The Murdock Trust was established in 1975 through the will of late M.J. “Jack” Murdock. We are a private charitable foundation with one mission: to enrich the quality of life in the Pacific Northwest by providing nonprofit grants and non-grant enrichment programs. To accomplish our mission, we manage Trust assets of approximately $1.2 billion.
As a private foundation, the Trust is exempt from federal income tax. It is, however, subject to federal excise tax on defined “net investment” income and unrelated business income tax on income generated from certain investments. In all we do, we are mindful of the Washington State laws and the Internal Revenue Code as it relates to the management of the Trust assets by a fiduciary.
Internal Investment Management
The Trust is governed by a board of three Trustees, appointed for life. They make all major investment decisions based upon recommendations from and discussions with Chief Investment Officer (CIO) Elmer Huh, who has principal responsibility for developing investment recommendations. (The Trust does not retain an outside investment consultant.) Recommendations and decisions are recorded in the Board of Trustees meeting minutes.
Outside Investment Management
All investment assets of the Trust are managed by outside investment managers. We greatly value our relationships with these best-in-class professionals and thus select our investment managers very carefully. (Learn more about our selection criteria.) Mandates given to managers are based on a thorough discussion of the Trust’s investment objectives.