The Morehead-Cain Scholarship Fund (MCSF) is the fundraising entity for the Morehead-Cain Scholars Program. Although the organization is separate from the Morehead-Cain Foundation, both entities support the Morehead-Cain Scholars Program. The alumni-led initiative has raised nearly $100 million since its founding in 2004.

While the MCSF board of directors is the governing body for the Fund, the group also helps encourage the active engagement of alumni, increase the lifetime value of the Morehead-Cain, and drive the collective role of all scholars and alumni to be a force for pursuing the common good.