TY 2022 IRS 990 e-File Render
Name:
THE JOHN MERCK FUND
Statement:
THROUGH A RESOLUTION ADOPTED BY THE JOHN MERCK FUND'S BOARD OF TRUSTEES (THE "BOARD OF TRUSTEES") ON OCTOBER 13, 2020 (THE "SPEND DOWN RESOLUTION"), THE BOARD OF TRUSTEES AGREED TO MAINTAIN OR INCREASE THE JOHN MERCK FUND'S HISTORIC LEVELS OF CHARITABLE SPENDING AND GRANTMAKING AND TO SPEND DOWN ITS ASSETS WITHIN TEN TO FIFTEEN YEARS. IN THE MORE THAN TWELVE YEARS SINCE, THE JOHN MERCK FUND HAS SUCCEEDED IN SPENDING DOWN ITS ASSETS THROUGH CHARITABLE SPENDING AND GRANTMAKING IN FURTHERANCE OF ITS CHARITABLE PURPOSES AND IN ACCORDANCE WITH THE SPEND DOWN RESOLUTION. THE TRUSTEES AGREED TO TERMINATE THE JOHN MERCK FUND'S EXISTENCE AND TRANSFER ANY REMAINING ASSETS UPON TERMINATION, AFTER SATISFACTION OF DEBTS AND LIABILITIES, TO THE MERCK FAMILY FUND, A NEW JERSEY NONPROFIT CORPORATION THAT IS EXEMPT FROM TAX AS DESCRIBED IN SECTION 501(C)(3) OF THE INTERNAL REVENUE CODE AND CLASSIFIED AS A PRIVATE NON-OPERATING FOUNDATION, FOR CHARITABLE PURPOSES CONSISTENT WITH THE MISSION OF THE FUND, IN ACCORDANCE WITH THE TERMINATION AND DISTRIBUTION PLAN ATTACHED HERETO AS APPENDIX A AS PART OF THE AFFIDAVIT. THE TRANSFER OF ASSETS TOTALING $1,140,153 IN CASH AND INVESTMENT ASSETS HAVING A FAIR MARKET VALUE OF $722,012 TO THE MERCK FAMILY FUND WAS COMPLETED BY THE JOHN MERCK FUND ON DECEMBER 31, 2022. THE STATE OF NEW YORK OFFICE OF THE ATTORNEY GENERAL APPROVED THE TERMINATION OF THE FUND IN A LETTER DATED APRIL 18, 2023, A COPY OF WHICH IS ATTACHED.