<p>Regarding the immediate impact of the gift, from today’s Daily Tar Heel:</p>
<p>"The Morehead Foundation received a $100 million donation, almost doubling the foundation’s endowment, officials announced Tuesday.</p>
<p>The gift, given by the Texas-based Cain Foundation, will enable at least 25 more UNC students to receive the prestigious scholarship each year. The foundation and scholarship also have been renamed the Morehead-Cain Foundation and the Morehead-Cain Scholars Program.</p>
<p>“It is the most generous and heartfelt gift,” said Lucy Chatham, chairwoman of the combined foundation.</p>
<p>The Morehead scholarship was established in 1951 and covers all tuition, fees and books plus a stipend and laptop for selected students during a four-year period.</p>
<p>Chatham said Mary Cain decided to donate to the Morehead Foundation to continue the legacy of her husband, Gordon, who held similar philosophies to John Motley Morehead. Both put strong emphasis on education and were successful in the chemical industry.</p>
<p>“It brings together the resources of men of similar backgrounds,” she said at the announcement.</p>
<p>Fifty students received Morehead scholarships last year, and usually those scholarships are split in half between out-of-state students and in-state students, though residence is not a factor in determining eligibility. The freshman class of fall 2007 will see between 75 and 80 Morehead Scholars.</p>
<p>“I have seen this program change dramatically, but incrementally,” said Tim Burnett, vice chairman of the foundation and a 1958 Morehead Scholar. “What this gift does - there’s nothing incremental about it. It’s transformative.”</p>
<p>University administrators and Morehead alumni said the gift will bring a greater pool of talented students to UNC.</p>
<p>“This is going to enable the program to be bigger and better in a sense,” said Steve Jones, dean of the Kenan-Flagler Business School and a 1974 Morehead Scholar. “It’s very, very rare that you can do both.”</p>
<p>Chatham called the Morehead Foundation the “gold standard” of merit-based scholarship programs, and Chancellor James Moeser said it has been an integral part of UNC’s history.</p>
<p>“It helped transform the University into a national university,” Moeser said, adding that if the Morehead Foundation were the gold standard, “Morehead-Cain becomes the platinum standard.”</p>
<p>UNC also is a national leader for need-based aid with Carolina Covenant, which allows low-income students to graduate debt-free.</p>
<p>Morehead scholarship recipients also said they are excited about the donation, saying more students now will be able to have the same positive experiences they’ve had.</p>
<p>Part of the scholarship program includes participating in an internship each summer, ranging from volunteering to researching.</p>
<p>The internship requirement was announced during Jones’ senior year in college. “I wasn’t disappointed at all that I was missing it; I was just glad it was happening,” he said.</p>
<p>"The reason I came back to the University </p>