2023-10-31T17:03:00-05:00 2022-12-31 PWC US TAX LLP 300 MADISON AVENUE NEW YORK NY 10017 990 2022-01-01 237121131 Ludwig Institute for Cancer Research Ltd % URS KUNZ LUDW 2124501500 600 Third Avenue 32nd Floor New York NY 10016 Edward A McDermott Jr President 2124501500 2023-10-26 true Edward A McDermott Jr 999009999 ERIC M MCNEIL P00460263 2673303000 2023-10-20 3 2022 2023-04-26 12:10:37Z Edward A McDermott Jr 600 Third Avenue 32nd Floor New York NY 10016 102443688 false X www.ludwigcancerresearch.org X 1971 SZ The Ludwig Institute for Cancer Research Ltd is a global non-profit institute committed to improving the under- standing & control of cancer through laboratory and clinical research. 8 6 79 0 0 0 60948408 90702581 0 0 22775758 3836 5540542 11737271 89264708 102443688 0 0 0 0 25102163 24298963 0 0 2549735 64927081 83570734 90029244 107869697 -764536 -5426009 25811385 21583740 21912622 19553709 3898763 2030031 X The Ludwig Institute for Cancer Research Ltd is an international not-for-profit organization committed to preventing and controlling cancer through integrated laboratory and clinical research. false false 77003412 Laboratory research leading to clinical applications - see schedule O 7128876 Clinical research - see schedule O 84132288 true true false true false false false false false false false true false true true false true true false true true false false false false false false false false true false false false false false false false false true false false false false true true true false false true 46 0 true 79 true false true BE SZ UK false false false false false false false false true false X 8 6 true true false false true true true true true false true true true true true true true true true true false CA NY X URS KUNZ 2124501500 LICR LTD STADELHOFERSTR 22 ZURICH SZ CH-8001 X DR DON CLEVELAND GROUP LEADER 45.0 0.0 X 1140218 0 71235 DR CHI VAN DANG DIRECTOR, SCIENTIFIC DIRECTOR 50.0 2.0 X X 1017288 0 70763 EDWARD A MCDERMOTT JR DIRECTOR, PRESIDENT 44.0 4.0 X X 0 916361 101470 DR RICHARD KOLODNER GROUP LEADER 50.0 0.0 X 877903 0 75621 DR JONATHAN SKIPPER EXEC VICE-PRES TECH DEVELOP. 45.0 0.0 X 766905 0 71877 DR BING REN GROUP LEADER 45.0 0.0 X 724603 0 79101 DR RALPH VENHAUS CHIEF MEDICAL OFFICER 50.0 0.0 X 536028 0 71763 THOMAS BAENNINGER CHIEF FINANCIAL OFFICER 40.0 0.0 X 486505 0 109936 ARSHAD DESAI GROUP LEADER 45.0 0.0 X 529700 0 53700 GEORGE COUKOS BRANCH DIRECTOR 40.0 0.0 X 383674 0 86799 XIN LU BRANCH DIRECTOR 50.0 0.0 X 366682 0 48226 Patrice Morin DEPUTY SCIENT. 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(SINCE AUG 45.0 0.0 X 136887 0 16109 JOHN L NOTTER DIRECTOR, BOARD CHAIRPERSON 8.0 3.0 X 27259 123876 0 JOHN D GORDAN III DIRECTOR 2.0 2.0 X 10384 78876 0 DR NANCY ELLEN DAVIDSON DIRECTOR 2.0 2.0 X 10384 30000 0 OLIVIER R E DUNANT DIRECTOR, VICE-CHAIR 2.0 2.0 X 10384 30000 0 JUDGE BARBARA S JONES DIRECTOR 2.0 2.0 X 10384 30000 0 ALEXANDRA JOHNSON DIRECTOR 2.0 2.0 X 10384 30000 0 DR PHILIP A PIZZO DIRECTOR (to Aug. 2022) 2.0 2.0 X 6923 20000 0 7052495 1259113 856600 53 false true false Barnes Thornburg LLP 655 West Broadway Suite 1300 SAN DIEGO CA 21101 LEGAL SERVICES 14046872 University of Lausanne BATIMENT UNICENTRE LAUSANNE 0 SZ CH-1015 Research Services 11848605 Milbank LLP 55 HUDSON YARDS NEW YORK NY 100012163 LEGAL SERVICES 9139746 University of Oxford WELLINGTON SQUARE OXFORD 0 UK OX1 2JD Research Services 9012004 Princeton University 701 Carnegie Center PRINCETON NJ 08540 RESEARCH SERVICES 8398720 37 76000000 3286498 11416083 1487498 90702581 0 3836 3836 0 2647436 2647436 0 0 0 0 0 0 0 0 0 0 0 0 0 REIMBURSEMENT OF INSURANCE COSTS 900099 93004 93004 REIMBURSEMENT FROM INSURANCE COMPANY 900099 8992929 8992929 VARIOUS COST RECOVERY 900099 3902 3902 9089835 102443688 0 11741107 0 0 0 0 3647969 1040816 2216267 390886 0 15801098 12653306 2491513 656279 1191076 886678 246155 58243 2442624 1837064 552122 53438 1216196 919295 234505 62396 3745377 1162511 2329034 253832 9058970 66466 8094008 898496 275524 259760 15764 0 0 0 2706770 485993 2220777 0 258552 43726 196329 18497 698515 382182 286665 29668 754324 754324 3624436 2794686 742349 87401 354843 106522 224037 24284 0 30427 22297 7648 482 688 619 69 0 0 331761 139195 192566 COLLABORATIVE PROGRAMS 37870451 37855096 15355 OTHER SETTLEMENT FEES 15000000 15000000 LABORATORY EXPENSES 3721989 3721968 21 CLINICAL TRIALS 2539001 2539001 2599106 1721162 877944 107869697 84132288 21187674 2549735 8920477 11132200 302627 30981 1448901 912965 20817 69797 22000 0 0 0 525954 523554 0 0 2231092 784060 0 0 0 33 5549662 5405283 0 0 0 0 6789855 2724867 25811385 21583740 9901109 15643897 0 0 6634901 2144290 0 0 0 0 0 0 0 0 0 0 5376612 1765522 21912622 19553709 X 59542 59542 0 0 3839221 1970489 3898763 2030031 25811385 21583740 X -5426009 -144346 3701623 X X false true X true true true X UNIVERSITY HOSPITAL CENTRE OF CANTON VAUD Lausanne SZ UNIVERSITY CLINIC OF ST LUC Brussels BE OXFORD UNIVERSITY HOSPITAL Oxford UK MEMORIAL SLOAN-KETTERING CANCER CENTER New York NY UNIVERSITY OF CALIFORNIA SCHOOL OF MEDICINE San Diego CA RWJ BARNABAS HEALTH Princeton NJ RUTGERS CANCER INSTITUTE OF NEW JERSEY New Brunswick NJ WEILL CORNELL MEDICAL COLLEGE NEW YORK NY JOHNS HOPKINS UNIVERSITY BALTIMORE MD RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED 107869697 107869697 1000000 250000 1000000 1000000 1000000 1000000 4000000 6000000 250000 250000 250000 250000 1000000 1500000 SCHEDULE C, PART II-A THE ORGANIZATION MADE NO LOBBYING EXPENDITURES IN 2022. THEREFORE SCHEDULE C PART II-A, LINES 1A, 1B, 2C, AND 2F ARE ZERO. UNIVERSE TANKSHIPS, INC, SHARE 5103184 C VACCITECH ONCOLOGY LIMITED 300000 C LIFE SCIENCES PHARMA. INC., SH 1457 C RECEPTA INC., SHARES 327 C ARIMA GENOMICS, INC 210 C LUDWIG TECHNOLOGIES, INC SHARE 100 C EPIGENOME TECHNOLOGIES, INC 5 C 5405283 PENSION PLAN 457B 1765522 DEPOSITS 337212 EXPENSE ADVANCES STAFF 10476 MISCELLANEOUS 40705 Program cost to be refunded 570952 2724867 0 PENSION PLAN 457B PAYABLE 1765522 1765522 102286240 -144346 -13102 -157448 102443688 102443688 108098834 229137 229137 107869697 107869697 Schedule D, Part XI, Line 2D Reversal of Prior Contribution Europe (Including Iceland and Greenland) 3 28 Program Services Medical Research 33350282 East Asia and the Pacific 0 6 Program Services Medical Research 1883231 Europe (Including Iceland and Greenland) 1 51 Program Services Management 2952647 Russia and the Newly Independent States 0 0 Program Services Medical Research 169 North America 0 2 Program Services Medical Research 109427 South America 0 1 Program Services Medical Research 51290 Europe (Including Iceland and Greenland) 0 0 Investments 300000 South America 0 0 Investments 327 4 88 4 88 38647373 38647373 false false true false false false FORM 990, SCHEDULE F, PART I, LINE 3 Refer to Schedule O Disclosure for Part IV, Line 12A and Part XII, Line 1. X X X X true true false false false false false false false EDWARD A MCDERMOTT JR DIRECTOR, PRESIDENT 0 916361 0 0 0 0 0 61572 0 39898 0 1017831 0 0 DR CHI VAN DANG DIRECTOR, SCIENTIFIC DIRECTOR 925000 0 0 0 92288 0 32025 0 38738 0 1088051 0 0 0 JOHN L NOTTER DIRECTOR, BOARD CHAIRPERSON 27259 123876 0 0 0 0 0 0 0 0 27259 123876 0 0 THOMAS BAENNINGER CHIEF FINANCIAL OFFICER 486505 0 0 0 0 0 97397 0 12539 0 596441 0 0 0 DR JONATHAN SKIPPER EXEC VICE-PRES TECH DEVELOP. 704480 0 0 0 62425 0 32025 0 39852 0 838782 0 0 0 GEORGE COUKOS BRANCH DIRECTOR 383674 0 0 0 0 0 82644 0 4155 0 470473 0 0 0 DR RICHARD KOLODNER GROUP LEADER 539160 0 0 0 338743 0 47500 0 28121 0 953524 0 0 0 DR RALPH VENHAUS CHIEF MEDICAL OFFICER 504194 0 0 0 31834 0 32025 0 39738 0 607791 0 0 0 DR DON CLEVELAND GROUP LEADER 759480 0 0 0 380738 0 43500 0 27735 0 1211453 0 0 0 DR BING REN GROUP LEADER 466026 0 0 0 258577 0 47500 0 31601 0 803704 0 0 0 XIN LU BRANCH DIRECTOR 366682 0 0 0 0 0 48226 0 0 0 414908 0 0 0 ARSHAD DESAI GROUP LEADER 326808 0 0 0 202892 0 26733 0 26967 0 583400 0 0 0 Patrice Morin DEPUTY SCIENT. DIR. (SINCE AUG 137500 0 0 0 -613 0 0 0 16109 0 152996 0 0 0 Schedule J, Part I, Line 3 Edward A. McDermott Jr. is employed by the Ludwig Group, Inc. which provides management and administrative services to the Ludwig Institute for Cancer Research Ltd, LICR Fund, Inc., and other organizations. The Ludwig Institute is invoiced by the Ludwig Group, Inc. for the provision of services based on the time records maintained by the Ludwig Group, Inc. The total level of compensation for Edward A. McDermott Jr. which is paid by the Ludwig Group, Inc. under an employment agreement, is set and approved by the compensation committee of the Ludwig Institute. In setting the level of compensation, the Ludwig Institute's compensation committee arranges for an independent compensation survey. Schedule J, Part I, Line 4a For three individuals listed in Part II, other reportable compensation includes backpay and lost wages for the years 2020-2022. For one individual listed in Part II, other reportable compensation includes backpay and lost wages for the years 2020-2022, including a severance payment in connection with the dismissal of Cleveland et al. Ludwig Institute for Cancer Research, Case No. 19-cv-02141 and Case No.-cv-00871 (U.S. District Court, Southern District of California). Schedule J, Part I, Line 4b Edward A. McDermott Jr. participated in a supplemental non qualified retirement plan maintained by the Ludwig Group, Inc., a related organization of the Institute. The purpose of the Ludwig Group, Inc.'s supplemental pension plan is to provide certain supplemental benefits to certain select management or highly compensated employees who are participants in the employee pension plan of the Ludwig Group, Inc. All benefits payable under the plan, which is intended to constitute both an unfunded excess benefit plan under section 3(36) of title I of the employee retirement income security act of 1974, as amended, ("ERISA"), and a non qualified, unfunded deferred compensation plan for a select group of management or highly compensated employees under ERISA, are payable from the general assets of the Ludwig Group, Inc. The Ludwig Group, Inc. may establish and fund a trust in order to aid it in providing benefits due under the plan. Within the amount disclosed on Part VII, Section A, Line 1a, Column F, USD 51,322 is attributable to this plan for Edward A. McDermott Jr. Schedule J, Part II, Column B Column (B) includes compensation paid outside the U.S. to non-U.S. persons for which no Form W-2 or 1099-MISC has been issued. X Services 3 1487498 Costs & Estimates false true false Schedule M, Part i The organization is reporting the number of contributions received during the year. Additional information to Part I, Line 25 Consistent with the Financial Statements prepared in accordance with the Swiss Code of Obligations, the non-cash figure consists mainly of stipends and grants and related laboratory consumables received directly by staff working in the Ludwig Institute's laboratories for the benefit of the Ludwig Institute. The basis for valuation is, where possible, the actual amount received by the person concerned or, where this information is not available, a reasonable estimate of the person's stipend or grant etc. Form 990, Part III - Statement of program service accomplishments Line 4a - Laboratory Research leading to clinical applications The Ludwig Institute for Cancer Research Ltd was founded in 1971 as an international not-for-profit research institute dedicated to improving the understanding, prevention, detection and treatment of cancer. The Ludwig Institute's scientists conduct innovative basic research and facilitate the translation of promising discoveries related to cancer into applications for human benefit. Making meaningful advances that will ultimately transform care for cancer patients is central to the Ludwig Institute's mission. The Ludwig Institute engages leading scientists and clinicians in an integrated laboratory and clinical research effort to confront the global challenge of cancer. All laboratory research financed by the Ludwig Institute is carried out by its in-house research staff or through research collaborations involving Institute staff and external investigators. The Ludwig Institute has a staff of around 473 full time equivalents scientists, clinicians and support personnel as of December 31, 2022, located in four countries and focused on multiple aspects of cancer research. Approximately 80% of the total cost of the Ludwig Institute is funded by own resources. In addition to self-generated income from intellectual property, a significant amount is received from the LICR Fund, Inc., a Delaware supporting organization dedicated to maintaining an investment portfolio for this purpose. This funding setup gives Ludwig Institute investigators the freedom to tackle innovative long-term research and encourages and enables multidisciplinary teams of investigators to address significant and relatively complex challenges posed by cancer. The research activities of the Ludwig Institute, together with those of the Ludwig Centers established at six U.S. academic institutions with funding from a trust under the will of Daniel K. Ludwig are designated collectively as "Ludwig Cancer Research," an international community of distinguished scientists dedicated to studying cancer and advancing its prevention, diagnosis and treatment. The development, protection and licensing of intellectual property generated by research and technology development is fundamental to the Ludwig Institute's commitment to translate its discoveries for patient benefit. Income from these activities financed research expenditures amounting to USD 2.6 million in 2022. The Ludwig Institute also manages its IP and patents for public benefit. This means that the IP is made freely available to the academic research community. In 2022, Ludwig Institute Investigators published 228 primary research articles and 76 reviews, book chapters and commentaries. Progress was made in the study of tumor biology, cancer genomics, cancer prevention, the tumor micro-environment and tumor immunology. In 2022, 13 new U.S. patents and six new European patents were issued. Seven new U.S. applications and a further seven new international patent applications were also filed. Form 990, Part III - Statement of program service accomplishments Line 4B - Clinical Research The analysis of patient samples and evaluation of potential therapies in trials is essential to understanding cancer and exploring the therapeutic potential of new discoveries. Recognizing this, the Ludwig Institute takes responsibility for the discovery continuum from the laboratory to the early phase clinical trials. The Ludwig Institute believes that the same systematic investigative rigor that yielded the laboratory discovery in the first place should be applied in early-phase clinical trials to assess a discovery's therapeutic potential. Over the past few years, the Institute has moved away from centrally managed Ludwig-sponsored clinical trials overseen by a dedicated clinical trials management team in New York, in favor of having its clinical research implemented through locally sponsored, investigator-initiated clinical trials managed through its branch, collaborating institutions, or through non-profit clinical trial networks. The Ludwig Institute has licensing agreements with biotechnology and pharmaceutical companies that allow it to obtain proprietary investigational reagents and evaluate whether these agents might complement the therapeutic potential of the Ludwig Institute's own discoveries. The Ludwig Institute's interactions with industry are designed to protect its tax-exempt status to ensure that its discoveries are actively pursued as prognostic, diagnostic or therapeutic agents for human benefit. Form 990, Part IV - Checklist of required schedules Line 12A and Part XII - Financial statements and reporting, Line 1 The Ludwig Institute prepared consolidated financial statements in accordance with Swiss GAAP FER. The Ludwig Institute prepared statutory financial statements in accordance with the Swiss Code of Obligations. The Ludwig Institute prepared branch financial statements in accordance with the Swiss Code of Obligations for the following branches: Brussels (Belgium), Oxford (United Kingdom) and San Diego (United States). The submitted return 990 is based on the statutory financial statements in accordance with the Swiss code of Obligations. The following accounting principles apply: - Contributions are accounted for on the cash basis - Interest is accounted for on the accrual basis - External funding received from any outside source, whether of a cash or a non-cash nature is recorded in the Ludwig Institute's books of account on receipt. External funding received is taken to income when the corresponding expenditure is incurred. Any unspent income is deferred to future accounting periods. External funding pledged, but not received where expenditure has incurred, is taken into account as income and is accounted for as a grants receivable pending receipt. - License fees and royalties are accounted for on the modified cash basis. - Acquisition costs for research equipment, costs for leasehold improvements and costs for other assets are fully expensed in the year of acquisition. The Ludwig Institute prepared financial statements in accordance with office of management and budget circular A-133 for the San Diego branch (United States). The Ludwig Institute maintains accounting ledgers for the head office / administration and the research locations of Brussels, Oxford and San Diego. Accounting ledgers are maintained in USD. When any expenditure / income or balance sheet transactions are recorded in the accounts, a non-USD currency is converted into USD reporting currency using the monthly exchange rate of the transaction month as published by the Swiss federal tax administration. Form 990, Part VI - Governance, management and disclosure Section A - Governing body and management, Line 2 Edward A. McDermott Jr., director and officer of the Ludwig Institute for Cancer Research Ltd, and Dr. Jonathan Skipper, officer of the Ludwig Institute for Cancer Research Ltd, also serve as officers and board members of Ludwig Technologies, Inc. Each of the members of the board of directors of the Ludwig Institute is also a member of the board of directors of the LICR Fund, Inc. Form 990, Part VI - Governance, management and disclosure Section A - Governing body and management, Line 3 The Ludwig Group, Inc., a 100% subsidiary of the Ludwig Institute for Cancer Research Ltd, provides management and administrative services to the Ludwig Institute and related organizations, including personnel services and related facilities and equipment support, under formal service agreements with them. Edward A. McDermott Jr, director and president of the Ludwig Institute, is employed and compensated by the Ludwig Group, Inc. His compensation listed on the form 990, part VII is paid by the Ludwig Group, Inc. Edward A. McDermott Jr's services to Institute are billed to the Ludwig Institute by the Ludwig Group, Inc. Form 990, Part VI - Governance, management and disclosure Section A - Governing body and management, Line 6 The Ludwig Institute is organized as a Swiss not-for-profit organization. 49 of the shares are held by the trustees of the LICR Charitable trust, a Bermuda trust recognized by the IRS as an exempt supporting organization of the Ludwig Institute under section 501(c)(3) and 509(a)(3) of the Internal Revenue Code, whose primary purpose is to administer, devote and apply its assets to further the charitable purposes of the Ludwig Institute. Pursuant to the provisions of the Ludwig Institute's statutes, the members of the board of directors are no longer required to be shareholders. Three of the trustees of the LICR Charitable Trust are members of the Institute board of directors. One of the three trustees of the LICR Charitable Trust is also an officer of the Ludwig Institute. One share is held by the Swiss confederation. Form 990, Part VI - Governance, Management and disclosure Section A - Governing body and management, Line 7a The statutes of the Ludwig Institute confer on its shareholders the authority to elect and remove members of the board of directors and participate in proceedings, deliberations elections and votes at shareholder meetings. The shares do not confer proprietary rights or any entitlement to any share of the Ludwig Institute's net income or capital or any other asset owned or managed by the Ludwig Institute. The Ludwig Institute's statutes prohibit the payment of any dividends or distribution of income or capital to the shareholders. Form 990, Part VI - Governance, management and disclosure Section A - Governing body and management, Line 7b The shareholders have the power to grant discharge to the members of the board of directors and the executive officers at the shareholders' annual meeting for their conduct of business. The annual financial statements are submitted to the shareholders by the board of directors for shareholder approval. The shareholders have the right to make resolutions in respect of mergers, dissolutions or liquidation of the company and of any change of the company's registered office. Form 990, Part VI - Governance, management and disclosure Section B - Policies, Line 11B The Ludwig Institute's form 990 is reviewed at several levels. The Ludwig Institute's Zurich office senior staff, the vice president, finance, located in New York and external tax counsel review the draft form 990. Following these reviews, the chairperson of the audit committee and the president of the Ludwig Institute review the draft return prior to presenting it to the audit committee for further review. The final draft of form 990 is then presented to the Ludwig Institute's board of directors prior to its submission to the Internal Revenue Service. Form 990, Part VI - Governance, management and disclosure Section B - Policies, Line 12c The Ludwig Institute has two conflict of interest policies - one for the Board of Directors, Officers and Key Employees, and one for staff. Annually all members of the Board of Directors, Officers, Key Employees and staff are required to disclose any conflicts of interest. Board members and executive officers complete a conflict of interest questionnaire. All other staff members complete a confidential disclosure form. The completed questionnaires of the members of the board of directors and executive officers are reviewed by the compliance and risk officer. Those containing any disclosures or potential conflicts of interest are referred to the chairperson of the audit committee and, if appropriate, to the audit committee. At the same time it is confirmed to the audit committee chairperson that the other individuals had not reported any disclosures or potential conflicts of interest. Following this annual disclosure, if a conflict of interest is subsequently deemed to exist, it is the duty of the individual with the conflict to disclose it. For all cases where a conflict of interest exists, the matter is recorded in the minutes of the meeting of the audit committee or the board. Where the conflict concerns any board or committee member the individual(s) is (are) not permitted to participate in any vote or deliberation on the matter nor be counted in determining the existence of a quorum for the purposes of any action of the board or committee considering the matter. The annual disclosures by staff are reviewed by senior management and escalated as necessary. In addition, during the year, prior to involvement in activities that could be a potential or perceived conflict or interest, individuals are required to provide a written description of such activities to a committee of disinterested officers. Activities determined to be a conflict of interest that are not manageable may not be undertaken by the individual. For activities determined to be a conflict of interest that are manageable, details will be submitted to the audit committee of the Institute board of directors for approval. Form 990, Part VI - Governance, management and disclosure Section B - Policies, Line 15 The compensation of the members of the board of directors, the executive officers and former directors and officers who are retained as employees or consultants of the Ludwig Institute is subject to review by the Ludwig Institute's compensation committee, which consists of independent members of the board. The compensation reviewed includes the compensation of the chief executive officer, Edward A. McDermott Jr., who is employed by Ludwig Group, Inc., which provides management services to the Ludwig Institute. Independent compensation consultants provide comparability surveys to the committee. Organizations selected for peer analysis in the comparability surveys are intended to capture competitor organizations of similar size, revenue /operating budget and industry relevance to the Ludwig Institute. The studies last took place in Fall 2021 and are conducted approximately every three years. Minutes of the review and decisions made by the compensation committee are kept and, once approved by the committee at a subsequent meeting, are signed by the chairperson and the secretary to the board. The compensation committee's decisions are reported to the board of directors and recorded in the minutes of the board meetings, which are kept for all board meetings. Once approved by the board at a subsequent meeting, the minutes of meetings are signed by the chairperson and the secretary to the board. Form 990, Part VI - Governance, management and disclosure Section C - Disclosure, Line 19 The annual research highlights, the annual financial reports and the governing documents are available on the website www.ludwigcancerresearch.org under Disclosures and on request at the administrative offices in New York and Zurich, Switzerland. Form 990, Part VII - Compensation of officers, directors, key employees Section A - Officers, directors, trustees, key employees and highest compensated employees, Line 1a As part of the annual preparation of the form 990, all board of directors and executive officers provide an estimate of hours worked for the Ludwig Institute and the related organizations (see part VII for hours devoted to related organizations). The related organizations report the respective compensation figures to the Ludwig Institute and provide copies of the submitted W-2 returns / 1099 returns. Form 990, Part XI - Reconciliation of net assets, Line 9 Other changes in net assets Net loss on foreign exchange due to operations $ (1,059,658) Net foreign exchange gain on capital and reserve $ 830,521 Extraordinary income due to release of tax provision $ 3,943,862 Reversal of Prior Contribution $ (13,102) ------------ Net gain $ 3,701,623 LICR Fund Inc 600 Third Avenue 32nd Floor New York NY 10016 133573053 See Part VII DE 501(C)(3) 12A - I Ludwig Inst true LICR Charitable Trust 600 Third Avenue 32nd Floor New York NY 10016 986039547 See Part VII NY 501(C)(3) 12B - II None false Universe Tankships Inc UTI Trust Complex Ajeltake IS Ajeltak Rd Majuro RM MH96960 131603827 Holding RM Ludwig Inst C Corp 8695361 26343344 1.00000 true The Ludwig Group Inc 600 Third Avenue 32nd Floor New York NY 10016 132808920 Admin service DE UTI C Corp 9476124 16899291 1.00000 true Ludwig Technologies Inc 600 Third Avenue 32nd Floor New York NY 10016 273166967 Holding Co DE Ludwig Inst C Corp 0 516 1.00000 true false false true false false false false false false false false false true true false true true false false LICR Fund Inc c 76000000 CASH The Ludwig Group Inc m 2464020 INVOICE AMOUNTS The Ludwig Group Inc n 1236807 INVOICE AMOUNTS The Ludwig Group Inc p 1641596 INVOICE AMOUNTS LICR Fund Inc q 55802 INVOICE AMOUNTS Part II, Column 2B - Description of main activity related tax exempt org Tax exempt organizations LICR Fund, Inc. is a Delaware not-for-profit corporation and a supporting organization of the Ludwig Institute, which provides financial support for the Ludwig Institute's conduct of medical research activities. LICR Charitable Trust is a Bermudian trust whose mission is to maintain oversight and control of the management of the Ludwig Institute, including election of the Institute's board of directors.