocation List · IRS Business Master File

Where the money goes

86 cents of each dollar spent went to programs.

86%

Program services 86% · $5.8M Management & general 11% · $776K Fundraising 2% · $161K

Form 990 Part IX, line 25, columns B–D. Every line is in By the numbers.

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Who runs it and what they're paid

29 people listed on the 990.

Part VII, Section A · reportable compensation · most recent filed roster (FY2024); the FY2025 filing did not itemize Part VII

Mr Rick Hesterberg

Foundation, CEO (partial Year)

$0Pt VII · Sec A

Ms Allison Caudill

Foundation, CEO (partial Year)

$0Pt VII · Sec A

Mr Perry Allen

Board Chair

$0Pt VII · Sec A

Mr Andrew Jones

Vice Chair

$0Pt VII · Sec A

Mr Ronald Cartee

Trustee (part Year)

$0Pt VII · Sec A

Mr John Merchant

Trustee

$0Pt VII · Sec A

Mr Andre Prefontaine

Trustee

$0Pt VII · Sec A

Mr Brian McBrayer

Trustee (part Year)

$0Pt VII · Sec A

See Morehead State University Foundation executive salaries →

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Questions the 990 asks

The form asks each of these directly. These are the filed answers.

Family or business ties among officersPt VI · Ln 2No
Top official's pay set by an independent reviewPt VI · Ln 15aYes

Programs and updates

Raises funds and provides administrative help for Morehead State University.

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Provided by the organization

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3 programs · $5.3M · in their own filed words · FY2024

01

General Fund

Provided assistance to the various academic programs at morehead state university.

$3.4Mprogram expense

02

Scholarship Fund

Provided scholarships for eligible students at morehead state university.

$950Kprogram expense

03

Eagle Athletic Fund

Provided assistance to the various sports programs at morehead state university.

$946Kprogram expense

Funders

Who pays for it.

From grant filings on record. Receipts are incomplete: individual donors are never listed.

Grants

Schedule I · received and paid

Grants received · FY2024

National Philanthropic TrustFY2024$205K

Vanguard Charitable Endowment ProgramFY2024$185K

The Community Foundation of Louisville INCFY2024$95K

Orange County Community FoundationFY2024$87K

Ohio Foundation of Independent Colleges INCFY2024$9K

Dayton Foundation DepositoryFY2024$8K

Donor Advised Charitable Giving INCFY2024$6K

The Presser FoundationFY2024$3K

Total grants receivedfrom 9 funders$597K

See all 9 funders →

Grants paid · 9 grants · $19.8M · 2020–2024

Morehead State UniversityFY2024$4,311,340

Morehead State UniversityFY2023$3,874,426

Unitemized GrantFY2023$1,045,507

Morehead State UniversityFY2022$2,995,922

Unitemized GrantFY2022$1,319,462

Morehead State UniversityFY2021$2,497,122

Unitemized GrantFY2021$1,113,106

Morehead State UniversityFY2020$1,592,026

Unitemized GrantFY2020$1,078,975

By the numbers

The FY2025 990, line by line.

Download 990

from philanthropy.org

1The main four

Money inPt VIII

$12.8M

Ln 12

Investment incomeLn 3$6.6M

Gifts and grantsLn 1h$5.4M

Other incomeLn 4–11$791K

Money outPt IX

$6.8M

Ln 25

Programscol B$5.8M

Managementcol C$776K

Fundraisingcol D$161K

Owns and owesPt X

$79.4M

net assets · Ln 32

Cash and savingsLn 1–2$1.3M

Total assetsLn 16$92.0M

LiabilitiesLn 26$12.6M

PeoplePt VI, VII

29

listed · VII A

PaidVII A0

Voting boardVI 1a26

IndependentVI 1b26

2In more detail

Revenue in detailPt VIII

Gifts and grantsLn 1h$5.4M

Noncash giftsLn 1g$802K

Fundraising eventsLn 1c$61K

Investment incomeLn 3$6.6M

Other incomeLn 4–11$791K

Gains on assetsLn 7$5.3M

Total revenueLn 12$12.8M

Assets in detailPt X, end of year

CashLn 1$333K

SavingsLn 2$950K

Cash and savings togetherLn 1–2$1.3M

InvestmentsLn 11–13$83.9M

Land, buildings, equipmentLn 10c$823K

Total assetsLn 16$92.0M

LiabilitiesLn 26$12.6M

Net assetsLn 32$79.4M

OperationsPt I, VI

EmployeesI 53

VolunteersI 625

Fiscal year endsHeaderJune

Conflict-of-interest policyVI 12aYes

Whistleblower policyVI 13No

Records policyVI 14No

3Year over year

Balance sheet, start vs end of yearPt X · col A, B

Line	Start FY25	End FY25
Cash and savingsLn 1–2	$761K	$1.3M
InvestmentsLn 11–13	$77.2M	$83.9M
Land, buildings, equipmentLn 10c	$1.5M	$823K
Total assetsLn 16	$85.0M	$92.0M
LiabilitiesLn 26	$13.2M	$12.6M
Net assetsLn 32	$71.8M	$79.4M

4Every line

Statement of functional expensesPt IX · every line

Line	Total	Programs	Management	Fundraising
Grants to domestic organizationsLn 1	$4.3M	$4.3M
Grants to domestic individualsLn 2	$950K	$950K
Other salaries and wagesLn 7	$38K		$38K
Payroll taxesLn 10	$3K		$3K
Legal feesLn 11b	$10K		$10K
Accounting feesLn 11c	$27K		$27K
Investment management feesLn 11f	$274K		$274K
TravelLn 17	$121K	$121K
Depreciation, depletion and amortizationLn 22	$17K	$17K
InsuranceLn 23	$11K	$2K	$9K
Other expenses (24a–d)Ln 24	$846K	$314K	$371K	$161K
All other expensesLn 24e	$144K	$101K	$43K
Total functional expensesLn 25	$6.8M	$5.8M	$776K	$161K

Filing history

Year	Money in	Money out	In minus out	Net assets	Download
FY2025 Latest Viewing	$12.8M	$6.8M	$6.1M	$79.4M	990 PDF
FY2024	$10.2M	$6.7M	$3.5M	$71.8M	990 PDF
FY2023	$6.5M	$6.3M	$194K	$63.8M	990 PDF
FY2022	$5.6M	$4.9M	$765K	$59.6M	990 PDF
FY2021	$4.9M	$3.3M	$1.6M	$62.2M	990 PDF

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Schedules filed Part IV

III · Programs R · Related orgs G · Fundraising L · Interested persons I · Grants A · Public support M · Noncash O · Explanations

See the full FY2025 990 (6 parts)

Part I · Summary $12,815,744 revenue, 12 lines filed

I-8 Contributions and grantsPrior year $7,261,212$5,441,720

I-9 Program service revenuePrior year $0$0

I-10 Investment incomePrior year $2,052,472$6,582,896

I-11 Other revenuePrior year $877,472$791,128

I-12 Total revenuePrior year $10,191,156$12,815,744

I-13 Grants and similar amounts paidPrior year $4,919,933$5,261,117

I-14 Benefits paid to membersPrior year $0$0

I-15 Salaries and benefitsPrior year $242,768$41,452

I-16a Professional fundraising feesPrior year $0$0

I-17 Other expensesPrior year $1,531,226$1,449,608

I-18 Total expensesPrior year $6,693,927$6,752,177

I-19 Revenue less expensesPrior year $3,497,229$6,063,567

Part VI · Governance 26 of 26 board members independent, 2 to look at

VI-1a Voting members of the governing body26

VI-1b Independent voting members26

VI-13 Written whistleblower policyNo

VI-14 Document retention and destruction policyNo

VI-2 Family or business relationship among officers or directorsNo

VI-12a Written conflict of interest policyYes

VI-15a Process for setting top official's payYes

Part VIII · Statement of revenue $12,815,744 across 10 lines filed

VIII-1c Fundraising events$61,005

VIII-1f All other contributions, gifts and grants$5,380,715

VIII-1g Noncash contributions (included above)$802,241

VIII-1h Total contributions, gifts and grants$5,441,720

VIII-3 Investment incomeUnrelated business −$9,913 · Excluded from tax $1,263,965$1,254,052

VIII-5 RoyaltiesExcluded from tax $20,672$20,672

VIII-7 Net gain or loss on sales of assetsExcluded from tax $5,328,844$5,328,844

VIII-8 Net income from fundraising eventsExcluded from tax $845$845

VIII-11a-d Other revenue, itemized rows (sum of 11a–11d as filed)Related to mission $769,611$769,611

VIII-12 Total revenueRelated to mission $769,611 · Unrelated business −$9,913 · Excluded from tax $6,614,326$12,815,744

Part IX · Statement of functional expenses $6,752,177 across 12 lines filed

IX-1 Grants to domestic organizationsPrograms $4,311,340$4,311,340

IX-2 Grants to domestic individualsPrograms $949,777$949,777

IX-7 Other salaries and wagesManagement $38,281$38,281

IX-10 Payroll taxesManagement $3,171$3,171

IX-11b Legal feesManagement $10,192$10,192

IX-11c Accounting feesManagement $26,741$26,741

IX-11f Investment management feesManagement $274,071$274,071

IX-17 TravelPrograms $120,959$120,959

IX-22 Depreciation, depletion and amortizationPrograms $16,675$16,675

IX-23 InsurancePrograms $1,678 · Management $9,071$10,749

IX-24 Other expenses (24a–d)Programs $314,351 · Management $370,779 · Fundraising $161,291$846,421

IX-24e All other expensesPrograms $100,601 · Management $43,199$143,800

IX-25 Total functional expensesPrograms $5,815,381 · Management $775,505 · Fundraising $161,291$6,752,177

Part X · Balance sheet $91,976,128 assets, 15 lines filed

X-1 Cash, non-interest-bearingStart of year $580,658$333,315

X-2 Savings and temporary cash investmentsStart of year $180,745$950,367

X-3 Pledges and grants receivableStart of year $5,535,402$5,937,247

X-4 Accounts receivableStart of year $8,990$0

X-10c Land, buildings and equipment, netStart of year $1,531,442$822,913

X-11 Publicly traded securitiesStart of year $20,740,316$9,968,076

X-12 Other securitiesStart of year $56,447,545$73,964,210

X-16 Total assetsStart of year $85,025,098$91,976,128

X-17 Accounts payable and accrued expensesStart of year $86,628$8,176

X-25 Other liabilitiesStart of year $13,123,309$12,569,415

X-26 Total liabilitiesStart of year $13,209,937$12,577,591

X-27 Net assets without donor restrictionsStart of year −$2,644,968−$1,088,760

X-28 Net assets with donor restrictionsStart of year $74,460,129$80,487,297

X-32 Total net assets or fund balancesStart of year $71,815,161$79,398,537

X-33 Total liabilities and net assetsStart of year $85,025,098$91,976,128

Part XI · Reconciliation of net assets $79,398,537 net assets at year end

XI-1 Total revenue$12,815,744

XI-2 Total expenses$6,752,177

XI-3 Revenue less expenses$6,063,567

XI-4 Net assets at start of year$71,815,161

XI-5 Net unrealized gains (losses) on investments$1,299,058

XI-8 Prior period adjustments$11,839

XI-9 Other changes in net assets$208,912

XI-10 Net assets at end of year$79,398,537

Form 990 e-file (XML) FY2025 from the IRS · Classification, formation year and address from the IRS Business Master File

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Morehead State University Foundation

Before you give

Is it real?

Where the money goes

Who runs it and what they're paid

Questions the 990 asks

Programs and updates

Questions for Morehead State University Foundation

General Fund

Scholarship Fund

Eagle Athletic Fund

Funders

Grants

By the numbers

Filing history

Schedules filed Part IV