The Morgan Creek Foundation was established in 2005 with a gift from the Yusko family and receives a portion of the annual profits of Morgan Creek Capital Management, LLC each year. The Foundation spends a minimum of 5% of assets each year on its mission and grants are usually awarded at the end of the fiscal year (December).

The Foundation's core mission is to support programs with a particular focus on academics and education. The Foundation concentrates its funding on supporting programs that provide direct educational services to youth. While some of these programs may include elements of assisting youth with the development of career or life skills, the primary focus of the Foundation is to support the development of academic skills. The Foundation will support programs designed to assist young people in obtaining the skills necessary to pass the testing requirements for their high school equivalency degree. The Foundation will seriously consider programs designed to develop the skills of younger adults specifically seeking careers in teaching, although considers these programs ancillary to its core mission.