2021-11-09T14:46:52-06:00 2020-12-31 PricewaterhouseCoopers LLP 300 MADISON AVENUE NEW YORK NY 10017 990 2020-01-01 133573053 LICR FUND INC % CHRISTOPHER T CONROY LICR 2124501500 600 THIRD AVENUE 32ND FLOOR NEW YORK NY 10016 CHRISTOPHER T CONROY ASST. TREASURER 2124501500 2021-11-05 true CHRISTOPHER T CONROY 999009999 SHIRA R FULLER P01417945 6464713000 2021-11-05 2 2020 2022-09-23 18:48:47Z X EDWARD A MCDERMOTT JR 600 THIRD AVENUE 32ND FLOOR New York NY 10016 675409035 false X HTTP://WWW.LUDWIGCANCERRESEARCH.ORG/ABOUT/ X 1990 DE LICR FUND, INC. IS A SUPPORTING ORGANIZATION OF THE LUDWIG INSTITUTE FOR CANCER RESEARCH LTD. 9 7 0 0 2151740 507809 40714 46604 0 0 88006106 86918837 0 0 88046820 86965441 53435843 57931211 0 0 235000 255000 0 0 0 6805163 7598080 60476006 65784291 27570814 21181150 1582070691 1976999136 7693880 31929131 1574376811 1945070005 LICR FUND, INC. IS A SUPPORTING ORGANIZATION OF THE LUDWIG INSTITUTE FOR CANCER RESEARCH LTD ("THE INSTITUTE") AND PROVIDES GRANTS AND/OR OTHER ASSISTANCE TO THE INSTITUTE TO SUPPORT THE INSTITUTE'S CONDUCT OF MEDICAL RESEARCH ACTIVITIES. false false 57181211 57181211 LICR FUND, INC. ("THE FUND") IS A NON-PROFIT DELAWARE CORPORATION THAT HOLDS A DIVERSIFIED PORTFOLIO OF INVESTMENTS FROM WHICH IT PROVIDES ANNUAL SUPPORT TO THE LUDWIG INSTITUTE FOR CANCER RESEARCH LTD ("THE INSTITUTE"). THE INSTITUTE IS EXEMPT UNDER IRC SECTION 501(C)(3) AND IS NOT A PRIVATE FOUNDATION BECAUSE IT IS A MEDICAL RESEARCH ORGANIZATION, DESCRIBED IN IRC SECTION 170(B)(1)(A)(III), ENGAGED IN MEDICAL RESEARCH INTO THE CAUSES AND CURE OF CANCER IN CONJUNCTION WITH QUALIFIED HOSPITALS. IN 2020 THE FUND PROVIDED GRANTS AND OTHER ASSISTANCE DIRECTLY TO THE INSTITUTE IN THE AMOUNT OF $57,181,211 TO SUPPORT THE INSTITUTE'S MEDICAL RESEARCH ACTIVITIES, INCLUDING LABORATORY RESEARCH AND CLINICAL TRIALS. 750000 750000 AS A SUPPORTING ORGANIZATION OF THE INSTITUTE, THE FUND ALSO PROVIDES SUPPORT INDIRECTLY TO THE INSTITUTE BY SUPPORTING PROJECTS THAT BENEFIT THE WORK OF THE INSTITUTE. A $750,000 GRANT WAS MADE TO THE PRESIDENT AND FELLOWS OF HARVARD COLLEGE, A MASSACHUSETTS EDUCATIONAL, CHARITABLE CORPORATION, FOR THE BENEFIT OF HARVARD MEDICAL SCHOOL TO ESTABLISH A CURRENT USE FUND KNOWN AS THE LUDWIG TUMOR ATLAS FUND IN ORDER TO SUPPORT RESEARCH BEING CONDUCTED WITHIN THE HARVARD PROGRAM IN THERAPEUTIC SCIENCE AT HARVARD MEDICAL SCHOOL. THIS WORK AT HARVARD MEDICAL SCHOOL SUPPORTED BY THE LUDWIG TUMOR ATLAS FUND WILL BE AN INTEGRAL COMPONENT OF THE RESEARCH ENTERPRISE OF THE NETWORK OF LUDWIG CENTERS AND BRANCHES ESTABLISHED THROUGHOUT THE US AND INTERNATIONALLY, INCLUDING THE LUDWIG CENTER AT HARVARD. 57931211 true true false false false false false false false false false true false false false true true true false false true true false false false false false true false true false false false false false false false false true false false false false true false false false true 12 0 true 0 true true false false false false false false false false false false false X 9 7 true true false false true true true true true false false true true true true true true true true false DE NY X CHRISTOPHER T CONROY 2124501547 600 THIRD AVENUE 32ND FLOOR NEW YORK NY 10016 XING CHEN VICE PRESIDENT, CIO, TREASURER 39.0 1.0 X 0 947383 227872 EDWARD A MCDERMOTT JR DIRECTOR, PRESIDENT 23.0 25.0 X X 0 915836 96405 DR CHI VAN DANG DIRECTOR 2.0 50.0 X 0 931911 65335 AVANTIKA PATEL ASST. 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TREASURER 28.0 12.0 X 0 210926 120518 ALEXANDER BORISSOV SECRETARY 3.0 37.0 X 0 246024 68288 JOHN L NOTTER DIRECTOR, BOARD CHAIRPERSON 2.0 9.0 X X 75000 73514 0 JOHN D GORDAN III DIRECTOR 1.0 3.0 X 30000 56553 0 OLIVIER DUNANT DIRECTOR, VICE CHAIRPERSON 2.0 2.0 X X 30000 10437 0 DR PHILIP A PIZZO DIRECTOR 2.0 2.0 X 30000 10437 0 JUDGE BARBARA S JONES DIRECTOR 2.0 2.0 X 30000 10437 0 DR NANCY DAVIDSON DIRECTOR 2.0 2.0 X 30000 10437 0 ALEXANDRA JOHNSON DIRECTOR 2.0 2.0 X 30000 10437 0 255000 3849459 745794 0 false true false THE LUDWIG GROUP INC 666 THIRD AVENUE 28TH FLOOR NEW YORK NY 10017 ADMINISTRATIVE SVCS 4016201 TB ALTERNATIVE ASSETS BANK OF CHINA TOWER50 CONNAUGHT RD HONG KONG 0 CH PORTFOLIO MANAGER 614476 SILCHESTER INT'L ADVISORS LTD HEATHCOTE HOUSE LONDON 0 UK PORTFOLIO MANAGER 389439 BRANDYWINE GLOBAL INVESTMENT MANAGE 2929 ARCH ST PHILADELPHIA PA 19104 PORTFOLIO MANAGER 195952 KPMG LLP 345 PARK AVENUE NEW YORK NY 10154 PROFESSIONAL SVCS 154300 5 46604 36104 46604 0 2230066 64020 2166046 0 0 0 0 0 673132365 588443594 84688771 84688771 2087720 82601051 0 0 0 0 0 0 0 0 0 0 86965441 2151740 84767097 750000 750000 0 57181211 57181211 0 255000 255000 0 0 0 0 0 0 4016201 4016201 75834 75834 243284 243284 0 0 2436315 2436315 0 0 399 399 104412 104412 0 0 11234 11234 0 0 16153 16153 0 0 81893 81893 CUSTODIAN FEES 537690 537690 SUBSCRIPTIONS 41683 41683 TAXES 32982 32982 65784291 57931211 7853080 0 0 0 10032659 14487586 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 1559987705 1941691797 0 0 0 0 12050327 20819753 1582070691 1976999136 7693880 31929131 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 7693880 31929131 X 1574376811 1945070005 0 0 1574376811 1945070005 1582070691 1976999136 21181150 349512044 X X false true X true false X X 1 LUDWIG INSTITUTE FOR CANCER RESEARCH LTD 237121131 4 true 57931211 0 1 57931211 true false false true false false false false false false false false false false false false false true false RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED EQUITY INVESTMENTS 628010041 F FIXED INCOME INVESTMENTS 64815545 F ALTERNATIVE INVESTMENTS 1248866211 F 1941691797 0 0 X 433503479 349512044 349512044 83991435 2974006 2974006 86965441 62810285 62810285 2974006 2974006 65784291 SCHEDULE D, PART X, LINE 2 THE FUND RECOGNIZES THE EFFECT OF INCOME TAX POSITIONS ONLY IF THOSE POSITIONS ARE MORE LIKELY THAN NOT OF BEING SUSTAINED. INCOME GENERATED FROM ACTIVITIES UNRELATED TO THE FUND'S EXEMPT PURPOSE IS SUBJECT TO TAX UNDER INTERNAL REVENUE CODE SECTION 511. THE FUND DID NOT RECOGNIZE ANY UNRELATED BUSINESS INCOME TAX LIABILITY FOR THE YEARS ENDED DECEMBER 31, 2020 AND 2019. true Europe (Including Iceland and Greenland) Grantmaking 57181211 Europe (Including Iceland and Greenland) Conduct board meetings 60000 South America Investments 37615054 Russia and the Newly Independent States Investments 2099085 Europe (Including Iceland and Greenland) Investments 43667370 Central America and the Caribbean Investments 121967402 East Asia and the Pacific Investments 162023711 North America Investments 9814709 Sub-Saharan Africa Investments 131127 Middle East and North Africa Investments 202814 South Asia Investments 1433099 436195582 436195582 Europe (Including Iceland and Greenland) CANCER RESEARCH 57181211 WIRE TRNFR N/A N/A 1 true false true true true false PART I, LINE 2: UNDER THE CERTIFICATE OF INCORPORATION (ARTICLES IV AND VI) OF LICR FUND, INC. ("THE FUND"), THE MEMBERS OF THE BOARD OF DIRECTORS OF THE FUND ARE THE SAME AS THE MEMBERS OF THE BOARD OF DIRECTORS OF ITS SUPPORTED ORGANIZATION, LUDWIG INSTITUTE FOR CANCER RESEARCH LTD ("THE INSTITUTE"), A MEDICAL RESEARCH INSTITUTE ORGANIZED UNDER THE LAWS OF SWITZERLAND. THE BOARD OF THE FUND MONITORS THE USE OF GRANTS AND OTHER ASSISTANCE PROVIDED TO THE INSTITUTE BY MEANS OF DETAILED FINANCIAL AND PROGRAMMATIC REPORTS RENDERED TO THEM IN THEIR CAPACITY AS DIRECTORS OF BOTH ORGANIZATIONS. THREE OF THE MEMBERS OF THE BOARD OF DIRECTORS OF THE FUND AND THE INSTITUTE ARE ALSO TRUSTEES OF THE LICR CHARITABLE TRUST, A TYPE II SUPPORTING ORGANIZATION OF THE INSTITUTE, WHOSE MISSION IS TO MAINTAIN OVERSIGHT OF THE MANAGEMENT OF THE INSTITUTE'S PROGRAMS AND OPERATIONS. IN THEIR CAPACITY AS MEMBERS OF THE BOARD OF DIRECTORS AND TRUSTEES, THEY MONITOR THE USE OF GRANTS THROUGH DETAILED FINANCIAL AND PROGRAMMATIC REPORTS THAT ARE PROVIDED TO THEM. PART I, LINE 3 (1): LICR FUND, INC. PROVIDES GRANTS AND OTHER ASSISTANCE TO THE LUDWIG INSTITUTE FOR CANCER RESEARCH LTD, WHICH USES THE FUNDS TO CONDUCT CANCER RESEARCH. EXPENDITURES ARE TRACKED THROUGH LICR FUND'S INTERNAL ACCOUNTING SYSTEM. PART I, LINE 3 (3-11) COL. (F): THE FUND INVESTS IN VARIOUS INVESTMENT VEHICLES WHICH IN TURN MAKE FOREIGN INVESTMENTS. true HARVARD MEDICAL SCHOOL 200 LONGWOOD AVE BOSTON MA 02115 042103580 501(c)(3) 750000 COST N/A CANCER RESEARCH 1 PART I, LINE 2: THE ORGANIZATION RECEIVES REGULAR REPORTS, AND ANNUAL WRITTEN REPORTS, AS WELL AS COPIES OF ALL RELEVANT PUBLICATIONS. ALL PUBLICATIONS INCLUDE AN ORGANIZATION ATTRIBUTION AS DEFINED IN THE GIFT TERMS. IN ADDITION, ANNUAL FINANCIAL REPORTS ON THE USE OF THE GIFT FUNDS ARE PROVIDED TO THE ORGANIZATION BY THE RECIPIENT. THE RECIPIENT'S STAFF AND INVESTIGATORS ARE ALSO AVAILABLE TO ANSWER ANY SCIENTIFIC QUESTIONS AS THEY ARISE. X X true true X X X X X false true false false false false false true false EDWARD A MCDERMOTT JR DIRECTOR, PRESIDENT 0 915836 0 0 0 0 0 61433 0 34972 0 1012241 0 0 DR CHI VAN DANG DIRECTOR 0 931911 0 0 0 0 0 29925 0 35410 0 997246 0 0 XING CHEN VICE PRESIDENT, CIO, TREASURER 0 647183 0 300200 0 0 0 211698 0 16174 0 1175255 0 0 ALEXANDER BORISSOV SECRETARY 0 246024 0 0 0 0 0 51827 0 16461 0 314312 0 0 AVANTIKA PATEL ASST. SECRETARY 0 321315 0 93812 0 0 0 130860 0 36516 0 582503 0 0 CHRISTOPHER T CONROY ASST. TREASURER 0 210926 0 0 0 0 0 84002 0 36516 0 331444 0 0 PART I, LINE 1A: LICR FUND, INC. FOLLOWS LUDWIG INSTITUTE FOR CANCER RESEARCH LTD'S ("THE INSTITUTE") TRAVEL POLICY. THE INSTITUTE'S TRAVEL POLICY ALLOWS FIRST CLASS AIR 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 OFFICERS TO BE INVITED TO ATTEND AN LICR FUND, INC. MEETING OR FUNCTION, EXPENSES FOR THESE GUESTS ARE REIMBURSED ON THE SAME CONDITIONS (INCLUDING CLASS OF TRAVEL) AS THE MEMBER OF THE BOARD OR OFFICER AS DESCRIBED IN THE FOREGOING TRAVEL POLICY. PART I, LINE 3: EDWARD A. MCDERMOTT, JR. IS EMPLOYED BY THE LUDWIG GROUP, INC. ("LGI") WHICH PROVIDES MANAGEMENT SERVICES TO LICR FUND, INC. ("THE FUND") AND OTHER ORGANIZATIONS. THE FUND IS INVOICED BY LGI FOR THE PROVISION OF SERVICES BASED ON THE TIME RECORDS MAINTAINED BY LGI. THE TOTAL LEVEL OF COMPENSATION FOR MR. MCDERMOTT, WHICH IS PAID BY LGI UNDER AN EMPLOYMENT AGREEMENT, IS SET AND APPROVED BY THE COMPENSATION COMMITTEE OF THE INSTITUTE, WHOSE MEMBERS CONSTITUTE THE COMPENSATION COMMITTEE OF THE FUND. IN SETTING THE LEVEL OF COMPENSATION, THE FUND'S AND THE INSTITUTE'S COMPENSATION COMMITTEES ARRANGE FOR INDEPENDENT COMPENSATION SURVEYS AND COMPARISONS TO COMPENSATION PAID BY OTHER ORGANIZATIONS USING DATA AVAILABLE FROM OTHER ORGANIZATIONS' FORMS 990. USING THIS INFORMATION, THE COMPENSATION COMMITTEES SET THE LEVEL OF COMPENSATION AND AUTHORIZE THE BOARD OF DIRECTORS OF LGI TO PAY COMPENSATION AT THIS LEVEL. PART I, LINE 4B: DURING 2020, EDWARD A. MCDERMOTT, JR., XING CHEN, AND AVANTIKA PATEL PARTICIPATED IN A SUPPLEMENTAL NONQUALIFIED RETIREMENT PLAN (THE "SUPPLEMENTAL PLAN") WHICH IS MAINTAINED BY THE LUDWIG GROUP, INC. ("LGI"), A RELATED ORGANIZATION OF LICR FUND, INC. THE PURPOSE OF LGI'S SUPPLEMENTAL PLAN IS TO PROVIDE BENEFITS TO CERTAIN SELECT MANAGEMENT OR HIGHLY COMPENSATED EMPLOYEES WHO ARE PARTICIPANTS IN THE EMPLOYEE PENSION PLAN OF THE LUDWIG GROUP, INC. (THE "QUALIFIED PLAN"). ALL BENEFITS PAYABLE UNDER THE SUPPLEMENTAL 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 NONQUALIFIED, UNFUNDED DEFERRED COMPENSATION PLAN FOR A SELECT GROUP OF MANAGEMENT OR HIGHLY COMPENSATED EMPLOYEES UNDER ERISA, SHALL BE PAID OUT OF THE GENERAL ASSETS OF LGI. LGI MAY ESTABLISH AND FUND A TRUST IN ORDER TO AID IT IN PROVIDING BENEFITS DUE UNDER THE PLAN. WITHIN THE AMOUNTS DISCLOSED ON PART VII, SECTION A, LINE 1A, COLUMN (F), $115,141, $51,683, AND $12,184 ARE ATTRIBUTABLE TO THE SUPPLEMENTAL PLAN FOR MR. CHEN, MS. PATEL, AND MR. MCDERMOTT RESPECTIVELY. PART I, LINE 7: XING CHEN (VICE PRESIDENT, CHIEF INVESTMENT OFFICER, AND TREASURER) AND AVANTIKA PATEL (SENIOR INVESTMENT ANALYST, ASST. SECRETARY) ARE PARTICIPANTS IN THE LGI INVESTMENT MANAGEMENT INCENTIVE COMPENSATION PLAN ("THE PLAN") ESTABLISHED BY LGI AND REVIEWED AND APPROVED ANNUALLY BY THE COMPENSATION COMMITTEE OF LICR FUND, INC. FOLLOWING ADVICE FROM AN INDEPENDENT CONSULTANT IN THE FIELD. THE PLAN PROVIDES FOR PAYMENT OF INCENTIVE AWARDS, IN ADDITION TO BASE COMPENSATION, BASED ON RELATIVE ACHIEVEMENT OF PERFORMANCE OBJECTIVES. SEVENTY PERCENT OF THE INCENTIVE AWARD IS DETERMINED BY A QUANTITATIVE PERFORMANCE METRIC, WHICH IS BASED ON PERFORMANCE RELATIVE TO PEER GROUP PERFORMANCE AND BENCHMARK PERFORMANCE OVER A ONE AND THREE YEAR TIME HORIZON, WITH GREATER WEIGHT ACCORDED THE THREE YEAR PERFORMANCE. THE QUANTITATIVE PORTION OF THE INCENTIVE AWARD IS REDUCED IF THE DOWNSIDE VOLATILITY OF THE LICR FUND PORTFOLIO IS GREATER THAN THAT OF THE BENCHMARK BY A PRESCRIBED AMOUNT. UP TO THIRTY PERCENT OF THE INCENTIVE AWARD IS DISCRETIONARY, BASED ON QUALITATIVE PERFORMANCE AND IS PAID BY THE DISCRETION OF MANAGEMENT (E.G. DEVELOPED ACHIEVABLE LONG-TERM STRATEGY, MAINTAINED EFFECTIVE CONTROL OF OPERATIONS, ENSURED APPROPRIATE SYSTEMS ARE MAINTAINED TO PROTECT ASSETS.) X 1 36104 FMV false true false PART I, LINE 9, COLUMN (B) REPRESENTS THE NUMBER OF CONTRIBUTIONS. FORM 990, PART IV, LINE 12A AND PART XII, LINE 2C: LICR FUND INC.'S FINANCIAL STATEMENTS ARE PREPARED IN ACCORDANCE WITH U.S. GENERALLY ACCEPTED ACCOUNTING PRINCIPLES. IN ADDITION, LICR FUND, INC.'S FINANCIAL INFORMATION IS INCLUDED IN THE CONSOLIDATED FINANCIAL STATEMENTS OF THE LUDWIG INSTITUTE FOR CANCER RESEARCH LTD, WHICH ARE PREPARED IN ACCORDANCE WITH SWISS GAAP FER. FORM 990, PART VI, SECTION A, LINE 2: EDWARD A. MCDERMOTT, JR., XING CHEN AND CHRISTOPHER T. CONROY WHO ARE OFFICERS OF LICR FUND, ARE ALSO OFFICERS OF THE LUDWIG GROUP, INC. AND UNIVERSE TANKSHIPS, INC. EACH OF THE DIRECTORS OF THE FUND IS ALSO A DIRECTOR OF THE LUDWIG INSTITUTE FOR CANCER RESEARCH LTD, WHICH IS THE SUPPORTED ORGANIZATION OF THE FUND. FORM 990, PART VI, SECTION A, LINE 3: THE LUDWIG GROUP, INC. ("LGI"), A 100% SUBSIDIARY OF THE LUDWIG INSTITUTE FOR CANCER REREARCH, LTD PROVIDES MANAGEMENT AND ADMINISTRATIVE SERVICES TO LICR FUND, INC. UNDER A FORMAL SERVICE AGREEMENT. SERVICES PROVIDED INCLUDE ACCOUNTING SUPPORT AND PREPARING U.S. GOVERNMENT FILINGS, AS WELL AS PERSONNEL SERVICES AND RELATED FACILITIES AND EQUIPMENT SUPPORT. THE FOLLOWING OFFICERS OF LICR FUND, INC. ARE COMPENSATED BY LGI. COMPENSATION FOR THESE INDIVIDUALS LISTED ON FORM 990, PART VII IS PAID BY LGI. THESE INDIVIDUALS' SERVICES TO THE FUND ARE BILLED TO THE FUND BY LGI: EDWARD A. MCDERMOTT, JR. - PRESIDENT XING CHEN - VICE PRESIDENT, CHIEF INVESTMENT OFFICER, TREASURER AVANTIKA PATEL - ASSISTANT SECRETARY, SENIOR INVESTMENT ANALYST CHRISTOPHER T. CONROY - ASSISTANT TREASURER FORM 990, PART VI, SECTION A, LINE 6: THE ORGANIZATION IS A NONPROFIT, NONSTOCK MEMBERSHIP CORPORATION INCORPORATED IN THE STATE OF DELAWARE. THE ORGANIZATION'S GOVERNING DOCUMENTS PROVIDE THAT ITS MEMBERS SHALL BE THE SAME PERSONS AS THE MEMBERS OF THE BOARD OF DIRECTORS OF THE LUDWIG INSTITUTE FOR CANCER RESEARCH LTD ("LICR") THEN IN OFFICE. LICR IS A SWISS MEDICAL RESEARCH ORGANIZATION OF WHICH THE ORGANIZATION IS A SUPPORTING ORGANIZATION UNDER SECTION 509(A)(3) OF THE INTERNAL REVENUE CODE. THE ORGANIZATION'S GOVERNING DOCUMENTS ALSO PROVIDE THAT THE MEMBERS OF THE ORGANIZATION SHALL CONSTITUTE ITS BOARD OF DIRECTORS. IN OTHER WORDS, THE MEMBERS OF THE ORGANIZATION'S BOARD OF DIRECTORS ARE THE SAME AS ITS MEMBERS. WHILE THE ORGANIZATION'S GOVERNING DOCUMENTS PROVIDE THAT THE MEMBERS OF THE ORGANIZATION'S BOARD OF DIRECTORS SHALL ELECT THE MEMBERS OF THE BOARD AT ITS ANNUAL MEETING, THE BOARD'S AUTHORITY IS IN EFFECT LIMITED TO CARRYING OUT DECISIONS IN THIS REGARD MADE BY THE BOARD OF DIRECTORS OF LICR, WHO ARE THEMSELVES ELECTED BY THE TRUSTEES OF THE LICR CHARITABLE TRUST, A BERMUDA TRUST RECOGNIZED BY THE IRS AS AN EXEMPT SUPPORTING ORGANIZATION OF LICR UNDER SECTIONS 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 AND SCIENTIFIC PURPOSES OF LICR. FORM 990, PART VI, SECTION A, LINE 7A: CERTAIN DIRECTORS OF THE ORGANIZATION ALSO SERVE AS TRUSTEES OF THE LICR CHARITABLE TRUST ("THE TRUST"), A RELATED ORGANIZATION WHOSE PRIMARY PURPOSE IS TO ADMINISTER, DEVOTE, AND APPLY ITS ASSETS TO FURTHER THE CHARITABLE AND SCIENTIFIC PURPOSES OF THE LUDWIG INSTITUTE FOR CANCER RESEARCH LTD ("LICR"). AS THE MAJORITY SHAREHOLDER OF LICR, THE TRUST HAS THE AUTHORITY TO ELECT AND REMOVE MEMBERS OF THE BOARD OF DIRECTORS AS STATED IN THE GOVERNING DOCUMENTS OF LICR. THREE OF THE DIRECTORS OF THE ORGANIZATION ALSO SERVE AS TRUSTEES OF THE TRUST AND HOLD THE AUTHORITY TO ELECT THE INSTITUTE'S BOARD OF DIRECTORS. FORM 990, PART VI, SECTION A, LINE 7B: UNDER GOVERNING DELAWARE LAW, CERTAIN GOVERNANCE DECISIONS ARE RESERVED TO THE MEMBERS OF THE ORGANIZATION, INCLUDING AMENDMENT OF THE ORGANIZATION'S BYLAWS, MERGER OF THE ORGANIZATION WITH ANOTHER NONSTOCK CORPORATION, AND DISSOLUTION OF THE ORGANIZATION. FORM 990, PART VI, SECTION B, LINE 11B: THE FUND'S FORM 990 IS REVIEWED AT SEVERAL LEVELS. THE FUND'S MANAGEMENT AND EXTERNAL TAX COUNSEL REVIEW THE DRAFT FORM 990. FOLLOWING THESE REVIEWS, THE CHAIRPERSON OF THE AUDIT COMMITTEE AND THE PRESIDENT OF THE FUND 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 FUND'S BOARD OF DIRECTORS PRIOR TO ITS SUBMISSION TO THE INTERNAL REVENUE SERVICE. FORM 990, PART VI, SECTION B, LINE 12C: THE FUND HAS A WRITTEN CONFLICT OF INTEREST POLICY WHICH WAS LAST UPDATED IN 2018. ANNUALLY, ALL MEMBERS OF THE BOARD OF DIRECTORS AND OFFICERS ARE REQUIRED TO DISCLOSE ANY CONFLICTS OF INTEREST BY COMPLETING A CONFLICT OF INTEREST QUESTIONNAIRE. THE COMPLETED QUESTIONNAIRES OF THE MEMBERS OF THE BOARD OF DIRECTORS AND EXECUTIVE OFFICERS ARE REVIEWED BY THE COMPLIANCE AND RISK OFFICER OF THE INSTITUTE. 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 THIS TIME, IT IS ALSO 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 AUDIT COMMITTEE OR THE BOARD. WHERE THE CONFLICT CONCERNS ANY BOARD OR COMMITTEE MEMBER, HE OR SHE IS 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. FORM 990, PART VI, SECTION B, LINES 15A-B AND SCH J, PART I, LINE 3 THE OFFICERS OF LICR FUND, INC. ARE APPOINTED BY THE BOARD OF DIRECTORS. LICR FUND, INC. IS PARTY TO AN AGREEMENT WITH THE LUDWIG GROUP, INC. ("LGI") WHEREBY LGI PROVIDES MANAGEMENT AND ADMINISTRATIVE SERVICES AS NEEDED BY LICR FUND, INC. THE FOLLOWING OFFICERS OF LICR FUND, INC. ARE EMPLOYED AND PAID BY LGI: EDWARD A. MCDERMOTT, JR.- PRESIDENT XING CHEN - VICE PRESIDENT, CHIEF INVESTMENT OFFICER, TREASURER AVANTIKA PATEL - SENIOR INVESTMENT ANALYST, ASSISTANT SECRETARY CHRISTOPHER T. CONROY - ASSISTANT TREASURER THE SECRETARY TO THE BOARD OF LICR FUND, INC., ALEXANDER BORISSOV, IS ALSO THE RISK AND COMPLIANCE OFFICER AND SECRETARY TO THE BOARD OF LUDWIG INSTITUTE FOR CANCER RESEARCH LTD ("THE INSTITUTE") AND IS EMPLOYED AND PAID BY THE INSTITUTE. ALL ADJUSTMENTS TO THE COMPENSATION OF THE BOARD OF DIRECTORS AND THE PRESIDENT ARE REVIEWED AND APPROVED BY THE COMPENSATION COMMITTEE OF THE INSTITUTE (EST 1995), WHOSE MEMBERS CONSTITUTE THE COMPENSATION COMMITTEE OF THE FUND (EST 2014). EACH COMMITTEE CONSISTS OF NO LESS THAN THREE INDEPENDENT MEMBERS OF THE BOARD. INCREASES ARE EFFECTED FOLLOWING SURVEYS CARRIED OUT BY INDEPENDENT COMPENSATION CONSULTANTS. (SEE SCH. O FOR SCH. J, PART I, LINE 3 FOR ADDITIONAL INFORMATION). COMPARABILITY STUDIES ARE CARRIED OUT EVERY THREE YEARS, MOST RECENTLY IN APRIL OF 2019. 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 INSTITUTE. ALL ADJUSTMENTS TO THE VICE PRESIDENT, CHIEF INVESTMENT OFFICER, AND TREASURER ARE REVIEWED AND APPROVED SOLELY BY THE FUND'S COMPENSATION COMMITTEE. ADJUSTMENTS TO THE COMPENSATION OF THE SECRETARY ARE REVIEWED AND APPROVED BY THE INSTITUTE'S COMPENSATION COMMITTEE FOLLOWING SURVEYS CARRIED OUT BY INDEPENDENT COMPENSATION CONSULTANTS. MINUTES OF THE REVIEW AND DECISIONS MADE BY THE COMPENSATION COMMITTEE ARE KEPT AND, ONCE APPROVED AT A SUBSEQUENT MEETING OF THE COMMITTEE, ARE SIGNED BY THE CHAIRPERSON AND THE SECRETARY. THE COMPENSATION COMMITTEE'S DECISIONS ARE REPORTED TO THE BOARD OF DIRECTORS AND DETAILS RECORDED IN THE MINUTES OF THE BOARD MEETINGS. ONCE APPROVED BY THE BOARD AT A SUBSEQUENT MEETING, THE MINUTES OF THE MEETINGS ARE SIGNED BY THE CHAIRPERSON AND THE SECRETARY. OTHER OFFICERS' COMPENSATION IS REVIEWED AND APPROVED BY THE PRESIDENT. THE MAJORITY OF WORKING TIME OF THE VICE PRESIDENT/CHIEF INVESTMENT OFFICER/TREASURER, AND THE ASSISTANT SECRETARY/SENIOR INVESTMENT ANALYST IS DEVOTED TO LICR FUND, INC. ACTIVITIES. THE COMPENSATION ARRANGEMENTS OF THE VICE PRESIDENT/CHIEF INVESTMENT OFFICER/TREASURER AND THE ASSISTANT SECRETARY/SENIOR INVESTMENT ANALYST INCLUDE PARTICIPATION IN THE LGI INVESTMENT MANAGEMENT INCENTIVE COMPENSATION PLAN ("THE PLAN") AS DESCRIBED IN SCH. J, PART III. MINUTES OF THE DELIBERATIONS OF ALL COMMITTEE AND BOARD MEETINGS OF LICR FUND, INC. AND LUDWIG INSTITUTE FOR CANCER RESEARCH LTD ARE KEPT AND ARE SUBSEQUENTLY APPROVED BY THE RESPECTIVE COMMITTEE OR BOARD OF DIRECTORS. FORM 990, PART VI, SECTION C, LINE 19: LICR FUND, INC. MAKES ITS FINANCIAL STATEMENTS AVAILABLE TO THE PUBLIC ON ITS WEBSITE. (HTTPS://WWW.LUDWIGCANCERRESEARCH.ORG/DISCLOSURES/) LICR FUND, INC.'S GOVERNING DOCUMENTS, CONFLICT OF INTEREST POLICY, AND FORMS 990 AND 990-T ARE AVAILABLE UPON REQUEST AT ITS OFFICE IN NEW YORK. LUDWIG INSTITUTE FOR CANCER RESEARCH LTD 666 THIRD AVENUE 28TH FLOOR NEW YORK NY 10017 237121131 CANCER RSRCH SZ 501(C)(3) 4 NONE false LICR CHARITABLE TRUST 666 THIRD AVENUE 28TH FLOOR NEW YORK NY 10017 986039547 ELECT BOARD BD 501(C)(3) 12B,TYPE II NONE false VOSS VALUE OFFSHORE FUND LTD 27 HOSPITAL ROAD GEORGE TOWN GRAND CAYMAN CJ KYI-9008 981518665 INVESTMENTS CJ LICR FUND INC EXCLUDED FROM TAX -420875 19499340 false -5 false 0.76156 UNIVERSE TANKSHIPS INC (UTI) TRUST COMPLEX AJELTAKE RD MAJURO RM MH96960 131603827 HOLDING CO RM LICR C CORP 0 0 false THE LUDWIG GROUP INC (LGI) 666 THIRD AVENUE 28TH FLOOR NEW YORK NY 10017 132808920 ADMIN SERVICES DE UTI C CORP 0 0 false LUDWIG TECHNOLOGIES INC 666 THIRD AVENUE 28TH FLOOR NEW YORK NY 10017 273166967 HOLDING CO DE LICR C CORP 0 0 false false true false false true false false false false false false false true false false true false false false VOSS VALUE OFFSHORE FUND LTD B 12588670 CASH PART II, COLUMN B - DESCRIPTION OF PRINCIPAL ACTIVITY OF RELATED TAX-EXEMPT ORGANIZATIONS: LUDWIG INSTITUTE FOR CANCER RESEARCH LTD IS AN INTERNATIONAL NOT-FOR-PROFIT INSTITUTE COMMITTED TO PREVENTING AND CONTROLLING CANCER THROUGH INTEGRATED LABORATORY AND CLINICAL RESEARCH. LICR CHARITABLE TRUST IS BERMUDIAN TRUST WHOSE MISSION IS TO MAINTAIN OVERSIGHT AND CONTROL OF THE MANAGEMENT OF THE INSTITUTE AND THE FUND, INCLUDING ELECTION OF THE INSTITUTE'S BOARD OF DIRECTORS.