2025-11-13T12:04:48-05:00 2024-12-31 PWC US TAX LLP 655 NEW YORK AVE NW SUITE 1100 WASHINGTON DC 20001 990 2024-01-01 133573053 LICR FUND INC % CHRISTOPHER T CONROY LICR 2124501500 600 THIRD AVENUE 32ND FLOOR NEW YORK NY 10016 CHRISTOPHER T CONROY TREASURER 2124501500 2025-11-12 true true ERIC M MCNEIL P00460263 2024141000 2025-11-12 2024 2025-03-06 01:10:19Z XING CHEN 600 THIRD AVENUE 32ND FLOOR New York NY 10016 449405753 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. 10 7 0 0 974449 923487 73466 24044 0 0 33937721 79002510 0 0 34011187 79026554 69000000 61000000 0 0 255000 262500 0 0 0 7684694 7779308 76939694 69041808 -42928507 9984746 1806261123 1936672464 5734022 6684481 1800527101 1929987983 X 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 61000000 61000000 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 2024 THE FUND PROVIDED GRANTS AND OTHER ASSISTANCE DIRECTLY TO THE INSTITUTE IN THE AMOUNT OF $61,000,000 TO SUPPORT THE INSTITUTE'S MEDICAL RESEARCH ACTIVITIES, INCLUDING LABORATORY RESEARCH AND CLINICAL TRIALS. 61000000 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 false false true false false false false false false false false false 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 10 7 true true false false true true true true true false false true true true true true true true true false NY X CHRISTOPHER T CONROY 2124501500 600 THIRD AVENUE 32ND FLOOR NEW YORK NY 10016 X XING CHEN DIRECTOR, PRESIDENT, CIO 39.0 1.0 X X 0 1010543 186454 DR CHI VAN DANG DIRECTOR 2.0 50.0 X 0 1106568 73583 EDWARD A MCDERMOTT JR DIR, BOARD CHAIR (FROM 7/24) 2.0 46.0 X X 37500 581427 51800 AVANTIKA PATEL VICE PRESIDENT 40.0 0.0 X 0 484551 155567 CHRISTOPHER T CONROY TREASURER 28.0 12.0 X 0 251956 125973 ALEXANDER BORISSOV SECRETARY 3.0 37.0 X 0 287353 76191 JOHN L NOTTER DIR, BOARD CHAIR (END 6/24) 2.0 9.0 X 45000 70317 0 JOHN D GORDAN III DIRECTOR 1.0 3.0 X 30000 66231 0 DR JEDD D WOLCHOK DIRECTOR 2.0 3.0 X 30000 66231 0 NICOLAS KILLEN DIRECTOR 2.0 2.0 X 30000 11271 0 JUDGE BARBARA S JONES DIRECTOR 2.0 2.0 X 30000 11271 0 DR NANCY ELLEN DAVIDSON DIRECTOR 2.0 2.0 X 30000 11271 0 ALEXANDRA JOHNSON DIRECTOR 2.0 2.0 X 30000 11271 0 262500 3970261 669568 0 false true false THE LUDWIG GROUP INC 600 THIRD AVENUE 32ND FLOOR NEW YORK NY 10016 ADMINISTRATIVE SVCS 4510722 SILCHESTER INT'L ADVISORS LTD HEATHCOTE HOUSE LONDON 0 UK PORTFOLIO MANAGER 347768 INTERACTIVE BROKERS LLC TWO PICKWICK PLAZA GREENWICH CT 06830 PORTFOLIO MANAGER 328846 BURGUNDY ASSET MANAGEMENT BAY PCE PI 181 BAY ST TORONTO ONTARIO CA M51 2T3 PORTFOLIO MANAGER 203156 KPMG LLP BANK OF CHINA TOWER50 CONNAUGHT RD CH PROFESSIONAL SVCS 189924 6 24044 8544 24044 0 2710489 -62954 2773443 0 0 0 0 0 446671220 370379199 76292021 76292021 1037403 75254618 0 0 0 0 0 0 0 0 0 0 79026554 974449 78028061 0 0 61000000 61000000 0 262500 262500 0 0 0 0 0 4510722 4510722 36537 36537 361285 361285 0 0 1189082 1189082 0 0 132 132 151362 151362 0 0 161804 161804 0 0 0 0 0 21377 21377 CUSTODIAN FEES 1231116 1231116 SUBSCRIPTIONS 31128 31128 TAXES 84763 84763 69041808 61000000 8041808 0 0 0 12160502 18021245 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 1791248330 1896751360 0 0 0 0 2852291 21899859 1806261123 1936672464 5734022 6684481 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 5734022 6684481 X 1800527101 1929987983 0 0 1800527101 1929987983 1806261123 1936672464 9984746 119476136 X X false true X true false X X 1 LUDWIG INSTITUTE FOR CANCER RESEARCH LTD 237121131 4 true 61000000 0 1 61000000 0 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 562820368 F FIXED INCOME INVESTMENTS 38518229 F ALTERNATIVE INVESTMENTS 1295412763 F 1896751360 0 0 X 196084469 119476136 119476136 76608333 2418221 2418221 79026554 66623587 66623587 2418221 2418221 69041808 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, 2024 AND 2023. true Europe (Including Iceland and Greenland) 0 0 Grantmaking 61000000 East Asia and the Pacific 0 0 Investments 64418000 Europe (Including Iceland and Greenland) 0 0 Conduct board meetings 60000 Europe (Including Iceland and Greenland) 0 0 Investments 263720000 Central America and the Caribbean 0 0 Investments 389438000 South America 0 0 Investments 11694000 0 0 0 0 790330000 790330000 Europe (Including Iceland and Greenland) CANCER RESEARCH 61000000 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. FOUR 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 (2, 4-7) COL. (F): THE FUND INVESTS IN VARIOUS INVESTMENT VEHICLES WHICH IN TURN MAKE FOREIGN INVESTMENTS. X X X X X false true false false false false false true false EDWARD A MCDERMOTT JR DIR, BOARD CHAIR (FROM 7/24) 37500 581427 0 0 0 0 0 33121 0 20367 37500 634915 0 0 DR CHI VAN DANG DIRECTOR 0 1001138 0 0 0 105430 0 36225 0 39785 0 1182578 0 0 XING CHEN DIRECTOR, PRESIDENT, CIO 0 780658 0 229885 0 0 0 167782 0 22195 0 1200520 0 0 ALEXANDER BORISSOV SECRETARY 0 287353 0 0 0 0 0 59895 0 19694 0 366942 0 0 AVANTIKA PATEL VICE PRESIDENT 0 395453 0 89098 0 0 0 101698 0 57390 0 643639 0 0 CHRISTOPHER T CONROY TREASURER 0 249398 0 2558 0 0 0 72104 0 57279 0 381339 0 0 PART I, LINE 3: XING CHEN 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. CHEN, WHICH IS PAID BY LGI UNDER AN EMPLOYMENT AGREEMENT, IS SET AND APPROVED BY THE COMPENSATION COMMITTEE OF THE FUND. IN SETTING THE LEVEL OF COMPENSATION, THE FUND'S COMPENSATION COMMITTEE ARRANGES 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 COMMITTEE SETS THE LEVEL OF COMPENSATION AND PERMITS THE BOARD OF DIRECTORS OF LGI TO PAY COMPENSATION AT THIS LEVEL. PART I, LINE 4B: DURING 2024, 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), $80,991, $21,621, AND $8,933 ARE ATTRIBUTABLE TO THE SUPPLEMENTAL PLAN FOR MR. CHEN, MR. MCDERMOTT, AND MS. PATEL RESPECTIVELY. PART I, LINE 7: XING CHEN (DIRECTOR, PRESIDENT, CHIEF INVESTMENT OFFICER) AND AVANTIKA PATEL (VICE PRESIDENT) 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.) 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: EACH OF THE DIRECTORS OF LICR FUND, INC ("THE FUND") IS ALSO A DIRECTOR OF THE LUDWIG INSTITUTE FOR CANCER RESEARCH LTD ("LICR"), WHICH IS THE SUPPORTED ORGANIZATION OF THE FUND. XING CHEN, WHO IS A DIRECTOR AND OFFICER OF THE FUND, IS ALSO A DIRECTOR AND OFFICER OF THE LUDWIG GROUP, INC AND UNIVERSE TANKSHIPS, INC. CHRISTOPHER T. CONROY, WHO IS AN OFFICER OF THE FUND, IS ALSO A DIRECTOR AND OFFICER OF THE LUDWIG GROUP, INC. AND UNIVERSE TANKSHIPS, INC. EDWARD A. MCDERMOTT, JR., WHO IS A DIRECTOR OF THE FUND, WAS A DIRECTOR OF THE LUDWIG GROUP, INC. AND UNIVERSE TANKSHIPS, INC. THROUGH JUNE 30, 2024. 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 AND DIRECTORS 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. - DIRECTOR XING CHEN - DIRECTOR, PRESIDENT & CHIEF INVESTMENT OFFICER AVANTIKA PATEL - VICE PRESIDENT CHRISTOPHER T. CONROY - TREASURER EDWARD A. MCDERMOTT, JR. RETIRED FROM LGI ON JUNE 30, 2024. BEGINNING JULY 1, HE WAS COMPENSATED BY LICR FUND DIRECTLY AS A DIRECTOR. 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. FOUR 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 AND DIRECTORS OF LICR FUND, INC. ARE EMPLOYED AND PAID BY LGI: EDWARD A. MCDERMOTT, JR.- DIRECTOR XING CHEN - DIRECTOR, PRESIDENT & CHIEF INVESTMENT OFFICER AVANTIKA PATEL - VICE PRESIDENT CHRISTOPHER T. CONROY - TREASURER EDWARD A. MCDERMOTT, JR. RETIRED FROM LGI ON JUNE 30, 2024. BEGINNING JULY 1, HE WAS COMPENSATED BY LICR FUND DIRECTLY AS A DIRECTOR. 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, THE PRESIDENT AND CHIEF INVESTMENT OFFICER ARE REVIEWED AND APPROVED BY THE FUND'S COMPENSATION COMMITTEE, WHICH 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 APPROXIMATELY EVERY THREE YEARS, MOST RECENTLY IN SEPTEMBER OF 2024. 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 FUND. 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. ADJUSTMENTS TO THE COMPENSATION OF THE VICE PRESIDENT AND TREASURER ARE REVIEWED AND APPROVED BY THE MANAGEMENT OF LGI. ADJUSTMENTS TO THE COMPENSATION OF THE SECRETARY TO THE BOARD ARE REVIEWED AND APPROVED BY THE MANAGEMENT OF THE INSTITUTE. THE MAJORITY OF WORKING TIME OF THE PRESIDENT & CHIEF INVESTMENT OFFICER, AND THE VICE PRESIDENT IS DEVOTED TO LICR FUND, INC. ACTIVITIES. THE COMPENSATION ARRANGEMENTS OF THE PRESIDENT & CHIEF INVESTMENT OFFICER AND THE VICE PRESIDENT 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 600 THIRD AVENUE 32nd FLOOR NEW YORK NY 10016 237121131 CANCER RSRCH SZ 501(C)(3) 4 NONE false LICR CHARITABLE TRUST 600 THIRD AVENUE 32nd FLOOR NEW YORK NY 10016 986039547 ELECT BOARD BD 501(C)(3) 12B,TYPE II NONE false 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) 600 THIRD AVENUE 32ND FLOOR NEW YORK NY 10016 132808920 ADMIN SERVICE DE UTI C CORP 0 0 false LUDWIG TECHNOLOGIES INC 600 THIRD AVENUE 32ND FLOOR NEW YORK NY 10016 273166967 HOLDING CO DE LICR C CORP 0 0 false false true false false false false false false false false false false true false false true false false false 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.