Information Overview of the Trust’s Finance
The M. J. Murdock Charitable Trust (the “Trust”) was created in 1975 by the will of Melvin J. (Jack) Murdock. The Trust is a private foundation which makes grants to certain qualified non-profit institutions, primarily in the Pacific Northwest.
The Trust is exempt from federal income tax under provisions of the Internal Revenue Code. However, the Trust is subject to federal excise tax based upon defined “net investment income.” The applicable tax rate (one or two percent) is based upon, in part, the current year level of grant payments and grant related expenses.
Julie D. Cieloha
Chief Financial Officer