2022-11-15T16:56:10-06:00 2021-12-31 PricewaterhouseCoopers LLP 2001 MARKET ST SUITE 1800 PHILADELPHIA PA 19103 990 2021-01-01 361892375 UNDERWRITERS LABORATORIES INC % RON BLAUSTEIN UNDE 8472728800 333 PFINGSTEN ROAD NORTHBROOK IL 600622096 Ron Blaustein SVP AND CFO 8472728800 2022-11-15 true Ron Blaustein 999009999 ROBERT FRIZ P00438748 2673303000 2022-11-15 2 2021 2022-09-23 18:48:47Z UL Research Institutes Ron Blaustein 333 PFINGSTEN ROAD NORTHBROOK IL 600622096 1224941752 false X WWW.UL.ORG X 1936 DE SEE SCHEDULE O X 9 8 118 0 1858165 1857165 1605729 1094530 21113140 16307513 9000000 1201860575 2045973 5679134 33764842 1224941752 1302522 7634854046 0 0 21138212 23807855 0 0 0 23265982 30568777 45706716 7689230678 -11941874 -6464288926 854826371 1099187241 107237919 14630209 747588452 1084557032 X SEE SCHEDULE O false true 7672279460 7634854046 21986647 Underwriters Laboratories Inc. performs research & investigation to advance safety science and uphold the safety standards. The organization develops, maintains, and distributes safety standards to support its mission of promoting safe living and working environments. Additionally, the organization engages in public advocacy and provides education to the public to enhance safety awareness. 7672279460 true true false false false false false false false false true false false false true false false true false false false true false false false false false true false true false false false false false false false false false false false true false true true true false false true 42 0 true 118 true true true false false false false false false false false false true false X 9 8 false false false false true true true true true false false true true true true true true true true false AK CA DC IL IN MS MT NY NC OK OR PR RI X X RON BLAUSTEIN 8472728800 333 PFINGSTEN ROAD NORTHBROOK IL 60062 X K Williams CEO (Former) 0.0 0.0 X 0 2515600 18415074 W Zhou EVP 0.0 60.0 X 0 1421968 3986974 S Jesudas EVP & CCO 0.0 60.0 X 0 1261508 4096809 T Brady President & CEO, Trustee 59.0 1.0 X X 1473035 0 2740852 R Robinson EVP & CFO 1.0 59.0 X 0 1519367 2263921 G Schjotz EVP 0.0 60.0 X 0 247601 2470760 C Correia SVP 0.0 60.0 X 0 575171 2029411 MSaltzman CFO 0.0 0.0 X 0 538854 1989260 A Groom SVP (Former) 0.0 0.0 X 0 304724 1701973 J Fischer EVP 0.0 60.0 X 0 369263 1361213 B Monks VP 59.0 1.0 X 432375 210211 643222 J McLaughlin EVP & CLO 1.0 59.0 X 0 1059316 201286 S Webster SVP 0.0 60.0 X 0 532380 695705 K Szczech SVP & TREASURER 1.0 59.0 X 0 440360 576514 S Hewson SVP 0.0 60.0 X 0 730301 180056 M Black VP 60.0 0.0 X 513269 0 44018 B Guthrie VP 0.0 60.0 X 0 407316 74377 T Rivelli SVP, CLO 40.0 20.0 X 0 400544 59132 S Kerber VP 60.0 0.0 X 377280 0 56797 E West VP & Assist Corp Secretary 1.0 59.0 X 0 358856 19500 P Piqueira VP (through 11/2021) 59.0 1.0 X 314288 19637 20928 C Gizzi VP 60.0 0.0 X 304743 0 45693 J Canfield VP (as of 11/2021) 59.0 1.0 X 269623 16877 51798 D Wroth - through 112021 Director Data Science 59.0 1.0 X 279880 18416 37561 G Borlase- through 112021 Director Standards Programs 59.0 1.0 X 259581 16903 41833 D Madrzykowski Director of Research 60.0 0.0 X 301354 0 10909 S Bird - through 112021 Director Intl Standards 59.0 1.0 X 262309 17160 24314 J Chapin VP 60.0 0.0 X 291761 0 10083 Z Susice DIRECTOR STRATEGY & MARKETING 60.0 0.0 X 273475 0 12651 J Jeevarajan VP & EXECUTIVE DIRECTOR 60.0 0.0 X 265255 0 10571 C Cramer SVP & CRO 60.0 0.0 X 234720 0 37585 J Shannon Trustee 10.0 6.0 X 2500 252500 0 J Dollive Trustee 9.0 5.0 X 17500 182500 0 G Williams Trustee 6.0 0.0 X 176335 0 0 D Pines Trustee 5.0 0.0 X 171513 0 0 R Owen Trustee 5.0 0.0 X 169460 0 0 E Toerstad Trustee 5.0 0.0 X 167500 0 0 D Paulison Trustee 4.0 0.0 X 166131 0 0 P Khoury Trustee 5.0 0.0 X 165000 0 0 C Farmer SVP & COO (as of 12/2021) 60.0 0.0 X 58440 0 22903 R Borger VP (as of 11/2021) 30.0 30.0 X 25385 0 2360 4224074 12965173 43804667 85 true true false SIEGEL AND GALE LLC 195 BROADWAY 17TH FLOOR NEW YORK NY 10007 MARKETING 1800409 DRAGONSPEARS 1 N State Street CHAICGO IL 60602 PROGRAM SERVICES 1531648 TELESTO STRATEGY LLC 230 W Monroe St Unit 2110 CHICAGO IL 60606 CONSULTING 1342500 TATUM 70 W Madison St Suite 4500 CHICAGO IL 60602 MANAGEMENT SERVICES 1093599 LAZARD FRERES CO LLC 30 ROCKEFELLER PLAZA NEW YORK NY 10112 FINANCIAL ADVISORY 1000000 42 1036769 57761 1094530 STANDARDS FEE 541380 16307513 16307513 16307513 1860575 1858165 2410 0 5679134 5679134 0 0 0 1200000000 0 1200000000 1200000000 0 0 0 0 0 0 0 0 0 0 1224941752 21986647 1858165 2410 7634418053 7634418053 0 435993 435993 0 5905299 5905299 0 13643652 10252064 3391588 0 4202264 3759652 442612 56640 56640 0 2228254 6671 2221583 296400 296400 0 0 0 17615854 10273624 7342230 375896 372471 3425 2412171 2306810 105361 47400 38176 9224 0 0 369701 297517 72184 0 619891 97811 522080 1224853 1224853 930937 380937 550000 1154695 1154695 61985 54537 7448 ACCREDITATION/MEMBERSHIP FEES 122729 105816 16913 TRAINING/RECRUITING 401092 93624 307468 BANK CHARGE 118210 52509 65701 OTHER TAX 319237 319237 2269472 1048348 1221124 7689230678 7672279460 16951218 0 6475187 72743234 0 0 0 0 4187069 1500692 0 0 0 0 0 1020460276 0 0 273560 185607 4166693 1454498 3309449 2712195 0 0 838932120 0 0 0 792338 8425 856648 1576812 854826371 1099187241 11399219 12849189 0 0 0 0 0 0 0 0 0 0 0 0 0 0 95838700 1781020 107237919 14630209 X 747588452 1084557032 0 0 747588452 1084557032 854826371 1099187241 X -6464288926 6801257506 X false true X true true true X 2015919 2147864 1305802 1605729 1094530 8169844 19018342 18515526 20163951 21113140 16307513 95118472 0 0 0 21034261 20663390 21469753 22718869 17402043 103288316 0 0 0 103288316 8666238 8588149 8635358 11045973 5681544 42617262 0 8666238 8588149 8635358 11045973 5681544 42617262 1858165 1858165 0 29700499 29251539 30105111 33764842 24941752 147763743 0.69901 0.71274 0.28841 0.28726 X RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED 65334 36560 28774 824467 357220 467247 2916933 864105 2052828 359959 196613 163346 2712195 0 LONG TERM LIABILITY 1384652 CURRENT LEASE LIABILITY 396368 1781020 true Europe (Including Iceland and Greenland) Grantmaking 345556 East Asia and the Pacific Grantmaking 90437 North America 3 Program Services Education 112284 Europe (Including Iceland and Greenland) 1 Program Services Education 109947 4 4 658224 658224 Europe (Including Iceland and Greenland) SPONSORSHIP 345556 WIRES East Asia and the Pacific Sponsorship 90437 WIRES 2 ROAD SAFETY PROGRAM GRANT South Asia false false true false false false PART I, Line 2 - PROCEDURES FOR MONITORING THE USE OF GRANT FUNDS Grants and other assistance to organizations are governed under the company's Corporate Giving Program Guidelines which seek to: Support UL's commitment to improving the quality of life in communities where UL employees live and work; Sponsor organizations that share UL's deep commitment to promoting safe living and working environments for people; Reflect UL's commitment to science, technology, engineering and mathematics (STEM) education, Advance diversity, equity and inclusion; Align with United Nations Sustainable Development and UN Global Compact principles; and Promote corporate social responsibility and sustainability The use of grant funds are monitored through review and approval by an officer of the organization. true HOME FIRE SPRINKLER COALITION INC 1 BATTERYMARCH PARK BOSTON MA 02169 510620405 501(c)(3) 25000 SPONSORSHIP CHICAGO ARCHITECTURE FOUNDATION 224 S Michigan Ave Chicago IL 60604 366144362 501(c)(3) 25000 SPONSORSHIP UNIVERSITY OF MARYLAND 3300 METZEROTT RD ADELPHI MD 20783 521125663 501(C)(3) 190000 SPONSORSHIP THE UNIVERSITY OF TENNESSEE 118 Perkins Hill KNOXVILLE TN 37996 621844686 501(C)(3) 60000 SPONSORSHIP CASE WESTERN RESERVE UNIVERSITY 10900 EUCLID AVE CLEVELAND OH 44106 341018992 501(C)(3) 600000 SPONSORSHIP BLACK CHIEF OFFICERS COMMITTEE PO BOX 5771 PIKESVILLE MD 21282 383699030 501(C)(3) 10000 SPONSORSHIP CRISTO REY ST MARTIN COLLEGE PREP 3106 Belvidere Rd Waukegan IL 60085 421597059 501(C)(3) 39636 CONTRIBUTION CHICAGO BOTANIC GARDEN 1000 Lake Cook Road Glencoe IL 60022 362225482 501(c)(3) 25000 Sponsorship AMERICAN INDIA FOUNDATION 216 E 45TH STREET NEW YORK NY 10017 134159765 501(c)(3) 10000 SPONSORSHIP SFPE 9711 WASHINGTONIAN BLVD NO 380 GAITHERSBURG MD 20878 046108834 501(c)(6) 12500 SPONSORSHIP CATHOLIC CHARITIES OF THE ARCHDIOCESE OF CHICAGO 2050 Ballenger Ave Suite 400 Alexandria VA 22314 530196620 501(c)(3) 15000 SPONSORSHIP IRELAND FUNDS 205 West Wacker Drive Suite 1400 Chicago IL 60606 251306992 501(c)(3) 15000 Sponsorship NETWORK MEDIA PARTNERS LLC 307 International Cir Ste 190 Hunt Valley MD 210301307 521773996 C Corporation 10500 SPONSORSHIP CENTER ON HALSTED 3656 North Halsted Chicago IL 60613 510178807 501(c)(3) 25000 SPONSORSHIP BUSINESS EXECUTIVES FOR NATIONAL SECURITY 1030 Fifteenth Street NW Ste 200 E Washington DC 20005 521271179 501(c)(3) 14576 SPONSORSHIP ILLINOIS LEGAL AID ONLINE 120 S LaSalle St Ste 900 Chicago IL 60603 202917133 501(c)(3) 5198 SPONSORSHIP NAVY SEAL FOUNDATION 1619 D Street Virginia Beach VA 23459 311728910 501(c)(3) 10000 SPONSORSHIP NORTHBROOK SYMPHONY ORCHESTRA 4020 899 Skokie Blvd Ste 12LL Northbrook IL 60062 363078229 501(c)(3) 30000 SPONSORSHIP EXCEPTIONAL WOMEN AWARDEES 1880 Century Park East Suite 200 Los Angeles CA 90067 822598470 501(c)(3) 10385 CONTRIBUTION UNIVERSITY OF ILLINOIS FOUNDATION PO Box 734500 Chicago IL 60673 376006007 501(c)(3) 38060 Sponsorship OREGON STATE UNIVERSITY 108 Hovland Hall Corvallis OR 97331 611730890 501(c)(3) 30000 Sponsorship GEORGIA STATE UNIVERSITY RESEARCH FOUNDATION INC GA Atlanta GA 30302 581845423 501(c)(3) 87261 Sponsorship ULSE Inc 333 Pfingsten Road Northbrook IL 60062 301211139 501(C)(4) 7632896943 FMV CONTRIBUTED ASSETS CONTRIBUTION PURDUE UNIVERSITY 23510 NETWORK PLACE CHICAGO IL 60673 356002041 501(C)(3) 90000 SPONSORSHIP WILLIAM MARSH RICE UNIVERSITY 6100 MAIN STREET HOUSTON TX 77005 741109620 501(C)(3) 122994 SPONSORSHIP 22 3 Part I, Line 2 - Procedures for Monitoring the Use of Grant Funds Grants and other assistance to organizations are governed under the company's Corporate Giving Program Guidelines which seek to: Support UL's commitment to improving the quality of life in communities where UL employees live and work; Sponsor organizations that share UL's deep commitment to promoting safe living and working environments for people; Reflect UL's commitment to science, technology, engineering and mathematics (STEM) education, Advance diversity, equity and inclusion; Align with United Nations Sustainable Development and UN Global Compact principles; and Promote corporate social responsibility and sustainability The use of grant funds are monitored through review and approval by an officer of the organization. X true true X X X X X false true false false false false false true false C Gizzi VP 222681 74925 7137 19500 26193 350436 J Dollive Trustee 17500 182500 17500 182500 R Owen Trustee 169460 169460 D Paulison Trustee 166131 166131 J Shannon Trustee 2500 252500 2500 252500 G Williams Trustee 176335 176335 K Williams CEO (Former) 2515600 18415074 20930674 S Hewson SVP 106487 395900 227914 169593 10463 910357 K Szczech SVP & TREASURER 243579 183035 13746 549171 27343 1016874 S Jesudas EVP & CCO 525821 692030 43657 4096809 5358317 G Schjotz EVP 166819 80782 2454653 16107 2718361 J Fischer EVP 81070 269406 18787 1106083 255130 1730476 A Groom SVP (Former) 304724 1701973 2006697 J Chapin VP 142602 127463 21696 10083 301844 B Guthrie VP 242104 158172 7040 64282 10095 481693 T Brady President & CEO, Trustee 603944 840000 29091 40700 2671230 28922 1542657 2671230 S Webster SVP 302414 215733 14233 665419 30286 1228085 W Zhou EVP 540242 861404 20322 3951016 35958 5408942 M Black VP 349680 154904 8685 26000 18018 557287 D Wroth - through 112021 Director Data Science 199504 18299 78971 1405 117 10360 949 24175 2077 314415 21442 P Piqueira VP (through 11/2021) 207645 19028 99958 6685 609 19500 1309 119 335097 19756 C Correia SVP 296965 260722 17484 1985788 43623 2604582 S Kerber VP 236804 133024 7452 19500 37297 434077 R Robinson EVP & CFO 551808 944187 23372 2224529 39392 3783288 Z Susice DIRECTOR STRATEGY & MARKETING 199152 72967 1356 10032 2619 286126 P Khoury Trustee 165000 165000 D Pines Trustee 171513 171513 J McLaughlin EVP & CLO 420000 620872 18444 201286 1260602 S Bird - through 112021 Director Intl Standards 185160 16979 75174 1975 181 9024 1351 12826 1113 284159 19624 D Madrzykowski Director of Research 223534 76440 1380 9787 1122 312263 E Toerstad Trustee 167500 167500 E West VP & Assist Corp Secretary 247200 105300 6356 19500 378356 MSaltzman CFO 538854 1989260 2528114 J Canfield VP (as of 11/2021) 189289 15866 70700 9634 1011 26000 20963 4835 316586 21712 C Cramer SVP & CRO 199625 35095 18040 19545 272305 B Monks VP 291893 132488 210211 7994 26000 592352 24870 483245 802563 T Rivelli SVP, CLO 244775 130369 25400 45784 13348 459676 J Jeevarajan VP & EXECUTIVE DIRECTOR 196245 65231 3779 9848 723 275826 G Borlase- through 112021 Director Standards Programs 183979 16879 75338 264 24 6564 618 31863 2788 298008 20309 Part I, Line 4 - Severance, Nonqualified, and Equity-Based Payments Severance Nonqualified Equity-Based Comp BRADY 0 14,700 0 ROBINSON 0 13,312 0 ZHOU 0 8,864 0 Part I, Line 7 - Non-Fixed Payments THE COMPANY HAS AN ALL EMPLOYEE INCENTIVE PLAN. THE PLAN IS BASED ON A COMBINATION OF THE COMPANY'S FINANCIAL PERFORMANCE MEASURES, AND DISCRETIONARY INDIVIDUAL ASSESSMENT, AS APPROVED BY THE COMPENSATION COMMITTEE. Part III - Other Additional Information THE FOLLOWING OFFICERS AND FORMER OFFICERS WERE COMPENSATED FROM UNDERWRITERS LABORATORIES INC.'S RELATED ORGANIZATION, UL LLC, OR A RELATED FOREIGN AFFILIATE: GROOM, SALTZMAN, SZCZECH, WEBSTER, WILLIAMS, ZHOU, CORREIA, JESUDAS, SCHJOTZ, FISCHER, HEWSON, MCLAUGHLIN, AND ROBINSON. THE RELATED ORGANIZATION ALSO PROVIDED SUPPLEMENTAL NONQUALIFIED RETIREMENT PLANS TO BRADY (AS A FORMER OFFICER OF THE RELATED ORG) AND CURRENT OFFICERS ROBINSON, AND ZHOU. IN 2021 THE RELATED ORGANIZATION CONTRIBUTED $14,700, $13,312, AND $8,864, RESPECTIVELY, TO THE PLAN. Part I, Line 3 - Compensation of Organization's CEO/Executive Director THE PROCESS OF DETERMINING COMPENSATION FOR THE CEO, ALL OFFICERS AND KEY EMPLOYEES OF THE ORGANIZATION IS PERFORMED ANNUALLY. AN INDEPENDENT COMPENSATION CONSULTANT COMPLETES AN ANALYSIS OF COMPARABLE AND COMPETITIVE MARKET DATA WITH DATA ASSISTANCE FROM UNDERWRITERS LABORATORIES INC.'S HR/COMPENSATION GROUP. IT COVERS TOP MANAGEMENT OFFICIALS OF THE ORGANIZATION, INCLUDING ELECTED OFFICERS THROUGH VICE PRESIDENTS. THE ANALYSIS IS REVIEWED BY THE COMPENSATION COMMITTEE OF THE BOARD OF TRUSTEES, WHO PROVIDES FINAL APPROVAL OF ALL COMPENSATION ARRANGEMENTS.THE CEO AND SVP OF HR ARE PRESENT IN ALL COMPENSATION COMMITTEE MEETINGS BUT RECUSE THEMSELVES FOR DISCUSSION OF THEIR COMPENSATION. IN ADDITION, THE ORGANIZATION FOLLOWS THE PROCEDURES UNDER TREASURY REGULATION SECTION 53.4958-6 TO MEET THE REBUTTABLE PRESUMPTION OF REASONABLNESS FOR ALL TRANSACTIONS WITH DISQUALIFIED PERSONS. A WRITTEN EMPLOYMENT CONTRACT IS ESTABLISHED FOR ALL OFFICERS. Part I, Line 1a - Travel for Companions TERRY BRADY, PRESIDENT & CEO, RECEIVED SPOUSAL TRAVEL FOR HIS SPOUSE IN 2021. THE BENEFIT WAS INCLUDED IN HIS 2021 TAXABLE COMPENSATION. UL Solutions Inc Shares 2021-11-30 7594999998 Share price valuation 301211139 ULSE Inc 333 Pfingsten Rd Northbrook IL 60062 501(c)(4) Standards Library & Related Activity 2021-11-30 35758660 Valuation 301211139 ULSE Inc 333 pfingsten rd northbrook IL 60062 501(c)(4) Accounts and Notes Receivable, Prepaids 2021-11-30 1586984 Book Value 301211139 ULSE Inc 333 pfingsten rd northbrook IL 60062 501(c)(4) Fixed Assets (incl. software) 2021-11-30 551300 Book Value 301211139 ULSE Inc 333 pfingsten rd northbrook IL 60062 501(c)(4) Intangible Assets 2021-11-30 0 301211139 ULSE Inc 333 pfingsten rd northbrook IL 60062 501(c)(4) Sale of UL Solutions Inc Shares 2021-11-30 1200000000 BOOK VALUE 301211139 ULSE INC 333 PFINGSTEN ROAD NORTHBROOK IL 60062 501(C)(4) true true false false Sch N, Part II Line 1 On November 30, 2021 the organization transferred its safety standards development, maintenance and distribution activities and related assets to ULSE Inc. (formerly ULS Inc.) to carry on in furtherance of its tax-exempt purposes. The Organization also transferred ownership of its wholly owned subsidiary, UL Solutions Inc. (formerly UL Inc.), to ULSE Inc. The Organization sold a portion of the UL Solutions Inc. stock to ULSE Inc. for fair market value as determined by an independent third party valuation. The Organization transferred its remaining UL Solutions Inc. stock and the safety standards assets to ULSE Inc. as a restricted grant, the proceeds of which must be used exclusively for Section 501(c)(3) tax-exempt purposes. The Organization will continue to engage in scientific research in the public interest to accelerate safety science discoveries and inform public policy and behaviors that will advance the public good around the world. With a focus on research, the Organization will expand the scale and scope of its research into emerging safety risks in order to make even greater contributions to global safety science. Sch N Part II Line 2(e) Terrence Brady, the President and CEO of the Organization, and James Shannon, the chair of the Organization board, serve as directors of ULSE Inc. Phil Piquera became Vice President of Global Standards for ULSE Inc. John Canfield became Vice President of Strategy for ULSE Inc. Ronaldo Borger became Vice President of Human Resources for ULSE Inc. Form 990, Part I & Part III, Line 1 - Organization's Mission THE SLOGAN FOR UNDERWRITERS LABORATORIES INC. AND ITS AFFILIATES IS "WORKING FOR A SAFER WORLD,ITS MISSION IS: - TO PROMOTE SAFE LIVING AND WORKING ENVIRONMENTS FOR PEOPLE BY THE APPLICATION OF SAFETY SCIENCE AND HAZARD-BASED SAFETY ENGINEERING. - TO SUPPORT THE PRODUCTION AND USE OF PRODUCTS WHICH ARE PHYSICALLY AND EVIRONMENTALLY SAFE AND TO APPLY OUR EFFORTS TO PREVENT OR REDUCE LOSS OF LIFE AND PROPERTY - TO ADVANCE SAFETY SCIENCE THROUGH RESEARCH AND INVESTIGATION - TO CONCENTRATE OUR EFFORTS AND RESOURCES ON PUBLIC SAFETY IN THOSE AREAS WHERE WE CAN MAKE VALUABLE CONTRIBUTIONS - TO CHARGE FAIR PRICES THAT ALLOW US TO MEET OUR OBLIGATIONS, SUSTAIN GROWTH, AND INVEST IN SAFETY SCIENCE AND EDUCATION - TO INVEST IN OUR PEOPLE AND ENCOURAGE OUR PEOPLE TO INVEST IN THEMSELVES - TO BE A GOOD EXAMPLE OF CORPORATE CITIZENSHIP AND SOCIAL RESPONSIBILITY. Form 990 - Part VI, Line 6 - Classes of Members or Stockholders THE ORGANIZATION HAS MEMBERS DESIGNATED AS "CORPORATE MEMBERS," WHOSE PRIMARY PURPOSE IS TO ELECT MEMBERS OF THE ORGANIZATION'S GOVERNING BODY. CORPORATE MEMBERS CONSIST OF PROMINENT INDIVIDUALS ASSOCIATED WITH THE FOLLOWING CATEGORIES: PROPERTY & CASUALTY INSURANCE INDUSTRY, CONSUMER INTEREST, EDUCATION, PUBLIC SAFETY BODY OR AGENCY, SAFETY EXPERT, STANDARDIZATION EXPERT, PUBLIC UTILITY, OFFICER OF THE ORGANIZATION, OR AT LARGE. CORPORATE MEMBERS DO NOT RECEIVE ANY SHARE OF THE ORGANIZATION'S PROFITS OR EXCESS DUES, AND THERE ARE NO DISTINGUISHING CLASSES OR LEVELS FOR CORPORATE MEMBERS. Form 990 - Part VI, Line 7a - Election of Members and Their Rights THE CORPORATE MEMBERS HAVE THE DUTY TO APPOINT ONE OR MORE MEMBERS OF THE ORGANIZATION'S GOVERNING BODY, WHICH IS THE BOARD OF TRUSTEES. A MAJORITY OF THE MEMBERS, PRESENT IN PERSON OR REPRESENTED BY PROXY, CONSTITUTES A QUORUM AT ALL MEETINGS OF CORPORATE MEMBERS FOR THE TRANSACTION OF BUSINESS EXCEPT AS OTHERWISE PROVIDED BY STATUTE OR CERTIFICATE OF INCORPORATION. EACH CORPORATE MEMBER IS ENTITLED TO ONE VOTE IN PERSON OR PROXY. Form 990 - Part VI, Line 7b - Decisions Subject to Approval of Members UNDER THE LAW OF THE STATE OF INCORPORATION, CERTAIN ACTIONS SUCH AS COMPLETE DISSOLUTION OF THE ORGANIZATION, AS DECIDED BY THE BOARD OF TRUSTEES WOULD BE SUBJECT TO APPROVAL BY THE CORPORATE MEMBERS. EACH CORPORATE MEMBER IS ENTITLED TO ONE VOTE IN PERSON OR PROXY. Form 990 - Part VI, Line 10b - Policies and Procedures Governing Chapters THE ORGANIZATION HAS WRITTEN POLICIES AND PROCEDURES GOVERNING THE ACTIVITIES OF CHAPTERS, AFFILIATES, AND BRANCHES TO ENSURE THEIR OPERATIONS ARE CONSISTENT WITH THOSE OF THE ORGANIZATION. Form 990 - Part VI, Line 11b - Organization's Process to Review Form 990 THE FORM 990 TAX RETURN IS PREPARED INTERNALLY BY TAX ACCOUNTANTS IN THE ORGANIZATION'S GLOBAL TAX DEPARTMENT. A DRAFT OF THE RETURN IS INITIALLY REVIEWED BY THE TAX DIRECTOR, THEN THE DEPARTMENT'S VICE PRESIDENT, AFTER WHICH IT IS SENT TO THE ORGANIZATION'S OUTSIDE PROFESSIONAL ACCOUNTING FIRM FOR AN INDEPENDENT REVIEW. IT THEN GOES THROUGH FINAL REVIEW FOR SIGNATURERE BY THE SENIOR VICE PRESIDENT/CHIEF FINANCIAL OFFICER OF THE ORGANIZATION. THE PROFESSIONAL ACCOUNTING FIRM ALSO SIGNS OFF ON THE RETURN AS THE PAID PREPARER OF THE RETURN. A COPY OF THE TAX RETURN IS ALSO MADE AVAILABLE TO THE COMPANY'S BOARD MEMBERS PRIOR TO THE FILING DATE. Form 990 - Part VI, Line 12c - Enforcement of Conflicts Policy UNDERWRITERS LABORATORIES INC. REQUIRES ITS TRUSTEES AND OFFICERS TO SIGN OFF ON A CERTIFICATION OF COMPLIANCE TO THE ORGANIZATION'S STANDARDS OF BUSINESS CONDUCT AS WELL AS A DECLARATION OF COMPLIANCE WITH THE ORGANIZATION'S CONFLICT OF INTEREST POLICY ON AN ANNUAL BASIS. ADDITIONALLY, THE ORGANIZATION REQUIRES ALL OF ITS EMPLOYEES TO UNDERGO ETHICS TRAINING AND SIGN A CERTIFICATION OF COMPLIANCE ON AN ANNUAL BASIS.THE TRUSTEES ARE REQUIRED TO PROVIDE ANNUAL DISCLOSURE OF ANY CONFLICTS OR POTENTIAL CONFLICTS. Form 990 - Part VI, Line 15a - Compensation Process for Top Official THE PROCESS OF DETERMINING COMPENSATION FOR THE CEO, ALL OFFICERS AND KEY EMPLOYEES OF THE ORGANIZATION IS PERFORMED ANNUALLY. AN INDEPENDENT COMPENSATION CONSULTANT COMPLETES AN ANALYSIS OF COMPARABLE AND COMPETITIVE MARKET DATA WITH DATA ASSISTANCE FROM UNDERWRITERS LABORATORIES INC.'S HR/COMPENSATION GROUP. IT COVERS TOP MANAGEMENT OFFICIALS OF THE ORGANIZATION, INCLUDING ELECTED OFFICERS THROUGH VICE PRESIDENTS. THE ANALYSIS IS REVIEWED BY THE COMPENSATION COMMITTEE OF THE BOARD OF TRUSTEES, WHO PROVIDES FINAL APPROVAL OF ALL COMPENSATION ARRANGEMENTS. THE CEO AND SVP OF HR ARE PRESENT IN ALL COMPENSATION COMMITTEE MEETINGS BUT RECUSE THEMSELVES FOR DISCUSSION OF THEIR COMPENSATION. IN ADDITION, THE ORGANIZATION FOLLOWS THE PROCEDURES UNDER TREASURY REGULATION SECTION 53.4958-6 TO MEET THE REBUTTABLE PRESUMPTION OF REASONABLENESS FOR ALL TRANSACTIONS WITH DISQUALIFIED PERSONS. Form 990 - Part VI, Line 15b - Compensation Process for Officers PLEASE SEE ABOVE. Form 990 - Part VI, Line 19 - Governing Documents Disclosure Explanation THE BY-LAWS OF THE ORGANIZATION ARE PRINTED AS A BROCHURE AND MADE AVAILABLE TO THE PUBLIC UPON REQUEST. THE DELAWARE CERTIFICATE OF INCORPORATION CAN BE OBTAINED BY ANYONE WHO REQUESTS IT THROUGH THE DELAWARE SECRETARY OF STATE'S OFFICE. UNDERWRITERS LABORATORIES INC. DOES NOT MAKE ITS CONFLICT OF INTEREST POLICY AND FINANCIAL STATEMENTS AVAILABLE TO THE PUBLIC. IN ADDITION TO BEING AVAILABLE BY REQUEST FROM THE ORGANIZATION, THE FORM 990 IS ALSO AVAILABLE AT GUIDESTAR.ORG. Form 990 Part XI, Line 9- Other changes in net assets or fund balances Sale of Shares to ULSE Inc.: (801,432,117) Restructuring Transactions: (30,207,322) FMV of Assets Granted to ULSE Inc.: 7,632,896,943 Rounding: 2 Total Part XI Line 9 6,801,257,506 The reconciling items are a result of the audited financial statement reporting under the guidelines of ASC805, accounting for business combinations. On November 30, 2021 Underwriters Laboratories Inc. transferred its safety standards development, maintenance and distribution activities and related assets to ULSE Inc. (formerly ULS Inc.) to carry on in furtherance of its tax-exempt purposes. The Organization also transferred ownership of its wholly owned subsidiary, UL Solutions Inc. (formerly UL Inc.), to ULSE Inc. The Organization sold a portion of the UL Solutions Inc. stock to ULSE Inc. for fair market value as determined by an independent third party valuation. The Organization transferred its remaining UL Solutions Inc. stock and the safety standards assets to ULSE Inc. as a restricted grant, the proceeds of which must be used exclusively for Section 501(c)(3) tax-exempt purposes. The Organization will continue to engage in scientific research in the public interest to accelerate safety science discoveries and inform public policy and behaviors that will advance the public good around the world. With a focus on research, the Organization will expand the scale and scope of its research into emerging safety risks in order to make even greater contributions to global safety science. Form 990 - Part VII, K. Williams Compensation- K. WILLIAMS WAS THE CEO OF UL SOLUTIONS, INC., A RELATED ORGANIZATION, FROM 2005-2019. HIS COMPENSATION CONSISTS OF VARIABLE INCENTIVE PLAN ACCUMULATED OVER THE COURSE OF HIS CAREER PAID BY A RELATED ORGANIZATION, UL LLC. 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