| 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. |
Attach to Form 990 or 990-EZ.