[1][2] [better source needed] It was founded at the University of North Carolina at Chapel Hill in 1951 and was named for its benefactors, John Motley Morehead III and the Gordon and Mary Cain Foundation.

[1] Morehead-Cain scholars can also access " a network of peers and mentors, challenging internships and summer experiences, and an opportunity to travel the world.

[6] Mary Cain gave this gift in honor of her husband Gordan, who was a major stockholder in Union Carbide and helped found Texas Petrochemicals.

Since its inception, Morehead-Cain has granted $1.5 million for scholars to "participate in workshops, retreats, and clinics; engage in professional development opportunities; conduct research and pursue innovative ideas; acquire unique skill sets; and present at conferences throughout the world.

"[14] Morehead-Cains play an instrumental role in the University of North Carolina community, including founding over 100 campus organizations and all kinds of companies and nonprofits.These include popular a cappella groups like the Clef Hangers and the Loreleis, several campus publications such as the Cellar Door, the Phoenix, and the Blue & White, and athletic programs like women's varsity lacrosse and crew.

[2] Starting in 1974, the scholarship began providing opportunities for international travel and internships through the Morehead Summer Enrichment Program.

[2] The program is now structured across four summers and fully funds activities in four areas: a three-week outdoor leadership course, research or travel across five to twelve weeks to provide a global perspective, professional experience through an internship, and working on a community's challenges for eight to ten weeks to gain an understanding of citizenship and civic collaboration.