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SCHEDULE N
(Form 990)
Department of the Treasury
Internal Revenue Service
Liquidation, Termination, Dissolution, or Significant Disposition of Assets
Complete if the organization answered "Yes" on Form 990, Part IV, lines 31 or 32; or Form 990-EZ, line 36.
Attach certified copies of any articles of dissolution, resolutions, or plans.
Attach to Form 990 or 990-EZ.
Go to
www.irs.gov/Form990
for the latest information.
OMB No. 1545-0047
20
21
Open to Public
Inspection
Name of the organization
UNDERWRITERS LABORATORIES INC
Employer identification number
36-1892375
Part I
Liquidation, Termination, or Dissolution.
Complete this part if the organization answered "Yes" on Form 990, Part IV, line 31, or Form 990-EZ, line 36.
Part I can be duplicated if additional space is needed.
1
(a)
Description of asset(s)
distributed or transaction
expenses paid
(b)
Date of
distribution
(c)
Fair market value of
asset(s) distributed or
amount of transaction
expenses
(d)
Method of
determining FMV for
asset(s) distributed or
transaction expenses
(e)
EIN of recipient
(f)
Name and address of recipient
(g)
IRC section
of recipient(s) (if
tax-exempt) or type
of entity
Yes
No
2
Did or will any officer, director, trustee, or key employee of the organization:
a
Become a director or trustee of a successor or transferee organization?
...........................
2a
b
Become an employee of, or independent contractor for, a successor or transferee organization?
.....................
2b
c
Become a direct or indirect owner of a successor or transferee organization?
.....................
2c
d
Receive, or become entitled to, compensation or other similar payments as a result of the organization's liquidation, termination, or dissolution?
........
2d
e
If the organization answered "Yes" to any of the questions on lines 2a through 2d, provide the name of the person involved and explain in Part III.
For Paperwork Reduction Act Notice, see the Instructions for Form 990.
Cat. No. 50087Z
Schedule N (Form 990) 2021
Schedule N (Form 990) 2021
Page
2
Part I
Liquidation, Termination, or Dissolution
(continued)
Note.
If the organization distributed all of its assets during the tax year, then Form 990, Part X, column (B), line 16 (Total assets), and line 26 (Total liabilities), should equal -0-.
Yes
No
3
Did the organization distribute its assets in accordance with its governing instrument(s)? If "No," describe in Part III
.............
3
4a
Is the organization required to notify the attorney general or other appropriate state official of its intent to dissolve, liquidate, or terminate?
......
4a
b
If "Yes," did the organization provide such notice?
.....................
4b
5
Did the organization discharge or pay all of its liabilities in accordance with state laws?
.....................
5
6a
Did the organization have any tax-exempt bonds outstanding during the year?
.....................
6a
b
If "Yes" on line 6a, did the organization discharge or defease all of its tax-exempt bond liabilities during the tax year in accordance with the Internal Revenue Code and state laws?
6b
c
If "Yes" on line 6b, describe in Part III how the organization defeased or otherwise settled these liabilities. If "No" on line 6b, explain in Part III.
Part II
Sale, Exchange, Disposition, or Other Transfer of More Than 25% of the Organization's Assets.
Complete this part
if the organization answered "Yes" on Form 990, Part IV, line 32, or Form 990-EZ, line 36. Part II can be duplicated if additional space is needed.
1
(a)
Description of asset(s)
distributed or transaction
expenses paid
(b)
Date of
distribution
(c)
Fair market value of
asset(s) distributed or
amount of transaction
expenses
(d)
Method of
determining FMV for
asset(s) distributed or
transaction expenses
(e)
EIN of recipient
(f)
Name and address of recipient
(g)
IRC section
of recipient(s) (if
tax-exempt) or type
of entity
UL Solutions Inc Shares
11-30-2021
7,594,999,998
Share price valuation
30-1211139
ULSE Inc
333 Pfingsten Rd
Northbrook
,
IL
60062
501(c)(4)
Standards Library & Related Activity
11-30-2021
35,758,660
Valuation
30-1211139
ULSE Inc
333 pfingsten rd
northbrook
,
IL
60062
501(c)(4)
Accounts and Notes Receivable, Prepaids
11-30-2021
1,586,984
Book Value
30-1211139
ULSE Inc
333 pfingsten rd
northbrook
,
IL
60062
501(c)(4)
Fixed Assets (incl. software)
11-30-2021
551,300
Book Value
30-1211139
ULSE Inc
333 pfingsten rd
northbrook
,
IL
60062
501(c)(4)
Intangible Assets
11-30-2021
0
30-1211139
ULSE Inc
333 pfingsten rd
northbrook
,
IL
60062
501(c)(4)
Sale of UL Solutions Inc Shares
11-30-2021
1,200,000,000
BOOK VALUE
30-1211139
ULSE INC
333 PFINGSTEN ROAD
NORTHBROOK
,
IL
60062
501(C)(4)
Yes
No
2
Did or will any officer, director, trustee, or key employee of the organization:
a
Become a director or trustee of a successor or transferee organization?
.........................
2a
b
Become an employee of, or independent contractor for, a successor or transferee organization?
.....................
2b
c
Become a direct or indirect owner of a successor or transferee organization?
.....................
2c
d
Receive, or become entitled to, compensation or other similar payments as a result of the organization's significant disposition of assets?
........
2d
e
If the organization answered "Yes" to any of the questions on lines 2a through 2d, provide the name of the person involved and explain in Part III.
For Paperwork Reduction Act Notice, see the Instructions for Form 990.
Cat. No. 50087Z
Schedule N (Form 990) 2021
Schedule N (Form 990) 2021
Page
3
Part III
Supplemental Information.
Provide the information required by Part I, lines 2e and 6c, and Part II, line 2e. Also complete this part to provide any additional information.
Return Reference
Explanation
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.
Schedule N (Form 990) 2021
Additional Data
Software ID:
Software Version: