I have tried various methods to nest merge fields and only the first one appears and in all of them not even the correct description. I have googled and can't fine one nesting formula that works. I even copied the a formula in a document that works and put my merged fields and it doesn't work. I know I am just missing seeing the issue. Can someone look at my formula and see if you can tell what the issue is. Please note I am using CTRL F9 for brackets but I can't copy paste so I am rewriting it here.

{IF{MERGEDFIELD Fund_description_1} = "" "2017 Fund_Arts" "ARTS" "{IF{MERGEDFIELD Fund_description_1} = "" "2017 Fund _Athletics" "ATHLETICS" "
{IF{MERGEDFIELD Fund_description_1} = "" "2017 FUND_Financial Aid" "FINANCIAL AID" ""}"}"}

This is just a sample I have 7 that I have to put into the letter.

Thank you