Form990-PF

Department of the Treasury
Internal Revenue Service

Return of Private Foundation
or Section 4947(a)(1) Trust Treated as Private Foundation
Do not enter social security numbers on this form as it may be made public.
Go to www.irs.gov/Form990PF for instructions and the latest information.
OMB No. 1545-0047
2025
Open to Public Inspection
For calendar year 2025, or tax year beginning 01 - 01 2025, and ending 12 - 31, 20 25
Name of foundation
Merck Foundation a New Jersey Nonprofit Corporation
 
Number and street (or P.O. box number if mail is not delivered to street address) 126 E Lincoln Avenue
  Room/suite
City or town
Rahway
State or province
NJ
Country  
ZIP or foreign postal code
070650900
A Employer identification number

22-6028476
B Telephone number (see instructions)

7325944000
C
G Check all that apply:

D 1. Foreign organizations, check here.............
2. Foreign organizations meeting the 85%
test, check here and attach computation ...
E
H Check type of organization:
F
I Fair market value of all assets at end
of year (from Part II, col. (c),
line 16)$337,872,981J Accounting method:
 
(Part I, column (d) must be on cash basis.)
Part I Analysis of Revenue and Expenses (The total of amounts in columns (b), (c), and (d) may not necessarily equal the amounts in column (a) (see instructions).) (a) Revenue and
expenses per
books 		(b) Net investment
income 		(c) Adjusted net
income 		(d) Disbursements
for charitable
purposes
(cash basis only)
Revenue 1 Contributions, gifts, grants, etc., received (attach schedule)  
2 Check .................
3 Interest on savings and temporary cash investments 5,510,982 5,474,026  
4 Dividends and interest from securities... 1,167,985 1,205,863 0
5a Gross rents............      
b Net rental income or (loss)  
6a Net gain or (loss) from sale of assets not on line 10 0
b Gross sales price for all assets on line 6a 0
7 Capital gain net income (from Part IV, line 2)... 0
8 Net short-term capital gain.........  
9 Income modifications........... 0
10a Gross sales less returns and allowances 0
b Less: Cost of goods sold.... 0
c Gross profit or (loss) (attach schedule)..... 0 0
11 Other income (attach schedule)....... Click to see attachment
List of Attached Documents:
// Content
27,142,781 11,010,657 0
12 Total. Add lines 1 through 11........ 33,821,748 17,690,546 0
Operating and Administrative Expenses 13 Compensation of officers, directors, trustees, etc. 0 0 0 0
14 Other employee salaries and wages...... 0 0 0 0
15 Pension plans, employee benefits....... 0 0 0 0
16a Legal fees (attach schedule)......... 0 0 0 0
b Accounting fees (attach schedule)....... 0 0 0 0
c Other professional fees (attach schedule).... Click to see attachment
List of Attached Documents:
// Content
322,559 326,397 0 0
17 Interest............... 0 0 0 0
18 Taxes (attach schedule) (see instructions)... Click to see attachment
List of Attached Documents:
// Content
128,256 0 0 128,256
19 Depreciation (attach schedule) and depletion... 0 0 0
20 Occupancy.............. 0 0 0 0
21 Travel, conferences, and meetings....... 0 0 0 0
22 Printing and publications.......... 0 0 0 0
23 Other expenses (attach schedule)....... Click to see list of attachments
List of Attached Documents:
// Content
544,173 0 0 544,173
24 Total operating and administrative expenses.
Add lines 13 through 23.......... 994,988 326,397 0 672,429
25 Contributions, gifts, grants paid....... 29,088,762 29,088,762
26 Total expenses and disbursements. Add lines 24 and 25 ................ 30,083,750 326,397 0 29,761,191
27 Subtract line 26 from line 12:
a Excess of revenue over expenses and disbursements 3,737,998
b Net investment income (if negative, enter -0-) 17,364,149
c Adjusted net income (if negative, enter -0-)... 0
For Paperwork Reduction Act Notice, see instructions.
Cat. No. 11289X Form 990-PF (2025)
Form 990-PF (2025)
Page 2
Part II Balance Sheets Attached schedules and amounts in the description column
should be for end-of-year amounts only. (See instructions.) 		Beginning of year End of year
(a) Book Value (b) Book Value (c) Fair Market Value
Assets 1 Cash—non-interest-bearing............. 35,625,788 59,290,388 59,290,388
2 Savings and temporary cash investments.........      
3 Accounts receivable 2,082,117
Less: allowance for doubtful accounts   7,201,206 2,082,117 2,082,117
4 Pledges receivable  
Less: allowance for doubtful accounts        
5 Grants receivable.................      
6 Receivables due from officers, directors, trustees, and other
disqualified persons (attach schedule) (see instructions)..... 0 0  
7 Other notes and loans receivable (attach schedule)  
Less: allowance for doubtful accounts   0 0  
8 Inventories for sale or use..............      
9 Prepaid expenses and deferred charges..........      
10a Investments—U.S. and state government obligations (attach schedule)   0  
b Investments—corporate stock (attach schedule)....... 0 0  
c Investments—corporate bonds (attach schedule).......   0  
11 Investments—land, buildings, and equipment: basis  
Less: accumulated depreciation (attach schedule)     0  
12 Investments—mortgage loans.............      
13 Investments—other (attach schedule).......... 285,432,330 Click to see attachment
List of Attached Documents:
// Content
276,500,476 		276,500,476
14 Land, buildings, and equipment: basis  
Less: accumulated depreciation (attach schedule)     0  
15 Other assets (describe ) 0 0 0
16 Total assets (to be completed by all filers—see the
instructions. Also, see page 1, item I) 328,259,324 337,872,981 337,872,981
Liabilities 17 Accounts payable and accrued expenses.......... 226,554 6,102,211
18 Grants payable................. 0 0
19 Deferred revenue................. 0 0
20 Loans from officers, directors, trustees, and other disqualified persons 0 0
21 Mortgages and other notes payable (attach schedule)......   0
22 Other liabilities (describe ) Click to see attachment
List of Attached Documents:
// Content
0 		Click to see attachment
List of Attached Documents:
// Content
0
23 Total liabilities (add lines 17 through 22)......... 226,554 6,102,211
Net Assets or Fund Balances Foundations that follow FASB ASC 958, check here
and complete lines 24, 25, 29 and 30.
24 Net assets without donor restrictions...........    
25 Net assets with donor restrictions............    
Foundations that do not follow FASB ASC 958, check here
and complete lines 26 through 30.
26 Capital stock, trust principal, or current funds........    
27 Paid-in or capital surplus, or land, bldg., and equipment fund    
28 Retained earnings, accumulated income, endowment, or other funds 328,032,770 331,770,770
29 Total net assets or fund balances (see instructions)..... 328,032,770 331,770,770
30 Total liabilities and net assets/fund balances (see instructions). 328,259,324 337,872,981
Part III
Analysis of Changes in Net Assets or Fund Balances
1
Total net assets or fund balances at beginning of year—Part II, column (a), line 29 (must agree with end-of-year figure reported on prior year’s return) ...............
1
328,032,770
2
Enter amount from Part I, line 27a .....................
2
3,737,998
3
Other increases not included in line 2 (itemize) Click to see attachment
List of Attached Documents:
// Content
3
2
4
Add lines 1, 2, and 3 ..........................
4
331,770,770
5
Decreases not included in line 2 (itemize)
5
 
6
Total net assets or fund balances at end of year (line 4 minus line 5)—Part II, line 29, column (b) ..
6
331,770,770
Form 990-PF (2025)
Form 990-PF (2025)
Page 3
Part IV
Capital Gains and Losses for Tax on Investment Income
(a) List and describe the kind(s) of property sold (e.g., real estate,
2-story brick warehouse; or common stock, 200 shs. MLC Co.)		 (b)
How acquired
P—Purchase
D—Donation 		(c)
Date acquired
(mo., day, yr.) 		(d)
Date sold
(mo., day, yr.)
1a
b
c
d
e
(e)
Gross sales price 		(f)
Depreciation allowed
(or allowable) 		(g)
Cost or other basis
plus expense of sale 		(h)
Gain or (loss)
(e) plus (f) minus (g)
a
b
c
d
e
Complete only for assets showing gain in column (h) and owned by the foundation on 12/31/69 (l)
Gains (Col. (h) gain minus
col. (k), but not less than -0-) or
Losses (from col.(h))
(i)
F.M.V. as of 12/31/69 		(j)
Adjusted basis
as of 12/31/69 		(k)
Excess of col. (i)
over col. (j), if any
a
b
c
d
e
2 Capital gain net income or (net capital loss) Bracket If gain, also enter in Part I, line 7
If (loss), enter -0- in Part I, line 7		 Bracket 2  
3 Net short-term capital gain or (loss) as defined in sections 1222(5) and (6):
If gain, also enter in Part I, line 8, column (c) (see instructions). If (loss), enter -0-
in Part I, line 8 ......................... 		Bracket 3  
Part V
Excise Tax Based on Investment Income (Section 4940(a), 4940(b), 4940(e), or 4948—see instructions)
1a Exempt operating foundations described in section 4940(d)(2), check here and enter “N/A" on line 1. Bracket for line 1a
Date of ruling or determination letter:   (attach copy of letter if necessary–see instructions) 1 241,362
b All other domestic foundations enter 1.39% (0.0139) of line 27b. Exempt foreign organizations enter 4% (0.04) of Part I, line 12, col. (b)
2 Tax under section 511 (domestic section 4947(a)(1) trusts and taxable foundations only. Others enter -0-) 2  
3 Add lines 1 and 2........................... 3 241,362
4 Subtitle A (income) tax (domestic section 4947(a)(1) trusts and taxable foundations only. Others enter -0-) 4  
5 Tax based on investment income. Subtract line 4 from line 3. If zero or less, enter -0- ..... 5 241,362
6 Credits/Payments:
a 2025 estimated tax payments and 2024 overpayment credited to 2025 6a 190,000
b Exempt foreign organizations—tax withheld at source...... 6b  
c Tax paid with application for extension of time to file (Form 8868)... 6c 0
d Backup withholding erroneously withheld .......... 6d 0
7 Total credits and payments. Add lines 6a through 6d.............. 7 190,000
8 Enter any penalty for underpayment of estimated tax. Check here if Form 2220 is attached. 8  
9 Tax due. If the total of lines 5 and 8 is more than line 7, enter amount owed....... 9 51,362
10 Overpayment. If line 7 is more than the total of lines 5 and 8, enter the amount overpaid... 10  
11 Enter the amount of line 10 to be: Credited to 2026 estimated tax0 Refunded 11 0
For Refunded amount, also complete and attach Form 8050. See instructions.
Form 990-PF (2025)
Form 990-PF (2025)
Page 4
Part VI-A
Statements Regarding Activities
1a
During the tax year, did the foundation attempt to influence any national, state, or local legislation or did
Yes
No
it participate or intervene in any political campaign? ....................
1a
 
No
b
Did it spend more than $100 during the year (either directly or indirectly) for political purposes? See the instructions
for the definition.................................
1b
 
No
If the answer is "Yes" to 1a or 1b, attach a detailed description of the activities and copies of any materials
published or distributed by the foundation in connection with the activities.
c
Did the foundation file Form 1120-POL for this year?.....................
1c
 
No
d
Enter the amount (if any) of tax on political expenditures (section 4955) imposed during the year:
(1) On the foundation. $ 0(2) On foundation managers.$ 0
e
Enter the reimbursement (if any) paid by the foundation during the year for political expenditure tax imposed
on foundation managers.$ 0
2
Has the foundation engaged in any activities that have not previously been reported to the IRS?.......
2
 
No
If "Yes," attach a detailed description of the activities.
3
Has the foundation made any changes, not previously reported to the IRS, in its governing instrument, articles
of incorporation, or bylaws, or other similar instruments? If "Yes," attach a conformed copy of the changes....
3
 
No
4a
Did the foundation have unrelated business gross income of $1,000 or more during the year?.........
4a
 
No
b
If "Yes," has it filed a tax return on Form 990-T for this year?...................
4b
 
 
5
Was there a liquidation, termination, dissolution, or substantial contraction during the year?.........
5
 
No
If "Yes," attach the statement required by General Instruction T.
6
Are the requirements of section 508(e) (relating to sections 4941 through 4945) satisfied either:
round bullet By language in the governing instrument, or
round bullet By state legislation that effectively amends the governing instrument so that no mandatory directions
that conflict with the state law remain in the governing instrument? ................
6
Yes
 
7
Did the foundation have at least $5,000 in assets at any time during the year? If "Yes," complete Part II, col. (c),
and Part XIV..................................
7
Yes
 
8a
Enter the states to which the foundation reports or with which it is registered (see instructions)
NJ
b
If the answer is "Yes" to line 7, has the foundation furnished a copy of Form 990-PF to the Attorney
General (or designate) of each state as required by General Instruction G? If "No," attach explanation .
8b
Yes
 
9
Is the foundation claiming status as a private operating foundation within the meaning of section 4942(j)(3)
or 4942(j)(5) for calendar year 2025 or the taxable year beginning in 2025? See the instructions for Part XIII.
If "Yes," complete Part XIII .............................
9
 
No
10
Did any persons become substantial contributors during the tax year? If "Yes," attach a schedule listing their names
and addresses. ...............................
10
 
No
11
At any time during the year, did the foundation, directly or indirectly, own a controlled entity within the
meaning of section 512(b)(13)? If "Yes," attach schedule. See instructions .............
11
 
No
12
Did the foundation make a distribution to a donor advised fund over which the foundation or a disqualified person had
advisory privileges? If "Yes," attach statement. See instructions.................
12
 
No
13
Did the foundation comply with the public inspection requirements for its annual returns and exemption application?
13
Yes
 
Website address  
14
The books are in care ofTAXPAYER Telephone no. (732) 594-4000

Located at126 E Lincoln AvenueP O Box 2000 Mail Stop RY33 230BRahwayNJ ZIP+4070650900
15
Section 4947(a)(1) nonexempt charitable trusts filing Form 990-PF in lieu of Form 1041 —check here .........
and enter the amount of tax-exempt interest received or accrued during the year ........
15
 
16 At any time during calendar year 2025, did the foundation have an interest in or a signature or other authority over YesNo
a bank, securities, or other financial account in a foreign country? .................
16   No
See the instructions for exceptions and filing requirements for FinCEN Form 114. If "Yes", enter the name of the foreign
country
Form 990-PF (2025)
Form 990-PF (2025)
Page 5
Part VI-B
Statements Regarding Activities for Which Form 4720 May Be Required
File Form 4720 if any item is checked in the "Yes" column, unless an exception applies.
Yes
No
1a
During the year did the foundation (either directly or indirectly):
(1) Engage in the sale or exchange, or leasing of property with a disqualified person? ...........
1a(1)
 
No
(2) Borrow money from, lend money to, or otherwise extend credit to (or accept it from)
a disqualified person? ..............................
1a(2)
 
No
(3) Furnish goods, services, or facilities to (or accept them from) a disqualified person? ...........
1a(3)
 
No
(4) Pay compensation to, or pay or reimburse the expenses of, a disqualified person? ............
1a(4)
 
No
(5) Transfer any income or assets to a disqualified person (or make any of either available
for the benefit or use of a disqualified person)? ......................
1a(5)
 
No
(6) Agree to pay money or property to a government official? (Exception. Check "No"
if the foundation agreed to make a grant to or to employ the official for a period
after termination of government service, if terminating within 90 days.) ...............
1a(6)
 
No
b
If any answer is "Yes" to 1a(1)–(6), did any of the acts fail to qualify under the exceptions described in Regulations
section 53.4941(d)-3 or in a current notice regarding disaster assistance? See instructions ..........
1b
 
 
c
Organizations relying on a current notice regarding disaster assistance check here ........
d
Did the foundation engage in a prior year in any of the acts described in 1a, other than excepted acts,
that were not corrected before the first day of the tax year beginning in 2025? .............
1d
 
No
2
Taxes on failure to distribute income (section 4942) (does not apply for years the foundation was a private
operating foundation defined in section 4942(j)(3) or 4942(j)(5)):
a
At the end of tax year 2025, did the foundation have any undistributed income (Part XII, lines 6d
and 6e) for tax year(s) beginning before 2025?....................
2a
 
No
If "Yes," list the years 20, 20, 20, 20
b
Are there any years listed in 2a for which the foundation is not applying the provisions of section 4942(a)(2)
(relating to incorrect valuation of assets) to the year’s undistributed income? (If applying section 4942(a)(2)
to all years listed, answer "No" and attach statement—see instructions.) ..............
2b
 
No
c
If the provisions of section 4942(a)(2) are being applied to any of the years listed in 2a, list the years here.
20, 20, 20, 20
3a
Did the foundation hold more than a 2% direct or indirect interest in any business enterprise at
any time during the year? ..............................
3a
 
No
b
If "Yes," did it have excess business holdings in 2025 as a result of (1) any purchase by the foundation
or disqualified persons after May 26, 1969; (2) the lapse of the 5-year period (or longer period approved
by the Commissioner under section 4943(c)(7)) to dispose of holdings acquired by gift or bequest; or (3)
the lapse of the 10-, 15-, or 20-year first phase holding period? (Use Form 4720, Schedule C, to determine
if the foundation had excess business holdings in 2025.).....................
3b
 
 
4a
Did the foundation invest during the year any amount in a manner that would jeopardize its charitable purposes?
4a
 
No
b
Did the foundation make any investment in a prior year (but after December 31, 1969) that could jeopardize its
charitable purpose that had not been removed from jeopardy before the first day of the tax year beginning in 2025? ..
4b
 
No
Form 990-PF (2025)
Form 990-PF (2025)
Page 6
Part VI-B
Statements Regarding Activities for Which Form 4720 May Be Required (continued)
5a
During the year did the foundation pay or incur any amount to:
Yes
No
(1) Carry on propaganda, or otherwise attempt to influence legislation (section 4945(e))? ..........
5a(1)
 
No
(2) Influence the outcome of any specific public election (see section 4955); or to carry
on, directly or indirectly, any voter registration drive? ....................
5a(2)
 
No
(3) Provide a grant to an individual for travel, study, or other similar purposes? .............
5a(3)
 
No
(4) Provide a grant to an organization other than a charitable, etc., organization described
in section 4945(d)(4)(A)? See instructions ........................
5a(4)
 
No
(5) Provide for any purpose other than religious, charitable, scientific, literary, or
educational purposes, or for the prevention of cruelty to children or animals? .............
5a(5)
 
No
b
If any answer is "Yes" to 5a(1)–(5), did any of the transactions fail to qualify under the exceptions described in
Regulations section 53.4945 or in a current notice regarding disaster assistance? See instructions ........
5b
 
 
c
Organizations relying on a current notice regarding disaster assistance check .........
d
If the answer is "Yes" to question 5a(4), does the foundation claim exemption from the
tax because it maintained expenditure responsibility for the grant? .................
5d
 
 
If "Yes," attach the statement required by Regulations section 53.4945–5(d).
6a
Did the foundation, during the year, receive any funds, directly or indirectly, to pay premiums on
a personal benefit contract? .............................
6a
 
No
b
Did the foundation, during the year, pay premiums, directly or indirectly, on a personal benefit contract? ....
6b
 
No
If "Yes" to 6b, file Form 8870.
7a
At any time during the tax year, was the foundation a party to a prohibited tax shelter transaction?
7a
 
No
b
If "Yes", did the foundation receive any proceeds or have any net income attributable to the transaction? .....
7b
 
 
8
Is the foundation subject to the section 4960 tax on payment(s) of more than $1,000,000 in remuneration or
excess parachute payment during the year? .........................
8
 
No
Part VII
Information About Officers, Directors, Trustees, Foundation Managers, Highly Paid Employees,
and Contractors
1 List all officers, directors, trustees, foundation managers and their compensation. See instructions
(a) Name and address (b) Title, and average
hours per week
devoted to position 		(c) Compensation
 (If not paid, enter
-0-) 		(d) Contributions to employee benefit plans and deferred compensation (e) Expense account,
other allowances
Zachary JenniferClick to see attachment
List of Attached Documents:
// Content
Chairperson of the Board
0.00 		0 0 0
126 E Lincoln Avenue
P O Box 2000
Rahway,NJ070650900
Grez Kelly E WClick to see attachment
List of Attached Documents:
// Content
Secretary
0.00 		0 0 0
126 E Lincoln Avenue
P O Box 2000
Rahway,MT070650900
Allison GoldbergClick to see attachment
List of Attached Documents:
// Content
President
0.00 		0 0 0
126 E Lincoln Avenue
P O Box 2000
Rahway,NJ070650900
Dillane TimothyClick to see attachment
List of Attached Documents:
// Content
Assistant Treasurer
0.00 		0 0 0
126 E Lincoln Avenue
P O Box 2000
Rahway,NJ070650900
Ettelman KarenClick to see attachment
List of Attached Documents:
// Content
Assistant Secretary
0.00 		0 0 0
126 E Lincoln Avenue
P O Box 2000
Rahway,NJ070650900
Filderman JonClick to see attachment
List of Attached Documents:
// Content
Vice President
0.00 		0 0 0
126 E Lincoln Avenue
P O Box 2000
Rahway,NJ070650900
Gary HenningsenClick to see attachment
List of Attached Documents:
// Content
Vice President Tax
0.00 		0 0 0
126 E Lincoln Avenue
P O Box 2000
Rahway,NJ070650900
Hardy LeslieClick to see attachment
List of Attached Documents:
// Content
Executive Vice President
0.00 		0 0 0
126 E Lincoln Avenue
P O Box 2000
Rahway,NJ070650900
Melissa LeonardClick to see attachment
List of Attached Documents:
// Content
Treasurer
0.00 		0 0 0
126 E Lincoln Avenue
P O Box 2000
Rahway,NJ070650900
Swartwood RobertClick to see attachment
List of Attached Documents:
// Content
Assistant Treasurer
0.00 		0 0 0
126 E Lincoln Avenue
P O Box 2000
Rahway,NJ070650900
Wildasin AnthonyClick to see attachment
List of Attached Documents:
// Content
Assistant Secretary
0.00 		0 0 0
126 E Lincoln Avenue
P O Box 2000
Rahway,NJ070650900
Walker MarkClick to see attachment
List of Attached Documents:
// Content
Assistant Treasurer
0.00 		0 0 0
126 E Lincoln Avenue
Rahway,NJ07065
2 Compensation of five highest-paid employees (other than those included on line 1—see instructions). If none, enter “NONE."
(a) Name and address of each employee paid more than $50,000 (b) Title, and average
hours per week
devoted to position 		(c) Compensation (d) Contributions to
employee benefit
plans and deferred
compensation 		(e) Expense account,
other allowances
 
Total number of other employees paid over $50,000...................  
Form 990-PF (2025)
Form 990-PF (2025)
Page 7
Part VII
Information About Officers, Directors, Trustees, Foundation Managers, Highly Paid Employees,
and Contractors (continued)
3 Five highest-paid independent contractors for professional services (see instructions). If none, enter "NONE".
(a) Name and address of each person paid more than $50,000 (b) Type of service (c) Compensation
 
Total number of others receiving over $50,000 for professional services.............right arrow  
Part VIII-A
Summary of Direct Charitable Activities
List the foundation’s four largest direct charitable activities during the tax year. Include relevant statistical information such as the number of organizations and other beneficiaries served, conferences convened, research papers produced, etc. Expenses
1 The Childrens Inn at NIH 2,800,000
2 University of New Mexico 1,899,566
3 United Nations Foundation Inc. 1,000,000
4 American Cancer Society 790,851
Part VIII-B
Summary of Program-Related Investments (see instructions)
Describe the two largest program-related investments made by the foundation during the tax year on lines 1 and 2. Amount
1  
2  
All other program-related investments. See instructions.
3  
Total. Add lines 1 through 3.........................  
Form 990-PF (2025)
Form 990-PF (2025)
Page 8
Part IX
Minimum Investment Return (All domestic foundations must complete this part. Foreign foundations, see instructions.)
1
Fair market value of assets not used (or held for use) directly in carrying out charitable, etc.,
purposes:
a
Average monthly fair market value of securities...................
1a
329,867,990
b
Average of monthly cash balances.......................
1b
0
c
Fair market value of all other assets (see instructions)................
1c
0
d
Total (add lines 1a, 1b, and 1c).......................
1d
329,867,990
e
Reduction claimed for blockage or other factors reported on lines 1a and
1c (attach detailed explanation) Click to see attachment
List of Attached Documents:
// Content
.............
1e
0
2
Acquisition indebtedness applicable to line 1 assets..................
2
0
3
Subtract line 2 from line 1d.........................
3
329,867,990
4
Cash deemed held for charitable activities. Enter 1.5% (0.015) of line 3 (for greater amount, see
instructions) .............................
4
4,948,020
5
Net value of noncharitable-use assets. Subtract line 4 from line 3. ............
5
324,919,970
6
Minimum investment return. Enter 5% (0.05) of line 5 ................
6
16,245,999
Part X
Distributable Amount (see instructions) (Section 4942(j)(3) and (j)(5) private operating foundations and certain foreign organizations check here and do not complete this part.)
1
Minimum investment return from Part IX, line 6..................
1
16,245,999
2a
Tax on investment income for 2025 from Part V, line 5 .......
2a
241,362
b
Income tax for 2025. (This does not include the tax from Part V.) ...
2b
0
c
Add lines 2a and 2b............................
2c
241,362
3
Distributable amount before adjustments. Subtract line 2c from line 1............
3
16,004,637
4
Recoveries of amounts treated as qualifying distributions................
4
0
5
Add lines 3 and 4............................
5
16,004,637
6
Deduction from distributable amount (see instructions) .................
6
0
7
Distributable amount as adjusted. Subtract line 6 from line 5. Enter here and on Part XII, line 1 ...
7
16,004,637
Part XI
Qualifying Distributions (see instructions)
1
Amounts paid (including administrative expenses) to accomplish charitable, etc., purposes:
a
Expenses, contributions, gifts, etc.—total from Part I, line 26, column (d) ..........
1a
29,761,191
b
Program-related investments—total from Part VIII-B..................
1b
0
2
Amounts paid to acquire assets used (or held for use) directly in carrying out charitable, etc.,
purposes...............................
2
0
3
Amounts set aside for specific charitable projects that satisfy the:
a
Suitability test (prior IRS approval required)....................
3a
0
b
Cash distribution test (attach the required schedule) Click to see attachment
List of Attached Documents:
// Content
.................
3b
0
4
Qualifying distributions. Add lines 1a through 3b. Enter here and on Part XII, line 4. .......
4
29,761,191
Form 990-PF (2025)
Form 990-PF (2025)
Page 9
Part XII
Undistributed Income (see instructions)
(a)
Corpus 		(b)
Years prior to 2024 		(c)
2024 		(d)
2025
1 Distributable amount for 2025 from Part X, line 7 16,004,637
2 Undistributed income, if any, as of the end of 2025:
a Enter amount for 2024 only....... 15,899,814
b Total for prior years:20 , 20, 20  
3 Excess distributions carryover, if any, to 2025:
a From 2020...... 14,605,772
b From 2021...... 6,444,539
c From 2022...... 6,911,816
d From 2023...... 10,189,575
e From 2024...... 10,136,069
f Total of lines 3a through e ........ 48,287,771
4Qualifying distributions for 2025 from Part
XI, line 4: $ 29,761,191
a Applied to 2024, but not more than line 2a  
b Applied to undistributed income of prior years
(Election required—see instructions) ..... 		 
c Treated as distributions out of corpus (Election
required—see instructions) ........ 		 
d Applied to 2025 distributable amount.....  
e Remaining amount distributed out of corpus 13,084,125
5 Excess distributions carryover applied to 2025.    
(If an amount appears in column (d), the
same amount must be shown in column (a).)
6Enter the net total of each column as
indicated below:
a Corpus. Add lines 3f, 4c, and 4e. Subtract line 5 61,371,896
b Prior years’ undistributed income. Subtract
line 4b from line 2b .......... 		0
c Enter the amount of prior years’ undistributed
income for which a notice of deficiency has
been issued, or on which the section 4942(a)
tax has been previously assessed...... 		 
d Subtract line 6c from line 6b. Taxable amount
—see instructions ........... 		0
e Undistributed income for 2024. Subtract line
4a from line 2a. Taxable amount—see
instructions ............. 		15,899,814
f Undistributed income for 2025. Subtract
lines 4d and 5 from line 1. This amount must
be distributed in 2026 .......... 		16,004,637
7 Amounts treated as distributions out of
corpus to satisfy requirements imposed by
section 170(b)(1)(F) or 4942(g)(3) (Election may
be required - see instructions) ....... 		 
8 Excess distributions carryover from 2020 not
applied on line 5 or line 7 (see instructions) ... 		 
9 Excess distributions carryover to 2026.
Subtract lines 7 and 8 from line 6a ...... 		61,371,896
10 Analysis of line 9:
a Excess from 2021 .... 6,444,539
b Excess from 2022 .... 6,911,816
c Excess from 2023 .... 10,189,575
d Excess from 2024 .... 10,136,069
e Excess from 2025 .... 13,084,125
Form 990-PF (2025)
Form 990-PF (2025)
Page 10
Part XIII
Private Operating Foundations (see instructions and Part VI-A, question 9)
1a If the foundation has received a ruling or determination letter that it is a private operating
foundation, and the ruling is effective for 2025, enter the date of the ruling ......
 
b Check box to indicate whether the organization is a private operating foundation described in section or
2a Enter the lesser of the adjusted net
income from Part I or the minimum
investment return from Part IX for each
year listed .......... 		Tax year Prior 3 years (e) Total
(a) 2025 (b) 2024 (c) 2023 (d) 2022
         
b 85% (0.85) of line 2a .......          
c Qualifying distributions from Part XI,
line 4 for each year listed ..... 		         
d Amounts included in line 2c not used directly
for active conduct of exempt activities .......... 		         
e Qualifying distributions made directly
for active conduct of exempt activities.
Subtract line 2d from line 2c .... 		         
3 Complete 3a, 3b, or 3c for the
alternative test relied upon:
a “Assets" alternative test—enter:
(1) Value of all assets ......          
(2) Value of assets qualifying
under section 4942(j)(3)(B)(i)		          
b “Endowment" alternative test— enter 2/3
of minimum investment return shown in
Part IX, line 6 for each year listed .. 		         
c “Support" alternative test—enter:
(1) Total support other than gross
investment income (interest,
dividends, rents, payments
on securities loans (section
512(a)(5)), or royalties) .... 		         
(2) Support from general public
and 5 or more exempt
organizations as provided in
section 4942(j)(3)(B)(iii).... 		         
(3) Largest amount of support
from an exempt organization		          
(4) Gross investment income          
Part XIV
Supplementary Information (Complete this part only if the foundation had $5,000 or more in
assets at any time during the year—see instructions.)
1Information Regarding Foundation Managers:
aList any managers of the foundation who have contributed more than 2% of the total contributions received by the foundation
before the close of any tax year (but only if they have contributed more than $5,000). (See section 507(d)(2).)
None
bList any managers of the foundation who own 10% or more of the stock of a corporation (or an equally large portion of the
ownership of a partnership or other entity) of which the foundation has a 10% or greater interest.
N A
2Information Regarding Contribution, Grant, Gift, Loan, Scholarship, etc., Programs:
Check here if the foundation only makes contributions to preselected charitable organizations and does not accept
unsolicited requests for funds. If the foundation makes gifts, grants, etc. to individuals or organizations under
other conditions, complete items 2a, 2b, 2c, and 2d. See instructions
aThe name, address, and telephone number or e-mail address of the person to whom applications should be addressed:
Leslie Hardy
126 E Lincoln
Rahway,NJ07065
(732) 594-4000
bThe form in which applications should be submitted and information and materials they should include:
Requests may be submitted by letter containing a brief summary of the organization including documentation of its federal tax-exempt status objectives of the project and means for accomplishing the goal the budget sources of other funding and amount of the grant request. Evidence of a sound program competent leadership and the ability to accomplish objectives must be shown.
cAny submission deadlines:
none
dAny restrictions or limitations on awards, such as by geographical areas, charitable fields, kinds of institutions, or other
factors:
Requests are evaluated on the basis of relevance to the philanthropic priorities of the Merck Company Foundation the interests of Merck & Co. Inc. the location of its major facilities and the concerns of its employees. Grants are not made to political labor or sectarian groups nor for endowments publications or media productions. Except within Foundation programs grants are not given for scholarships fellowships or to individuals
Form 990-PF (2025)
Form 990-PF (2025)
Page 11
Part XIV
Supplementary Information (continued)
3 Grants and Contributions Paid During the Year or Approved for Future Payment
Recipient If recipient is an individual,
show any relationship to
any foundation manager
or substantial contributor
 Foundation
status of
recipient 		Purpose of grant or
contribution 		Amount
Name and address (home or business)
aPaid during the year

American Cancer Society

3380 Chastain Meadows Pkwy NW
Kennesaw,GA30144 		No Relationship   Contribution provided 790,851

American National Red Cross

18th Street NW
Washington,DC20006 		No Relationship   Contribution provided 600,000

Boys & Girls Clubs of Durham and Orange Counties

1010 Martin Luther King Jr Parkway
Durham,NC27713 		No Relationship   Contribution provided 25,000

Broad Street Ministry

315 S Broad Street
Philadelphia,PA19107 		No Relationship   Contribution provided 25,000

Case Western Reserve University

10900 Euclid Avenue
Cleveland,OH44106 		No Relationship   Contribution provided 399,870

Community Volunteers in Medicine

300 B Lawrence Drive
West Chester,PA19380 		No Relationship   Contribution provided 147,718

Conquer Cancer Foundation of the American Society of Clinical Oncology

2318 Mill Road
Alexandria,VA22314 		No Relationship   Contribution provided 388,145

Cornerstone Christian Academy

1939 S 58th Street
Philadelphia,PA19143 		No Relationship   Contribution provided 250,000

Foundation for Black Womens Wellness

6601 Grand Teton Plaza
Madison,WI53719 		No Relationship   Contribution provided 350,000

Friends of Huddart & Wunderlich Parks

2961 Woodside Road
Woodside,CA94062 		No Relationship   Contribution provided 50,000

Gallup Community Health

2111 College Dr
Gallup,NM87301 		No Relationship   Contribution provided 350,000

Good Shepherd Housing and Family Services

8253 BackLick Road
Lorton,VA22079 		No Relationship   Contribution provided 117,024

I Be Black Girl

7914 W Dodge Rd 254
Omaha,NE68114 		No Relationship   Contribution provided 150,000

Johns Hopkins University

1259 Collections Drive
Chicago,IL60693 		No Relationship   Contribution provided 627,869

Manna on Main Street

606 East Main Street
Lansdale,PA19446 		No Relationship   Contribution provided 50,000

Mary Bird Perkins Cancer Center

4950 Essen Lane
Baton Rouge,LA70809 		No Relationship   Contribution provided 384,953

Mitzvah Circle Foundation

435 Doylestown Road
Lansdale,PA19446 		No Relationship   Contribution provided 50,000

New Hanover Community Health Center Inc DBA MedNorth Health Center

925 N 4th Street
Wilmington,NC28401 		No Relationship   Contribution provided 350,000

Perkiomen Watershed Conservancy

1 Skippack Pike
Schwenksville,PA19473 		No Relationship   Contribution provided 25,000

Providence Medical Foundation

200 West Center Street Promenade
Anaheim,CA92805 		No Relationship   Contribution provided 350,000

San Bruno Mountain Watch

44 Visitacion Avenue
Brisbane,CA94005 		No Relationship   Contribution provided 25,000

San Francisco Food Bank

900 Pennsylvania Avenue
San Francisco,CA94107 		No Relationship   Contribution provided 25,000

Science is Elementary

2483 Old Middlefield Way
Mountain View,CA94043 		No Relationship   Contribution provided 50,000

Shenandoah National Park Trust

1750 Allied Street
Charlottesville,VA22903 		No Relationship   Contribution provided 50,000

The Franklin Institute

222 North 20th Street
Philadelphia,PA19103 		No Relationship   Contribution provided 25,000

University of Chicago

5801 South Ellis Avenue
Chicago,IL60637 		No Relationship   Contribution provided 350,000

UPMC Center for HighValue Health Care

600 Grant Street
Pittsburgh,PA15219 		No Relationship   Contribution provided 350,000

Vision To Learn

12100 Willshire Blvd
Los Angeles,CA90025 		No Relationship   Contribution provided 25,000

Wilson Education Partnership

113 East Nash Street Suite 316
Wilson,NC27893 		No Relationship   Contribution provided 25,000

Wissahickon Valley Watershed Association

12 Morris Road
Ambler,PA19002 		No Relationship   Contribution provided 25,000

The Childrens Inn at NIH

7 West Drive
Bethesda,MD20814 		No Relationship   Contribution provided 100,000

The Childrens Inn at NIH

7 West Drive
Bethesda,MD20814 		No Relationship   Contribution provided 2,800,000

All Star Code Inc

276 Fifth Avenue
New York,NY10001 		No Relationship   Contribution provided 39,940

ATHENA of the Triangle Inc

131 N Judd Parkway
Fuquay Varina,NC27526 		No Relationship   Contribution provided 25,000

Boston Medical Center Corporation

One Boston Medical Center Place
Boston,MA02118 		No Relationship   Contribution provided 399,864

Breakthrough Greater Boston

PO Box 381486
Cambridge,MA02238 		No Relationship   Contribution provided 30,000

Capital Health System Inc

750 Brunswick Ave
Trenton,NJ08638 		No Relationship   Contribution provided 350,000

Citizen Schools

308 Congress Street
Boston,MA02210 		No Relationship   Contribution provided 25,000

Eastside College Preparatory School Inc

1041 Myrtle Street
East Palo Alto,CA94303 		No Relationship   Contribution provided 25,000

Georgia State University Research Foundation Inc

58 Edgewood Avenue S E
Atlanta,GA303032921 		No Relationship   Contribution provided 350,000

Growth Philanthropy Network Inc

122 E 42nd Street 17th Floor
New York,NY10168 		No Relationship   Contribution provided 55,000

Kimmel Center Inc

300 South Broad Street
Philadlephia,PA19102 		No Relationship   Contribution provided 150,000

Kits Cubed Inc

8053 Hansom Drive
Oakland,CA94605 		No Relationship   Contribution provided 25,000

La Clinica del Pueblo Inc

2831 15th Street NW
Washington,DC20009 		No Relationship   Contribution provided 350,000

Medical College of Virginia Foundation

1228 East Broad Street Box 980234
Richmond,VA232980234 		No Relationship   Contribution provided 657,573

Medical College of Virginia Foundation

1228 East Broad Street Box 980234
Richmond,VA232980234 		No Relationship   Bill Better: A Digital Workflow for Principal Illness Navigation 117,569

Memorial Sloan Kettering Cancer Center OSBI

1275 York Avenue
New York,NY100656007 		No Relationship   Contribution provided 400,000

National Comprehensive Cancer Network Inc

3025 Chemical Road
Plymouth Meeting,PA19462 		No Relationship   Contribution provided 266,153

New England Medical Association

P O Box 191391
Boston,MA02119 		No Relationship   Contribution provided 50,000

New Jersey Performing Arts Center

1 Center Street
Newark,NJ07102 		No Relationship   Contribution provided 250,000

New Jersey Symphony Orchestra

60 Park Place
Newark,NJ07102 		No Relationship   Contribution provided 200,000

North Penn Valley Boys and Girls Club

P O Box 103
Lansdale,PA19446 		No Relationship   Contribution provided 25,000

Public Health Institute

555 12th Street Suite 600
Oakland,CA94607 		No Relationship   Contribution provided 350,000

Rahway Community Action Organization

796 E Hazelwood Ave
Rahway,NJ07065 		No Relationship   Contribution provided 35,000

Rahway River Watershed Association

PO Box 1101
Rahway,NJ07065 		No Relationship   Contribution provided 35,000

Research & Development Council of New Jersey

14 Fairmount Avenue Suite 13
CHATHAM,NJ07928 		No Relationship   Contribution provided 60,060

Rutgers the State University

33 Knightsbridge Rd
Piscataway,NJ08854 		No Relationship   Contribution provided 287,899

Rutgers the State University

33 Knightsbridge Rd
Piscataway,NJ08854 		No Relationship   Contribution provided 150,000

Saint Barnabas Health Care System Foundation

95 Old Short Hills Road
West Orange,NJ07052 		No Relationship   Contribution provided 350,210

Science Club for Girls Inc

136 Magazine Street
Cambridge,MA02139 		No Relationship   Contribution provided 40,000

Students 2 Science Inc

66 Deforest Avenue
East Hanover,NJ07936 		No Relationship   Contribution provided 75,000

The Foundation for Delaware County

200 E State St Suite 304
Media,PA19063 		No Relationship   Contribution provided 163,211

Tigerlily Foundation

42020 Village Center Plaza Suite 12
Stone Ridge,VA20105 		No Relationship   Contribution provided 150,000

Trenton Health Team Inc

One West State Street 4th floor
Trenton,NJ08608 		No Relationship   Contribution provided 145,687

Trinitas Foundation

225 Williamson Street
Elizabeth,NJ07202 		No Relationship   Contribution provided 135,748

United Nations Foundation Inc

1750 Pennsylvania Avenue NW
Washington,DC20006 		No Relationship   Contribution provided 1,000,000

University of Kentucky Research Foundation

500 South Limestone
Lexington,KY405260001 		No Relationship   Contribution provided 399,960

University of New MexicoExempt

1 University of New Mexico
Albuquerque,NM871310001 		No Relationship   Contribution provided 1,899,566

Variety the Childrens Charity of the Delaware Valley

2950 Potshop Road PO Box 609
Worcester,PA19490 		No Relationship   Contribution provided 25,000

Young Mens Christian Assoc North Penn

2506 N Broad Street Suite 208
Colmar,PA18915 		No Relationship   Contribution provided 25,000

Youth Guidance

1 N LaSalle Street Suite 900
Chicago,IL606023902 		No Relationship   Contribution provided 25,000

YWCA Northern New Jersey

214 State Street Suite 207
Hackensack,NJ07601 		No Relationship   Contribution provided 150,000

Zufall Health Center Inc

18 W Blackwell Street
Dover,NJ07801 		No Relationship   Contribution provided 350,000

Partnership for Giving matching gifts

126 E LINCOLN AVE
Mailstop RY33 230B
Rahway,NJ07065 		No Relationship   Contribution provided 10,113,892
Total ................................. 3a 29,088,762
bApproved for future payment
Total ................................. 3b  
Form 990-PF (2025)
Form 990-PF (2025)
Page 12
Part XV-A
Analysis of Income-Producing Activities
Enter gross amounts unless otherwise indicated. Unrelated business income Excluded by section 512, 513, or 514 (e)
Related or exempt
function income
(See instructions.)
1Program service revenue: (a)
Business code 		(b)
Amount 		(c)
Exclusion code 		(d)
Amount
a     0   0 0
b     0   0 0
c     0   0 0
d     0   0 0
e     0   0 0
f     0   0 0
    0   0 0
gFees and contracts from government agencies          
2 Membership dues and assessments ....   0   0 0
3 Interest on savings and temporary cash
investments ........... 		  0   0 0
4 Dividends and interest from securities ....   0   0 0
5 Net rental income or (loss) from real estate:
aDebt-financed property......   0   0 0
bNot debt-financed property.....   0   0 0
6 Net rental income or (loss) from personal property   0   0 0
7 Other investment income .....   0   0 0
8 Gain or (loss) from sales of assets other than
inventory ............ 		  0   0 0
9 Net income or (loss) from special events:   0   0 0
10 Gross profit or (loss) from sales of inventory   0   0 0
11 Other revenue:
a   		  0   0 0
b     0   0 0
c     0   0 0
d     0   0 0
e     0   0 0
12 Subtotal. Add columns (b), (d), and (e) .. 0 0 0
13Total. Add line 12, columns (b), (d), and (e)..................
13
0
(See worksheet in line 13 instructions to verify calculations.)
Part XV-B
Relationship of Activities to the Accomplishment of Exempt Purposes
Line No.
DownArrow 		Explain below how each activity for which income is reported in column (e) of Part XV-A contributed importantly to
the accomplishment of the foundation’s exempt purposes (other than by providing funds for such purposes). (See
instructions.)
Form 990-PF (2025)
Form 990-PF (2025)
Page 13
Part XVI
Information Regarding Transfers To and Transactions and Relationships With Noncharitable Exempt Organizations
1
Did the organization directly or indirectly engage in any of the following with any other organization described in section 501(c) (other than section 501(c)(3) organizations) or in section 527, relating to political organizations?
Yes
No
a
Transfers from the reporting foundation to a noncharitable exempt organization of:
(1) Cash...................................
1a(1)
 
No
(2) Other assets.................................
1a(2)
 
No
b
Other transactions:
(1) Sales of assets to a noncharitable exempt organization....................
1b(1)
 
No
(2) Purchases of assets from a noncharitable exempt organization..................
1b(2)
 
No
(3) Rental of facilities, equipment, or other assets.......................
1b(3)
 
No
(4) Reimbursement arrangements...........................
1b(4)
 
No
(5) Loans or loan guarantees.............................
1b(5)
 
No
(6) Performance of services or membership or fundraising solicitations................
1b(6)
 
No
c
Sharing of facilities, equipment, mailing lists, other assets, or paid employees..............
1c
 
No
d
If the answer to any of the above is "Yes," complete the following schedule. Column (b) should always show the fair market value
of the goods, other assets, or services given by the reporting foundation. If the foundation received less than fair market value
in any transaction or sharing arrangement, show in column (d) the value of the goods, other assets, or services received.
(a) Line No. (b) Amount involved (c) Name of noncharitable exempt organization (d) Description of transfers, transactions, and sharing arrangements
2a
Is the foundation directly or indirectly affiliated with, or related to, one or more tax-exempt organizations
described in section 501(c) (other than section 501(c)(3)) or in section 527? ...........
b
If "Yes," complete the following schedule.

(a) Name of organization (b) Type of organization (c) Description of relationship
Sign Here
Under penalties of perjury, I declare that I have examined this return, including accompanying schedules and statements, and to the best of my knowledge and belief, it is true, correct, and complete. Declaration of preparer (other than taxpayer) is based on all information of which preparer has any knowledge.
May the IRS discuss this return
with the preparer shown below?
See instructions.
Signature of officer or trustee Date Title
Paid Preparer Use Only Preparer's name Preparer's Signature Date Check if self-
employed 		PTIN
Firm's name
Firm's EIN
Firm's address


Phone no.
Form 990-PF (2025)
Additional Data


Software ID: 25022704
Software Version: V2.0


Form 990PF - Special Condition Description:
Special Condition Description

TY 2025 InvestmentsOtherSchedule2
Name:
Merck Foundation a New Jersey Nonprofit Corporation
EIN:
22-6028476
Software ID:
25022704
Software Version:
V2.0
Category/ Item Listed at Cost or FMV Book Value End of Year Fair Market Value
Short Term Investment - Bank of New York AT COST 276,500,476 276,500,476

TY 2025 OtherExpensesSchedule
Name:
Merck Foundation a New Jersey Nonprofit Corporation
EIN:
22-6028476
Software ID:
25022704
Software Version:
V2.0
Description Revenue and Expenses per Books Net Investment Income Adjusted Net Income Disbursements for Charitable Purposes
Outside Services - Management Consulting 469,591 0 0 469,591
Promo-Communication Programs & Campaign 74,582 0 0 74,582


TY 2025 OtherIncomeSchedule2
Name:
Merck Foundation a New Jersey Nonprofit Corporation
EIN:
22-6028476
Software ID:
25022704
Software Version:
V2.0
Description Revenue And Expenses Per Books Net Investment Income Adjusted Net Income
Investment Capital Gain 27,142,781 11,010,657 0


TY 2025 OtherIncreasesSchedule
Name:
Merck Foundation a New Jersey Nonprofit Corporation
EIN:
22-6028476
Software ID:
25022704
Software Version:
V2.0
Description Amount
Other Adj 2


TY 2025 OtherProfessionalFeesSchedule
Name:
Merck Foundation a New Jersey Nonprofit Corporation
EIN:
22-6028476
Software ID:
25022704
Software Version:
V2.0
Category Amount Net Investment Income Adjusted Net Income Disbursements for Charitable Purposes
Professional Fees 322,559 326,397 0 0


TY 2025 TaxesSchedule
Name:
Merck Foundation a New Jersey Nonprofit Corporation
EIN:
22-6028476
Software ID:
25022704
Software Version:
V2.0
Category Amount Net Investment Income Adjusted Net Income Disbursements for Charitable Purposes
Taxes 128,256 0 0 128,256