2022-10-26T14:18:07-05:00 2021-12-31 PricewaterhouseCoopers LLP 300 MADISON AVENUE NEW YORK NY 10017 990 2021-01-01 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 2022-10-26 true Edward A McDermott Jr 999009999 SHIRA R FULLER P01417945 6464713000 2022-10-25 2 2021 2022-09-23 18:48:47Z Edward A McDermott Jr 600 Third Avenue 32nd Floor New York NY 10016 90765982 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. 9 7 91 0 0 0 74459168 60948408 0 0 269378 22775758 2849262 5540542 77577808 89264708 0 0 0 0 23811115 25102163 4054178 0 2285047 44990132 64927081 72855425 90029244 4722383 -764536 31531617 25811385 26529347 21912622 5002270 3898763 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 63238597 Laboratory research leading to clinical applications - see schedule O 7778604 Clinical research - see schedule O 71017201 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 true false false false false true false false false false true true true false false true 54 0 true 91 true false true BE SZ UK false false false false false false false false false false X 9 7 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 EDWARD A MCDERMOTT JR DIRECTOR, PRESIDENT 44.0 4.0 X X 0 916864 103318 DR CHI VAN DANG DIRECTOR, SCIENTIFIC DIRECTOR 50.0 2.0 X X 939103 0 67411 DR JONATHAN SKIPPER EXEC VICE-PRES TECH DEVELOP. 45.0 0.0 X 717110 0 68407 DR DON CLEVELAND GROUP LEADER 45.0 0.0 X 675948 0 71604 DR RICHARD KOLODNER GROUP LEADER 55.0 0.0 X 546080 0 75164 DR RALPH VENHAUS CHIEF MEDICAL OFFICER 50.0 0.0 X 500432 0 68464 THOMAS BAENNINGER CHIEF FINANCIAL OFFICER 40.0 0.0 X 453265 0 101455 DR BING REN GROUP LEADER 45.0 0.0 X 470258 0 67425 GEORGE COUKOS BRANCH DIRECTOR 40.0 0.0 X 382842 0 85985 XIN LU BRANCH DIRECTOR 43.0 0.0 X 390854 0 52365 RACHEL REINHARDT VICE-PRESIDENT COMMUNICATIONS 45.0 0.0 X 341610 0 67401 JOHN L NOTTER DIRECTOR, BOARD CHAIRPERSON 8.0 3.0 X 28431 121684 0 JOHN D GORDAN III DIRECTOR 2.0 2.0 X 10831 76684 0 DR NANCY ELLEN DAVIDSON DIRECTOR 2.0 2.0 X 10831 30000 0 OLIVIER R E DUNANT DIRECTOR, VICE-CHAIR 2.0 2.0 X 10831 30000 0 JUDGE BARBARA S JONES DIRECTOR 2.0 2.0 X 10831 30000 0 ALEXANDRA JOHNSON DIRECTOR 2.0 2.0 X 10831 30000 0 DR PHILIP A PIZZO DIRECTOR 2.0 2.0 X 10831 30000 0 5510919 1265232 828999 55 false true false University of Lausanne BATIMENT UNICENTRE LAUSANNE 0 SZ CH-1015 Research Services 13300588 University of Oxford WELLINGTON SQUARE OXFORD 0 UK OX1 2JD Research Services 8722848 Milbank LLP 55 HUDSON YARDS NEW YORK NY 100012163 LEGAL SERVICES 6485617 Princeton University 701 Carnegie Center Princeton NJ 08540 Research Services 5100000 De Duve Institute Avenue Hippocrate 75 UCL 7550 WOLUWE SAINT LAMBERT 0 BE 1200 Research Services 3094422 40 45000000 4704322 11244086 1834220 60948408 0 277032 277032 0 2480060 2480060 0 0 0 24000000 1501274 22498726 22498726 22498726 0 0 0 0 0 0 0 0 0 REIMBURSEMENT OF INSURANCE COSTS 900099 92974 92974 VARIOUS COST RECOVERY 900099 6906 6906 REIMBURSEMENT FROM INSURANCE COMPANY 900099 2960602 2960602 3060482 89264708 28316300 0 0 0 0 3352127 929337 2084880 337910 0 16328237 13098612 2572627 656998 1304205 1002482 242488 59235 2748950 2247252 446621 55077 1368644 1054885 238427 75332 3032997 1441269 1436840 154888 7584895 77637 6757842 749416 282140 264842 17298 0 0 0 1653325 855261 798064 0 459803 65710 356541 37552 717806 372335 312649 32822 276848 276848 3760188 2757290 895998 106900 45240 28399 15302 1539 0 34642 33475 1087 80 891 891 0 0 337328 132541 204787 COLLABORATIVE PROGRAMS 38817638 38759461 58177 LABORATORY EXPENSES 3228661 3228640 21 CLINICAL TRIALS 2322911 2322911 RESEARCH EQUIPMENT 1622973 1622973 748795 709883 38912 90029244 71017201 16726996 2285047 6827104 8920477 1390470 302627 1125067 1448901 30518 20817 26000 22000 0 0 7008353 525954 0 0 1663006 2231092 0 0 0 0 7050955 5549662 0 0 0 0 6410144 6789855 31531617 25811385 9911249 9901109 0 0 11301593 6634901 0 0 0 0 0 0 0 0 0 0 5316505 5376612 26529347 21912622 X 59542 59542 0 0 4942728 3839221 5002270 3898763 31531617 25811385 X -764536 -19 -338952 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 RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED 90029244 90029244 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 2021. THEREFORE SCHEDULE C PART II-A, LINES 1A, 1B, 2C, AND 2F ARE ZERO. UNIVERSE TANKSHIPS, INC, SHARE 5103185 C VACCITECH ONCOLOGY LIMITED 444245 C LIFE SCIENCES PHARMA. INC., SH 1457 C RECEPTA INC., SHARES 327 C ARIMA GENOMICS, INC 210 C LUDWIG TECHNOLOGIES, INC SHARE 100 C CANCER VACC. ACCEL. COMP, SH 100 C IOX THERAPEUTICS LTD, SHARES 33 C EPIGENOME TECHNOLOGIES, INC 5 C 5549662 PENSION PLAN 457B 2014758 DEPOSITS 672296 EXPENSE ADVANCES STAFF 16209 VAT LEGAL CLAIM 4075063 MISCELLANEOUS 11529 6789855 0 PROVISION FOR VAT RECLAIM 3361854 PENSION PLAN 457B PAYABLE 2014758 5376612 89264689 -19 -19 89264708 89264708 90368196 338952 338952 90029244 90029244 Europe (Including Iceland and Greenland) 3 31 Program Services Medical Research 29705204 Europe (Including Iceland and Greenland) 1 37 Program Services Management 2795482 South America 0 0 Program Services Medical Research 84658 North America 0 0 Program Services Medical Research 137024 East Asia and the Pacific 0 0 Program Services Medical Research 2655814 Europe (Including Iceland and Greenland) 0 0 Investments 444245 South America 0 0 Investments 327 4 68 4 68 35822754 35822754 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 true true X X X X false true false false false false false false false EDWARD A MCDERMOTT JR DIRECTOR, PRESIDENT 0 916864 0 0 0 0 0 65310 0 38008 0 1020182 0 0 DR CHI VAN DANG DIRECTOR, SCIENTIFIC DIRECTOR 850000 0 0 0 89103 0 30450 0 36961 0 1006514 0 0 0 JOHN L NOTTER DIRECTOR, BOARD CHAIRPERSON 28431 121684 0 0 0 0 0 0 0 0 28431 121684 0 0 THOMAS BAENNINGER CHIEF FINANCIAL OFFICER 453265 0 0 0 0 0 88790 0 12665 0 554720 0 0 0 DR JONATHAN SKIPPER EXEC VICE-PRES TECH DEVELOP. 654480 0 0 0 62630 0 30450 0 37957 0 785517 0 0 0 GEORGE COUKOS BRANCH DIRECTOR 382842 0 0 0 0 0 81750 0 4235 0 468827 0 0 0 DR RICHARD KOLODNER GROUP LEADER 541599 0 0 0 4481 0 45500 0 29664 0 621244 0 0 0 DR RALPH VENHAUS CHIEF MEDICAL OFFICER 471209 0 0 0 29223 0 30450 0 38014 0 568896 0 0 0 DR DON CLEVELAND GROUP LEADER 672240 0 0 0 3708 0 43500 0 28104 0 747552 0 0 0 DR BING REN GROUP LEADER 469016 0 0 0 1242 0 37000 0 30425 0 537683 0 0 0 RACHEL REINHARDT VICE-PRESIDENT COMMUNICATIONS 337653 0 0 0 3957 0 30450 0 36951 0 409011 0 0 0 XIN LU BRANCH DIRECTOR 390854 0 0 0 0 0 52365 0 0 0 443219 0 0 0 Schedule J, Part I, Line 1a The Ludwig Institute's travel policy allows first-class travel only under extraordinary circumstances. These include medical reasons or, for trips exceeding 5 hours, where business class or its equivalent is not offered. On occasions that call for the spouse or partner of members of the board or management to be invited to attend a Ludwig Institute meeting or function, expenses for these guests are reimbursed on the same conditions (including class of travel) as the member of the board or management as described in the foregoing travel policy. 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 and comparison to compensation paid by other organizations using data available from the other organization's forms 990. Using this information the compensation committee sets the level of compensation and authorizes the Board of Directors of the Ludwig Group, Inc. to pay compensation at this level. 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 55,560 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. Richard Kolodner Group Leader Housing allowance X 100000 22000 false false true 22000 X Services 3 1834220 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 51 years ago 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 610 scientists, clinicians and support personnel as of December 31, 2021, 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 2.5 million in 2021. 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 2021, Ludwig Institute Investigators published 263 primary research articles and 88 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 2021, eight new U.S. patents and two new European patents were issued, and 10 new U.S. applications and a further six new international patent applications were 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. It has, therefore, committed the resources and marshalled the capabilities that allow it to evaluate its promising basic discoveries in human clinical studies. 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. Four Ludwig Institute-sponsored clinical trials were ongoing in 2021. These four trials, together with 21 previously completed studies, were supported by 11 active Ludwig Institute regulatory dossiers [eight Investigational New Drug (IND) applications (USA), one Drug Master File Notification (DMF) and two Clinical Trials Applications (CTA) in Switzerland and in the UK, respectively]. Over the year, the Ludwig Institute made no new regulatory submissions and 44 supplemental submissions to its active regulatory dossiers in three countries. 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, San Diego and Sao Paulo. 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 Fund. 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 three conflict of interest policies - respectively for the board of directors, officers and staff. Annually all members of the board of directors, officers 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 $ (681,861) Net foreign exchange gain on capital and reserve $ 342,909 ------------ Net loss $ (338,952) 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 7375230 28540428 1.00000 true The Ludwig Group Inc 600 Third Avenue 32nd Floor New York NY 10016 132808920 Admin service DE UTI C Corp 7790407 17756605 1.00000 true Ludwig Technologies Inc 600 Third Avenue 32nd Floor New York NY 10016 273166967 Holding Co DE Ludwig Inst C Corp 0 741 1.00000 true true false true true false false true false false false false false true true false true true false false LICR Fund Inc a 276473 CASH LICR Fund Inc c 45000000 CASH LICR Fund Inc d,g 24000000 CASH The Ludwig Group Inc n 740723 INVOICE AMOUNTS The Ludwig Group Inc m 2249424 INVOICE AMOUNTS The Ludwig Group Inc p 1784255 INVOICE AMOUNTS LICR Fund Inc q 55784 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. Part V, Line 1a - Receipt of interest from a controlled entity The loan from Ludwig Institute to LICR Fund constitutes interorganizational indebtedness that does not give rise to unrelated debt-financed income under Section 514 of the Code.