TY 2022 Form 990

(A) Name and title	(B) Average hours per week (list any hours for related organizations below dotted line)	(C) Position (do not check more than one box, unless person is both an officer and a director/trustee)	(E) Reportable compensation from related organizations (W-2/1099-MISC/1099-NEC)
(1) T BRADY...................................................................... Director	1.0 ................. 59.0	X			0	4,395,256	37,485
(2) R ROBINSON...................................................................... SVP & CFO (UNTIL 8/22)	1.0 ................. 59.0		X		0	2,389,681	998,103
(3) T RIVELLI...................................................................... SVP, CLO, Secretary	20.0 ................. 40.0		X		729,393	55,060	78,247
(4) K SZCZECH...................................................................... SVP/TREASURER (UNTIL 8/22)	1.0 ................. 59.0		X		0	474,520	134,946
(5) E WEST...................................................................... VP & ASSIST SEC (UNTIL 8/22)	1.0 ................. 59.0		X		0	520,742	20,500
(6) R BLAUSTEIN...................................................................... SVP, CFO (AS OF 5/22)	30.0 ................. 30.0		X		516,684	0	19,078
(7) J CANFIELD...................................................................... VP OF STRATEGY	30.0 ................. 30.0		X		385,527	0	38,995
(8) D STEEL...................................................................... Executive Director of ULSE	60.0 ................. 0.0		X		381,183	0	22,662
(9) J SHANNON...................................................................... Director	5.0 ................. 14.0	X			41,250	348,072	0
(10) P PIQUEIRA...................................................................... VP	60.0 ................. 0.0		X		343,783	0	20,927
(11) D WROTH...................................................................... Director- Data Science	59.0 ................. 1.0			X	305,664	0	35,440
(12) S BIRD...................................................................... VP, Int Standards	60.0 ................. 0.0		X		288,388	0	33,370
(13) G BORLASE...................................................................... VP, Standards Program	60.0 ................. 0.0		X		284,569	0	20,763
(14) R BORGER...................................................................... VP OF HR	30.0 ................. 30.0		X		286,103	0	17,366
(15) S BROOKS...................................................................... Director Standards Operations	60.0 ................. 0.0			X	259,628	0	32,112
(16) R OLESEN...................................................................... Standards Manager	60.0 ................. 0.0			X	246,026	0	27,044
(17) J MUSSO...................................................................... Standards Program Manager	60.0 ................. 0.0			X	217,840	0	50,940

(A) Name and business address	(B) Description of services	(C) Compensation
TATUM, 70 W MADISON ST SUITE 4500 CHICAGO,IL60602	HUMAN RESOURCES	2,763,362
GRANT THORNTON LLP, 171 N CLARK STREET SUITE 200 WASHINGTON,DC200363531	ACCOUNTING	2,637,339
DRAGONSPEARS INC, 350 N ORLEANS ST CHICAGO,IL60654	IT SERVICES	2,077,507
TELESTO STRATEGY LLC, 230 W Monroe St Unit 2110 CHICAGO,IL60606	ADVISORY	2,019,000
LAZARD FRERES CO LLC, 30 ROCKEFELLER PLAZA NEW YORK,NY10112	FINANCIAL SERVICES	750,000
2 Total number of independent contractors (including but not limited to those listed above) who received more than $100,000 of compensation from the organization 35

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SCHEDULE D
(Form 990)

Department of the Treasury
Internal Revenue Service

Supplemental Financial Statements

Complete if the organization answered "Yes," on Form 990,
Part IV, line 6, 7, 8, 9, 10, 11a, 11b, 11c, 11d, 11e, 11f, 12a, or 12b.
SchDMd Bullet

Attach to Form 990.
SchDMd Bullet

Go to www.irs.gov/Form990 for instructions and the latest information.

OMB No. 1545-0047

2021

Open to Public Inspection

Name of the organization

ULSE Inc

Employer identification number

30-1211139

Part I

Organizations Maintaining Donor Advised Funds or Other Similar Funds or Accounts. Complete if the organization answered "Yes" on Form 990, Part IV, line 6.

		(a) Donor advised funds	(b) Funds and other accounts
1	Total number at end of year .........
2	Aggregate value of contributions to (during year)
3	Aggregate value of grants from (during year)
4	Aggregate value at end of year ........

Did the organization inform all donors and donor advisors in writing that the assets held in donor advised funds are the organization’s property, subject to the organization’s exclusive legal control? ............

Yes No

Did the organization inform all grantees, donors, and donor advisors in writing that grant funds can be used only for charitable purposes and not for the benefit of the donor or donor advisor, or for any other purpose conferring impermissible private benefit? ...................................

Yes No

Part II

Conservation Easements.
Complete if the organization answered "Yes" on Form 990, Part IV, line 7.

Purpose(s) of conservation easements held by the organization (check all that apply).

Preservation of land for public use (e.g., recreation or education) Preservation of an historically important land area

Protection of natural habitat Preservation of a certified historic structure

Preservation of open space

Complete lines 2a through 2d if the organization held a qualified conservation contribution in the form of a conservation easement on the last day of the tax year.


a	Total number of conservation easements ......................	2a
b	Total acreage restricted by conservation easements ....................	2b
c	Number of conservation easements on a certified historic structure included in (a) .....	2c
d	Number of conservation easements included in (c) acquired after 7/25/06, and not on a historic structure listed in the National Register ...	2d

Number of conservation easements modified, transferred, released, extinguished, or terminated by the organization during the
tax year SchDMd Bullet

Number of states where property subject to conservation easement is located SchDMd Bullet

Does the organization have a written policy regarding the periodic monitoring, inspection, handling of violations, and enforcement of the conservation easements it holds? ............

Yes No

Staff and volunteer hours devoted to monitoring, inspecting, handling of violations, and enforcing conservation easements during the year
SchDMd Bullet

Amount of expenses incurred in monitoring, inspecting, handling of violations, and enforcing conservation easements during the year
SchDMd Bullet

Does each conservation easement reported on line 2(d) above satisfy the requirements of section 170(h)(4)(B)(i) and section 170(h)(4)(B)(ii)? .............................

Yes No

In Part XIII, describe how the organization reports conservation easements in its revenue and expense statement, and
balance sheet, and include, if applicable, the text of the footnote to the organization’s financial statements that describes
the organization’s accounting for conservation easements.

Part III

Organizations Maintaining Collections of Art, Historical Treasures, or Other Similar Assets.
Complete if the organization answered "Yes" on Form 990, Part IV, line 8.

If the organization elected, as permitted under FASB ASC 958, not to report in its revenue statement and balance sheet works of art, historical treasures, or other similar assets held for public exhibition, education, or research in furtherance of public service, provide, in Part XIII, the text of the footnote to its financial statements that describes these items.

If the organization elected, as permitted under FASB ASC 958, to report in its revenue statement and balance sheet works of art, historical treasures, or other similar assets held for public exhibition, education, or research in furtherance of public service, provide the following amounts relating to these items:

(i)

Revenue included on Form 990, Part VIII, line 1 ......................... SchDMd Bullet

(ii)

Assets included in Form 990, Part X ............................... SchDMd Bullet

If the organization received or held works of art, historical treasures, or other similar assets for financial gain, provide the
following amounts required to be reported under FASB ASC 958 relating to these items:

Revenue included on Form 990, Part VIII, line 1 .......................... SchDMd Bullet

Assets included in Form 990, Part X ............................... SchDMd Bullet

For Paperwork Reduction Act Notice, see the Instructions for Form 990.

Cat. No. 52283D

Schedule D (Form 990) 2021

Page 2

Part III

Organizations Maintaining Collections of Art, Historical Treasures, or Other Similar Assets (continued)

Using the organization’s acquisition, accession, and other records, check any of the following that are a significant use of its collection items (check all that apply):

Public exhibition

Loan or exchange programs

Scholarly research

Other

Preservation for future generations

Provide a description of the organization’s collections and explain how they further the organization’s exempt purpose in
Part XIII.

During the year, did the organization solicit or receive donations of art, historical treasures or other similar
assets to be sold to raise funds rather than to be maintained as part of the organization’s collection?...

Yes No

Part IV

Escrow and Custodial Arrangements. Complete if the organization answered "Yes" on Form 990, Part IV, line 9, or reported an amount on Form 990, Part X, line 21.

Is the organization an agent, trustee, custodian or other intermediary for contributions or other assets not
included on Form 990, Part X? ....................................

Yes No


b	If "Yes," explain the arrangement in Part XIII and complete the following table:		Amount
c	Beginning balance .............................	1c
d	Additions during the year ............................	1d
e	Distributions during the year ..........................	1e
f	Ending balance ................................	1f

Did the organization include an amount on Form 990, Part X, line 21, for escrow or custodial account liability? ...

Yes No

If "Yes," explain the arrangement in Part XIII. Check here if the explanation has been provided in Part XIII ....

Part V

Endowment Funds.
Complete if the organization answered "Yes" on Form 990, Part IV, line 10.

		(a) Current year	(b) Prior year	(c) Two years back	(d) Three years back	(e) Four years back

1a	Beginning of year balance ....
b	Contributions ...
c	Net investment earnings, gains, and losses
d	Grants or scholarships ...
e	Other expenditures for facilities and programs ...
f	Administrative expenses ....
g	End of year balance ......

Provide the estimated percentage of the current year end balance (line 1g, column (a)) held as:

Board designated or quasi-endowment SchDMd Bullet

Permanent endowment SchDMd Bullet

Term endowment SchDMd Bullet

The percentages on lines 2a, 2b, and 2c should equal 100%.

Are there endowment funds not in the possession of the organization that are held and administered for the
organization by:

Yes

(i) Unrelated organizations .................

3a(i)

(ii) Related organizations .................

3a(ii)

If "Yes" on 3a(ii), are the related organizations listed as required on Schedule R? .........

Describe in Part XIII the intended uses of the organization's endowment funds.

Part VI

Land, Buildings, and Equipment.
Complete if the organization answered "Yes" on Form 990, Part IV, line 11a. See Form 990, Part X, line 10.

Description of property		(a) Cost or other basis (investment)	(b) Cost or other basis (other)	(c) Accumulated depreciation	(d) Book value

1a	Land .....
b	Buildings ....
c	Leasehold improvements
d	Equipment ....	130,174	130,174	0
e	Other .....
Total. Add lines 1a through 1e. (Column (d) must equal Form 990, Part X, column (B), line 10(c).)..				0

Schedule D (Form 990) 2021

Page 3

Part VII

Investments - Other Securities.
Complete if the organization answered "Yes" on Form 990, Part IV, line 11b. See Form 990, Part X, line 12.

(a) Description of security or category (including name of security)	(b) Book value	(c) Method of valuation: Cost or end-of-year market value
(1) Financial derivatives.........
(2) Closely-held equity interests........
(3) Other (A) INVESTMENT IN SUBSIDIARIES	838,932,120	C
(B) EQUITY COMMINGLED FUNDS	256,357,014	C
(C) BOND COMMINGLED FUND	300,936	C
(D) DIV. ASSET COMMINGLED FUND	87,543,323	C
(E) PRIVATE INVESTMENT PARTNERSHIP	37,834,004	C
(F) CASH HELD IN INVESTMENT FUND	2,435,969	C
(F)
(G)
(H)
Total. (Column (b) must equal Form 990, Part X, col. (B) line 12.)	1,223,403,366

Part VIII

Investments - Program Related. Complete if the organization answered 'Yes' on Form 990, Part IV, line 11c. See Form 990, Part X, line 13.

(a) Description of investment	(b) Book value	(c) Method of valuation: Cost or end-of-year market value

(1)
(2)
(3)
(4)
(5)
(6)
(7)
(8)
(9)
Total. (Column (b) must equal Form 990, Part X, col.(B) line 13.)

Part IX

Other Assets.
Complete if the organization answered 'Yes' on Form 990, Part IV, line 11d. See Form 990, Part X, line 15.

(a) Description				(b) Book value

(1)
(2)
(3)
(4)
(5)
(6)
(7)
(8)
(9)
Total. (Column (b) must equal Form 990, Part X, col.(B) line 15.)...........

Part X

Other Liabilities.
Complete if the organization answered 'Yes' on Form 990, Part IV, line 11e or 11f. See Form 990, Part X, line 25.

1.(a) Description of liability	(b) Book value
(1) Federal income taxes	0
(2)
(3)
(4)
(5)
(6)
(7)
(8)
(9)
Total. (Column (b) must equal Form 990, Part X, col.(B) line 25.)	65,335
2. Liability for uncertain tax positions. In Part XIII, provide the text of the footnote to the organization's financial statements that reports the organization's liability for uncertain tax positions under FIN 48 (ASC 740). Check here if the text of the footnote has been provided in Part XIII

Schedule D (Form 990) 2021

Page 4

Part XI Reconciliation of Revenue per Audited Financial Statements With Revenue per Return. Complete if the organization answered 'Yes' on Form 990, Part IV, line 12a.
1	Total revenue, gains, and other support per audited financial statements .......		1
2	Amounts included on line 1 but not on Form 990, Part VIII, line 12:
a	Net unrealized gains (losses) on investments ....	2a
b	Donated services and use of facilities .........	2b
c	Recoveries of prior year grants ...........	2c
d	Other (Describe in Part XIII.) ............	2d
e	Add lines 2a through 2d .....................		2e
3	Subtract line 2e from line 1..................		3
4	Amounts included on Form 990, Part VIII, line 12, but not on line 1:
a	Investment expenses not included on Form 990, Part VIII, line 7b .	4a
b	Other (Describe in Part XIII.) ...........	4b
c	Add lines 4a and 4b....................		4c
5	Total revenue. Add lines 3 and 4c. (This must equal Form 990, Part I, line 12.) ......		5

Part XII Reconciliation of Expenses per Audited Financial Statements With Expenses per Return. Complete if the organization answered 'Yes' on Form 990, Part IV, line 12a.
1	Total expenses and losses per audited financial statements ...........		1
2	Amounts included on line 1 but not on Form 990, Part IX, line 25:
a	Donated services and use of facilities .........	2a
b	Prior year adjustments ............	2b
c	Other losses ................	2c
d	Other (Describe in Part XIII.) ............	2d
e	Add lines 2a through 2d....................		2e
3	Subtract line 2e from line 1...................		3
4	Amounts included on Form 990, Part IX, line 25, but not on line 1:
a	Investment expenses not included on Form 990, Part VIII, line 7b ..	4a
b	Other (Describe in Part XIII.) ............	4b
c	Add lines 4a and 4b.....................		4c
5	Total expenses. Add lines 3 and 4c. (This must equal Form 990, Part I, line 18.) ......		5

Part XIII

Supplemental Information

Provide the descriptions required for Part II, lines 3, 5, and 9; Part III, lines 1a and 4; Part lV, lines 1b and 2b; Part V, line 4; Part X, line 2; Part XI, lines 2d and 4b; and Part XII, lines 2d and 4b. Also complete this part to provide any additional information.

Return Reference	Explanation

Schedule D (Form 990) 2021

Additional Data

Software ID:
Software Version:

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SCHEDULE F(Form 990)

Department of the Treasury
Internal Revenue Service

Statement of Activities Outside the United States

Complete if the organization answered "Yes" to Form 990, Part IV, line 14b, 15, or 16. Right pointing arrow large image

Attach to Form 990. Right pointing arrow large image

Go to www.irs.gov/Form990 for instructions and the latest information.

OMB No. 1545-0047

2022

Open to Public Inspection

Name of the organization
ULSE Inc

Employer identification number

30-1211139

Part I

General Information on Activities Outside the United States. Complete if the organization answered "Yes" on Form 990, Part IV, line 14b.

For grantmakers. Does the organization maintain records to substantiate the amount of its grants and

other assistance, the grantees’ eligibility for the grants or assistance, and the selection criteria used

to award the grants or assistance? . . . . . . . . . . . . . . . . . . . . . . . . .

Yes

For grantmakers. Describe in Part V the organization’s procedures for monitoring the use of its grants and other assistance outside the United States.

Activites per Region. (The following Part I, line 3 table can be duplicated if additional space is needed.)

(a) Region		(d) Activities conducted in region (by type) (such as, fundraising, program services, investments, grants to recipients located in the region)	(f) Total expenditures for and investments in the region
	Central America and the Caribbean	Investments	238,542,425
	Europe (Including Iceland and Greenland)	Investments	2,789,708















3a	Sub-total ....		241,332,133
b	Total from continuation sheets to Part I ...
c	Totals (add lines 3a and 3b)		241,332,133

For Paperwork Reduction Act Notice, see the Instructions for Form 990.Cat. No. 50082W Schedule F (Form 990) 2022

Schedule F (Form 990) 2022

Page 2

Part II

Grants and Other Assistance to Organizations or Entities Outside the United States. Complete if the organization answered "Yes" on Form 990, Part IV, line 15, for any recipient who received more than $5,000. Part II can be duplicated if additional space is needed.

1 (a) Name of organization		(b) IRS code section and EIN (if applicable)	(c) Region	(d) Purpose of grant	(e) Amount of cash grant	(f) Manner of cash disbursement	(g) Amount of noncash assistance	(h) Description of noncash assistance	(i) Method of valuation (book, FMV, appraisal, other)

2	Enter total number of recipient organizations listed above that are recognized as charities by the foreign country, recognized as tax-exempt by the IRS, or for which the grantee or counsel has provided a section 501(c)(3) equivalency letter .......
3	Enter total number of other organizations or entities .......................

Schedule F (Form 990) 2022

Schedule F (Form 990) 2022Page 3

Part III

Grants and Other Assistance to Individuals Outside the United States. Complete if the organization answered "Yes" on Form 990, Part IV, line 16.

Part III can be duplicated if additional space is needed.

(a) Type of grant or assistance		(b) Region	(c) Number of recipients	(d) Amount of cash grant	(e) Manner of cash disbursement	(f) Amount of noncash assistance	(g) Description of noncash assistance	(h) Method of valuation (book, FMV, appraisal, other)

Schedule F (Form 990) 2022

Page 4

Part IV

Foreign Forms

Schedule F (Form 990) 2022

Page 5

Part V

Supplemental Information
Provide the information required by Part I, line 2 (monitoring of funds); Part I, line 3, column (f) (accounting method; amounts of investments vs. expenditures per region); Part II, line 1 (accounting method); Part III (accounting method); and Part III, column (c) (estimated number of recipients), as applicable. Also complete this part to provide any additional information. See instructions.

ReturnReference	Explanation

Schedule F (Form 990) 2022

Additional Data

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Note: To capture the full content of this document, please select landscape mode (11" x 8.5") when printing.

Schedule I
(Form 990)

Department of the Treasury
Internal Revenue Service

Grants and Other Assistance to Organizations,
Governments and Individuals in the United States

Complete if the organization answered "Yes," on Form 990, Part IV, line 21 or 22.
lBullet

Attach to Form 990.
lBullet

Go to www.irs.gov/Form990 for the latest information.

OMB No. 1545-0047

2022

Open to Public
Inspection

Name of the organization
ULSE Inc

Employer identification number
30-1211139

Part I

General Information on Grants and Assistance

Does the organization maintain records to substantiate the amount of the grants or assistance, the grantees' eligibility for the grants or assistance, and
the selection criteria used to award the grants or assistance? ........................

Yes No

Describe in Part IV the organization's procedures for monitoring the use of grant funds in the United States.

Part II

Grants and Other Assistance to Domestic Organizations and Domestic Governments. Complete if the organization answered "Yes" on Form 990, Part IV, line 21, for any recipient

that received more than $5,000. Part II can be duplicated if additional space is needed.

(a) Name and address of organization or government	(b) EIN	(c) IRC section (if applicable)	(d) Amount of cash grant	(f) Method of valuation (book, FMV, appraisal, other)	(h) Purpose of grant or assistance
(1) CONFEDERATION OF INDIAN INDUSTRY 1700 N MOORE ST 1520 ARLINGTON,VA22209	52-1923660	501(C)(6)	12,700	FMV	GENERAL SUPPORT
(2) CRISTO REY ST MARTIN COLLEGE PREP 3106 Belvidere Road Waukegan,IL60085	42-1597059	501(C)(3)	19,250	FMV	RESEARCH
(3) MICHIGAN STATE UNIVERSITY 1801 500 S Harrison Rd ELansing,MI48823	20-5272549	GOVT	100,000	FMV	RESEARCH
(4) North Carolina A&T State University 1601 E Market Street Greensboro,NC27411	56-6000007	GOVT	250,000	FMV	RESEARCH

Enter total number of section 501(c)(3) and government organizations listed in the line 1 table ................. Bullet Image

Enter total number of other organizations listed in the line 1 table ........................ . Bullet Image

For Paperwork Reduction Act Notice, see the Instructions for Form 990.

Cat. No. 50055P

Schedule I (Form 990) 2022

Page 2

Part III

Grants and Other Assistance to Domestic Individuals. Complete if the organization answered "Yes" on Form 990, Part IV, line 22.
Part III can be duplicated if additional space is needed.

(a) Type of grant or assistance	(b) Number of recipients	(c) Amount of cash grant	(d) Amount of noncash assistance	(e) Method of valuation (book, FMV, appraisal, other)	(f) Description of noncash assistance

(1)
(2)
(3)
(4)
(5)
(6)
(7)

Part IV

Supplemental Information. Provide the information required in Part I, line 2; Part III, column (b); and any other additional information.

Return Reference	Explanation
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 ULSE'S COMMITMENT TO IMPROVING THE QUALITY OF LIFE IN COMMUNITIES WHERE ULSE EMPLOYEES LIVE AND WORK; SPONSOR ORGANIZATIONS THAT SHARE ULSE'S DEEP COMMITMENT TO PROMOTING SAFE LIVING AND WORKING ENVIRONMENTS FOR PEOPLE; REFLECT ULSE'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.

Return Reference

Explanation

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 ULSE'S COMMITMENT TO IMPROVING THE QUALITY OF LIFE IN COMMUNITIES WHERE ULSE EMPLOYEES LIVE AND WORK; SPONSOR ORGANIZATIONS THAT SHARE ULSE'S DEEP COMMITMENT TO PROMOTING SAFE LIVING AND WORKING ENVIRONMENTS FOR PEOPLE; REFLECT ULSE'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.

Schedule I (Form 990) 2022

Additional Data

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Schedule J
(Form 990)

Department of the Treasury
Internal Revenue Service

Compensation Information

For certain Officers, Directors, Trustees, Key Employees, and Highest
Compensated Employees
SchJMediumBullet

Complete if the organization answered "Yes" on Form 990, Part IV, line 23.
SchJMediumBullet

Attach to Form 990.
SchJMediumBullet

Go to www.irs.gov/Form990 for instructions and the latest information.

OMB No. 1545-0047

2022

Open to Public Inspection

Name of the organization

ULSE Inc

Employer identification number

30-1211139

Part I

Questions Regarding Compensation

Yes

Check the appropiate box(es) if the organization provided any of the following to or for a person listed on Form
990, Part VII, Section A, line 1a. Complete Part III to provide any relevant information regarding these items.

First-class or charter travel Housing allowance or residence for personal use

Travel for companions Payments for business use of personal residence

Tax idemnification and gross-up payments Health or social club dues or initiation fees

Discretionary spending account Personal services (e.g., maid, chauffeur, chef)

If any of the boxes on Line 1a are checked, did the organization follow a written policy regarding payment or reimbursement or provision of all of the expenses described above? If "No," complete Part III to explain .....

Did the organization require substantiation prior to reimbursing or allowing expenses incurred by all
directors, trustees, officers, including the CEO/Executive Director, regarding the items checked on Line 1a? ....

Indicate which, if any, of the following the filing organization used to establish the compensation of the
organization's CEO/Executive Director. Check all that apply. Do not check any boxes for methods
used by a related organization to establish compensation of the CEO/Executive Director, but explain in Part III.

Compensation committee Written employment contract

Independent compensation consultant Compensation survey or study

Form 990 of other organizations Approval by the board or compensation committee

During the year, did any person listed on Form 990, Part VII, Section A, line 1a, with respect to the filing organization or a related organization:

Receive a severance payment or change-of-control payment? .............

Participate in, or receive payment from, a supplemental nonqualified retirement plan? .........

Yes

Participate in, or receive payment from, an equity-based compensation arrangement? .........

Yes

If "Yes" to any of lines 4a-c, list the persons and provide the applicable amounts for each item in Part III.

Only 501(c)(3), 501(c)(4), and 501(c)(29) organizations must complete lines 5-9.

For persons listed on Form 990, Part VII, Section A, line 1a, did the organization pay or accrue any
compensation contingent on the revenues of:

The organization? ....................

Any related organization? .......................

If "Yes," on line 5a or 5b, describe in Part III.

For persons listed on Form 990, Part VII, Section A, line 1a, did the organization pay or accrue any
compensation contingent on the net earnings of:

The organization? ..................

Any related organization? ......................

If "Yes," on line 6a or 6b, describe in Part III.

For persons listed on Form 990, Part VII, Section A, line 1a, did the organization provide any nonfixed
payments not described in lines 5 and 6? If "Yes," describe in Part III ............

Yes

Were any amounts reported on Form 990, Part VII, paid or accured pursuant to a contract that was
subject to the initial contract exception described in Regulations section 53.4958-4(a)(3)? If "Yes," describe
in Part III ..........................

If "Yes" on line 8, did the organization also follow the rebuttable presumption procedure described in Regulations section 53.4958-6(c)? .........................

For Paperwork Reduction Act Notice, see the Instructions for Form 990.

Cat. No. 50053T

Schedule J (Form 990) 2022

Page 2

Part II

Officers, Directors, Trustees, Key Employees, and Highest Compensated Employees. Use duplicate copies if additional space is needed.

For each individual whose compensation must be reported on Schedule J, report compensation from the organization on row (i) and from related organizations, described in the
instructions, on row (ii). Do not list any individuals that are not listed on Form 990, Part VII.
Note. The sum of columns (B)(i)-(iii) for each listed individual must equal the total amount of Form 990, Part VII, Section A, line 1a, applicable column (D) and (E) amounts for that individual.

(A) Name and Title		(B) Breakdown of W-2, 1099-MISC compensation, and/or 1099-NEC			(C) Retirement and other deferred compensation	(D) Nontaxable benefits	(E) Total of columns (B)(i)-(D)	(F) Compensation in column (B) reported as deferred on prior Form 990
(A) Name and Title		(i) Base compensation	(ii) Bonus & incentive compensation	(iii) Other reportable compensation	(C) Retirement and other deferred compensation	(D) Nontaxable benefits	(E) Total of columns (B)(i)-(D)
1R BORGER VP OF HR	(i) (ii)	284,650 ------------- 0	0 ------------- 0	1,453 ------------- 0	13,628 ------------- 0	3,738 ------------- 0	303,469 ------------- 0	0 ------------- 0
2P PIQUEIRA VP	(i) (ii)	239,514 ------------- 0	102,957 ------------- 0	1,312 ------------- 0	20,500 ------------- 0	427 ------------- 0	364,710 ------------- 0	0 ------------- 0
3T RIVELLI SVP, CLO, Secretary	(i) (ii)	411,347 ------------- 0	315,000 ------------- 55,060	3,046 ------------- 0	20,500 ------------- 48,260	9,487 ------------- 0	759,380 ------------- 103,320	0 ------------- 0
4R ROBINSON SVP & CFO (UNTIL 8/22)	(i) (ii)	0 ------------- 611,229	0 ------------- 1,758,407	0 ------------- 20,045	0 ------------- 985,132	0 ------------- 12,971	0 ------------- 3,387,784	0 ------------- 0
5K SZCZECH SVP/TREASURER (UNTIL 8/22)	(i) (ii)	0 ------------- 139,523	0 ------------- 315,222	0 ------------- 19,775	0 ------------- 129,137	0 ------------- 5,809	0 ------------- 609,466	0 ------------- 0
6E WEST VP & ASSIST SEC (UNTIL 8/22)	(i) (ii)	0 ------------- 277,858	0 ------------- 242,269	0 ------------- 615	0 ------------- 20,500	0 ------------- 0	0 ------------- 541,242	0 ------------- 0
7S BIRD VP, Int Standards	(i) (ii)	208,281 ------------- 0	76,115 ------------- 0	3,992 ------------- 0	26,924 ------------- 0	6,446 ------------- 0	321,758 ------------- 0	0 ------------- 0
8G BORLASE VP, Standards Program	(i) (ii)	207,940 ------------- 0	76,341 ------------- 0	288 ------------- 0	10,497 ------------- 0	10,266 ------------- 0	305,332 ------------- 0	0 ------------- 0
9D WROTH Director- Data Science	(i) (ii)	224,529 ------------- 0	79,745 ------------- 0	1,390 ------------- 0	27,000 ------------- 0	8,440 ------------- 0	341,104 ------------- 0	0 ------------- 0
10T BRADY Director	(i) (ii)	0 ------------- 656,965	0 ------------- 3,718,160	0 ------------- 20,131	0 ------------- 27,000	0 ------------- 10,485	0 ------------- 4,432,741	0 ------------- 0
11J SHANNON Director	(i) (ii)	41,250 ------------- 348,072	0 ------------- 0	0 ------------- 0	0 ------------- 0	0 ------------- 0	41,250 ------------- 348,072	0 ------------- 0
12R BLAUSTEIN SVP, CFO (AS OF 5/22)	(i) (ii)	321,011 ------------- 0	195,000 ------------- 0	673 ------------- 0	15,212 ------------- 0	3,866 ------------- 0	535,762 ------------- 0	0 ------------- 0
13D STEEL Executive Director of ULSE	(i) (ii)	379,172 ------------- 0	0 ------------- 0	2,011 ------------- 0	20,500 ------------- 0	2,162 ------------- 0	403,845 ------------- 0	0 ------------- 0
14J CANFIELD VP OF STRATEGY	(i) (ii)	248,681 ------------- 0	130,359 ------------- 0	6,487 ------------- 0	27,000 ------------- 0	11,995 ------------- 0	424,522 ------------- 0	0 ------------- 0
15S BROOKS Director Standards Operations	(i) (ii)	188,326 ------------- 0	70,589 ------------- 0	713 ------------- 0	23,573 ------------- 0	8,539 ------------- 0	291,740 ------------- 0	0 ------------- 0
16R OLESEN Standards Manager	(i) (ii)	203,873 ------------- 0	37,384 ------------- 0	4,769 ------------- 0	20,500 ------------- 0	6,544 ------------- 0	273,070 ------------- 0	0 ------------- 0
17D JORDAN Director, Standards Programs	(i) (ii)	186,709 ------------- 0	40,107 ------------- 0	3,551 ------------- 0	26,249 ------------- 0	4,924 ------------- 0	261,540 ------------- 0	0 ------------- 0
18J MUSSO Standards Program Manager	(i) (ii)	176,947 ------------- 0	39,382 ------------- 0	1,511 ------------- 0	25,470 ------------- 0	25,470 ------------- 0	268,780 ------------- 0	0 ------------- 0

Schedule J (Form 990) 2022

Page 3

Part III

Supplemental Information

Provide the information, explanation, or descriptions required for Part I, lines 1a, 1b, 3, 4a, 4b, 4c, 5a, 5b, 6a, 6b, 7, and 8, and for Part II. Also complete this part for any additional information.

Return Reference	Explanation
Part I, Line 3 - Compensation of Organization's CEO/Executive Director	THE PROCESS OF DETERMINING COMPENSATION FOR THE EXECUTIVE DIRECTOR, 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 ULSE 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 BOARD OF DIRECTORS, WHO PROVIDES FINAL APPROVAL OF ALL COMPENSATION ARRANGEMENTS. THE EXECUTIVE DIRECTOR AND VP OF HR ARE PRESENT IN ALL BOARD 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. A WRITTEN EMPLOYMENT CONTRACT IS ESTABLISHED FOR ALL OFFICERS.
Part I, Line 4 - Severance, Nonqualified, and Equity-Based Payments	Severance Nonqualified Equity-Based Comp BRADY 0 16,715 2,482,160 ROBINSON 0 14,600 548,995 RIVELLI 0 0 27,652 SZCZECH 0 0 66,442
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 ULSE INC.'S RELATED ORGANIZATIONS, UL LLC AND ULRI: SHANNON, BRADY, RIVELLI, WEST, SZCZECH AND ROBINSON. THE RELATED ORGANIZATIONS ALSO PROVIDED SUPPLEMENTAL NONQUALIFIED RETIREMENT PLANS TO BRADY (AS AN OFFICER OF THE RELATED ORG) AND ROBINSON. IN 2022 ULRI CONTRIBUTED $16,715 TO BRADY'S PLAN AND UL LLC CONTRIBUTED $14,600 TO ROBINSON'S PLAN.

Schedule J (Form 990) 2022

Additional Data

Software ID:
Software Version:

- TIN:

SCHEDULE O
(Form 990)

Department of the Treasury
Internal Revenue Service

Supplemental Information to Form 990 or 990-EZ

Complete to provide information for responses to specific questions on
Form 990 or 990-EZ or to provide any additional information.
MediumBullet

Attach to Form 990 or 990-EZ.
MediumBullet

Go to www.irs.gov/Form990 for the latest information.

OMB No. 1545-0047

2021

Open to Public
Inspection

Name of the organization

ULSE Inc

Employer identification number

30-1211139

Return Reference	Explanation
Form 990, Part I & Part III, Line 1 - Organization's Mission	ULSE INC. TRANSLATES SCIENTIFIC DISCOVERIES INTO STANDARDS AND POLICIES THAT HAVE THE POWER TO MAKE A SYSTEMIC IMPACT ON PUBLIC SAFETY THROUGHOUT THE WORLD. DISTINGUISHED BY OUR INDEPENDENT RESEARCH AND INFORMED FORESIGHT, WE'VE BEEN TRANSLATING CUTTING-EDGE SCIENCE INTO PRACTICAL STANDARDS SINCE 1903. OUR EXTENSIVE LIBRARY OF STANDARDS HELPS TO MAKE EVERYDAY THINGS SAFER, MORE SECURE, AND MORE SUSTAINABLE, FROM LIFE JACKETS TO BATTERIES TO AUTONOMOUS CARS.
Form 990 - Part VI, Line 2 - Family or Business Relationship	TERRANCE BRADY AND JAMES SHANNON HAVE A BUSINESS RELATIONSHIP.
Form 990 - Part VI, Line 6 - Classes of Members or Stockholders	UNDERWRITERS LABORATORIES INC. IS THE SOLE MEMBER OF THE ORGANIZATION. THE ORGANIZATION DOES NOT HAVE CAPITAL STOCK OR ANY STOCKHOLDERS.
Form 990 - Part VI, Line 7a - Election of Members and Their Rights	THE SOLE MEMBER OF THE ORGANIZATION IS NOT ELECTED. THE SOLE MEMBER OF THE ORGANIZATION HAS THE RIGHT TO ELECT THE MEMBERS OF THE ORGANIZATION'S GOVERNING BODY, WHICH IS THE BOARD OF DIRECTORS.
Form 990 - Part VI, Line 7b - Decisions Subject to Approval of Members	UNDER THE LAW OF THE STATE OF INCORPORATION, IN ADDITION TO THE ELECTION OF THE MEMBERS OF THE ORGANIZATION'S GOVERNING BODY, CERTAIN ACTIONS SUCH AS COMPLETE DISSOLUTION OF THE OGANIZATION WOULD BE SUBJECT TO APPROVAL BY THE SOLE MEMBER.
Form 990 - Part VI, Line 11b - Organization's Process to Review Form 990	THE FORM 990 TAX RETURN IS PREPARED BY AN OUTSIDE PROFESSIONAL ACCOUNTING FIRM. A DRAFT OF THE RETURN IS INITIALLY REVIEWED BY THE TAX MANAGER, AFTER WHICH IT IS SENT FOR OFFICERS REVIEW, WHICH INCLUDE THE SVP/CHIEF FINANCIAL OFFICER AND VP OF LEGAL AFFAIRS. 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 ORGANIZATION'S BOARD MEMBERS PRIOR TO THE FILING DATE.
Form 990 - Part VI, Line 12c - Enforcement of Conflicts Policy	ULSE INC. REQUIRES ITS DIRECTORS 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 DIRECTORS 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 EXECUTIVE DIRECTOR, 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 BOARD OF TRUSTEES, WHO PROVIDE FINAL APPROVAL OF ALL COMPENSATION ARRANGEMENTS. THE EXECUTIVE DIRECTOR AND SVP OF HR ARE PRESENT IN ALL BOARD 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. THE ORGANIZATION 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 IX LINE 11G	DESCRIPTION:OTHER SERVICES TOTAL FEES:10205640

For Paperwork Reduction Act Notice, see the Instructions for Form 990 or 990-EZ.

Cat. No. 51056K

Schedule O (Form 990) 2021

Additional Data

Software ID:
Software Version:

- TIN:

SCHEDULE R
(Form 990)

Department of the Treasury
Internal Revenue Service

Related Organizations and Unrelated Partnerships

Complete if the organization answered "Yes" on Form 990, Part IV, line 33, 34, 35b, 36, or 37.
MediumBullet

Attach to Form 990.
MediumBullet

Go to www.irs.gov/Form990 for instructions and the latest information.

OMB No. 1545-0047

2021

Open to Public Inspection

Name of the organization

ULSE Inc

Employer identification number

30-1211139

Part I

Identification of Disregarded Entities. Complete if the organization answered "Yes" on Form 990, Part IV, line 33.

(a) Name, address, and EIN (if applicable) of disregarded entity	(b) Primary activity	(c) Legal domicile (state or foreign country)	(d) Total income	(e) End-of-year assets	(f) Direct controlling entity

Part II

Identification of Related Tax-Exempt Organizations. Complete if the organization answered "Yes" on Form 990, Part IV, line 34 because it had one or more related tax-exempt organizations during the tax year.

(a) Name, address, and EIN of related organization	(b) Primary activity	(c) Legal domicile (state or foreign country)	(d) Exempt Code section	(e) Public charity status (if section 501(c)(3))	(f) Direct controlling entity	(g) Section 512(b)(13) controlled entity?
(a) Name, address, and EIN of related organization	(b) Primary activity	(c) Legal domicile (state or foreign country)	(d) Exempt Code section	(e) Public charity status (if section 501(c)(3))	(f) Direct controlling entity	Yes	No
(1)UL DO BRASIL CERTIFICACOES Rua Fidencio Ramos 195-5 Andar Vila Ol Sao Paulo CEP04551-0 BR	PBLC SFTY	BR			UL HBV		No
(2)ULC STANDARDS 7 UNDERWRITERS ROAD MIR 384 TORONTO CA	PBLC SFTY	CA			ULSE	Yes
(3)UNDERWRITERS LABORATORIES INC 333 PFINGSTEN ROAD NORTHBROOK,IL60062 36-1892375	PBLC SFTY	DE	501(C)(3)	10	NA		No

For Paperwork Reduction Act Notice, see the Instructions for Form 990.

Cat. No. 50135Y

Schedule R (Form 990) 2021

Page 2

Part III

Identification of Related Organizations Taxable as a Partnership. Complete if the organization answered "Yes" on Form 990, Part IV, line 34, because it had one or more related organizations treated as a partnership during the tax year.

(a) Name, address, and EIN of related organization	(b) Primary activity	(c) Legal domicile (state or foreign country)	(d) Direct controlling entity	(f) Share of total income	(g) Share of end-of-year assets	(h) Disproprtionate allocations?		(i) Code V-UBI amount in box 20 of Schedule K-1 (Form 1065)	(j) General or managing partner?		(k) Percentage ownership
(a) Name, address, and EIN of related organization	(b) Primary activity	(c) Legal domicile (state or foreign country)	(d) Direct controlling entity	(f) Share of total income	(g) Share of end-of-year assets	Yes	No	(i) Code V-UBI amount in box 20 of Schedule K-1 (Form 1065)	Yes	No	(k) Percentage ownership

Part IV

Identification of Related Organizations Taxable as a Corporation or Trust. Complete if the organization answered "Yes" on Form 990, Part IV, line 34 because it had one or more related organizations treated as a corporation or trust during the tax year.

(a) Name, address, and EIN of related organization	(b) Primary activity	(c) Legal domicile (state or foreign country)	(d) Direct controlling entity	(e) Type of entity (C corp, S corp, or trust)	(f) Share of total income	(g) Share of end-of-year assets	(h) Percentage ownership	(i) Section 512(b)(13) controlled entity?
(a) Name, address, and EIN of related organization	(b) Primary activity	(c) Legal domicile (state or foreign country)	(d) Direct controlling entity	(e) Type of entity (C corp, S corp, or trust)	(f) Share of total income	(g) Share of end-of-year assets	(h) Percentage ownership	Yes	No
(1) UL LLC 333 PFINGSTEN RD NORTHBROOK,IL60062 94-3282454	PBLC SFTY	DE	UL INC	C	-3,030,218	1,540,342,019	100.000 %	Yes
(2) UL VERIFICATION SERVICES INC 333 PFINGSTEN RD NORTHBROOK,IL60062 27-2031099	PBLC SFTY	DE	UL LLC	C	16,515,025	573,745,453	100.000 %	Yes
(3) UL CCIC CO LTD 98 HENGSHAN RD SUZHOU CH	PBLC SFTY	CH	UL INC	C	-59,393,914	174,227,629	70.000 %	Yes
(4) UL DE ARGENTINA SRL FLORIDA 833 PISO 2DO BUENOS AIRES AR	PBLC SFTY	AR	UL SA RL	C	-806,559	2,893,806	100.000 %	Yes
(5) UL DE MEXICO SA DE CV BLAS PASCAL 205 2DO LOS MORALES MEXICO CITY 11510 MX	PBLC SFTY	MX	UL SA RL	C	-685,146	14,916,593	100.000 %	Yes
(6) UL DO BRASIL LTDA 195 FIDENCIO RAMOS ST 5TH FLR STE 1 SAO PAULO BR	PBLC SFTY	BR	UL SA RL	C	4,329,913	14,522,430	100.000 %	Yes
(7) UL (CHINA) HOLDINGS COMPANY LTD 38F CIROs PLAZA 388 W NANJING RD SHANGHAI CH	PBLC SFTY	CH	UL SINGAPORE	C	-904,801	32,957,415	100.000 %	Yes
(8) UL INDIA PRIVATE LTD KALYANI PLATINAPHS I 3-FL EPIP-2 KUNDALAHALLI IN	PBLC SFTY	IN	UL SINGAPORE	C	-2,681,731	44,433,936	100.000 %	Yes
(9) UL INTERNATIONAL (FRANCE) SA 4 RUE RENE RAZEL SACLAY 91894 FR	PBLC SFTY	FR	UL SA RL	C	-654,233	5,871,886	100.000 %	Yes
(10) UL INTERNATIONAL (GERMANY) GMBH ADMIRAL-ROSENDAHL-STRASSE 9 D63236 NEU ISENBURG GM	PBLC SFTY	GM	UL SA RL	C	-988,980	127,156,549	100.000 %	Yes
(11) UL INTERNATIONAL (ITALIA) SRL VIA ARCHIMEDE 42 20864 AGRATE BRIANZA,MI IT	PBLC SFTY	IT	UL SA RL	C	-1,334,074	89,122,699	100.000 %	Yes
(12) UL INTERNATIONAL (NETHERLANDS) BV DELTA 1A 6825ML ARNHEM NL	PBLC SFTY	NL	UL GMBH	C	-247,564	7,366,240	100.000 %	Yes
(13) UL INTERNATIONAL (SWEDEN) AB STORBYVAGEN 2-4 163 29 SPANGA CTR SPANGA SW	PBLC SFTY	SW	UL SA RL	C	-55,677	495,929	100.000 %	Yes
(14) UL INTERNATIONAL (UK) LTD WONERSH HSE OLD PORTSMOUTH RD GUILDFORD UK	PBLC SFTY	UK	UL SA RL	C	-201,680	159,231,919	100.000 %	Yes
(15) UL INTERNATIONAL AUSTRALIA PTY LTD 600 BOURKE STREET MELBOURNE AS	PBLC SFTY	AS	UL GMBH	C	-12,607	2,402,724	100.000 %	Yes
(16) UL INTERNATIONAL DEMKO AS BORUPVANG 5A 2750 BALLERUP DA	PBLC SFTY	DA	UL SA RL	C	-382,353	16,563,122	100.000 %	Yes
(17) UL INTERNATIONAL LTD DELTA HOUSE 3 ON YIU ST 18TH FL SHATIN,NT HK	PBLC SFTY	HK	UL SA RL	C	-82,307	20,516,286	100.000 %	Yes
(18) UL INTERNATIONAL NEW ZEALAND LTD 234-29 ALBERT ST AUCKLAND NZ	PBLC SFTY	NZ	UL SA RL	C	35,408	3,751,622	100.000 %	Yes
(19) UL INTERNATIONAL POLSKA SP ZOO A1 KRAKOWSKA 81 05-090 SEKOCIN NOWY PL	PBLC SFTY	PL	UL SA RL	C	-608,253	10,176,178	100.000 %	Yes
(20) UL JAPAN INC 4383-326 ASAMA-CHO ISESHI,MIE516-0021 JA	PBLC SFTY	JA	UL SA RL	C	-15,047,648	139,323,446	100.000 %	Yes
(21) UL KOREA LTD 707-34 YEOKSAM-DONG SEOUL,Gangnam-gu135-080 KN	PBLC SFTY	KN	UL SA RL	C	-1,950,965	49,892,970	100.000 %	Yes
(22) UL SERVICES (MALAYSIA) SDN BHD LINGKARAN SYED PUTRA 59200 KUALA LUMPUR MY	PBLC SFTY	MY	UL SA RL	C	-24,739	446,707	100.000 %	Yes
(23) UL VERIFICATION SERVICES (GUANGZHOU) RM 104 NO 265 ZHUJIANG EAST RD GUANGZHOU CITY CH	PBLC SFTY	CH	UL VS PTY LTD	C	-978,476	17,474,384	100.000 %	Yes
(24) UL VERIFICATION SERVICES PVT LTD 39 ROBINSON RD 07-01 ROBINSON POINT 68911 SN	PBLC SFTY	SN	UL SA RL	C	-811,507	17,169,583	100.000 %	Yes
(25) UNDERWRITERS LABORATORIES IBERICA SL AVDA DIAGONAL 407 4 1 A BARCELONA 8008 SP	PBLC SFTY	SP	UL SA RL	C	-193,202	2,371,037	100.000 %	Yes
(26) UNDERWRITERS LABORATORIES TAIWAN CO LTD 260 DA-YEH RD 1ST FLR TAIPEI CITY,PEITOU DISTRICT112 TW	PBLC SFTY	TW	UL GMBH	C	-4,759,247	73,699,164	100.000 %	Yes
(27) UNDERWRITERS LABORATORIES THAILAND LTD 29TH FL NO 999/9 RAMA I RD BANGKOK TH	PBLC SFTY	TH	UL LLC	C	-28,766	3,000,212	100.000 %	Yes
(28) UNDERWRITERS LABORATORIES OF CANADA 7 UNDERWRITERS ROAD TORONTO,ONM1R 3A9 CA	PBLC SFTY	CA	UL SA RL	C	-406,521	47,076,880	100.000 %	Yes
(29) MD REGISTRATION SUPPORT LTD GRENZENSTRASSE 13 D-88416 OCHSENHAUSEN GM	PBLC SFTY	GM	UL SA RL	C	55,393	12,972	100.000 %	Yes
(30) UNDERWRITERS LABORATORIES ME FZCO AIRPORT FREEZONE OFFICE NO 4WA 421 DUBAI AE	PBLC SFTY	AE	UL SA RL	C	-277,165	4,960,860	100.000 %	Yes
(31) RFI CHINA HOLDINGS LIMITED ROOM 1902 19F ASIA ORIENT TOWER 33 ROCKHART ROAD HK	PBLC SFTY	HK	UL SA RL	C	0	0	100.000 %	Yes
(32) UL INC 333 PFINGSTEN ROAD NORTHBROOK,IL60062 27-0913800	PBLC SFTY	DE	UL INC(NFP)	C	-3,809,074	1,037,215,772	100.000 %	Yes
(33) UL TRANSACTION SECURITY PTY LTD 130 HIGH STREET ROAD UNIT 3 ASHWOOD AS	PBLC SAFETY	AS	UL GMBH	C	-539,063	3,544,683	100.000 %	Yes
(34) STR BANGLADESH PRIVATE LTD 16 KEMAL ATATURK AVE BANANI BG	PBLC SFTY	BG	UL VS HK	C	4,800	126,290	100.000 %	Yes
(35) UL VS BANGLADESH LTD HOUSE NO-1 1ST FLR RD NO-12 BLOCK K GULSHAN BG	PBLC SFTY	BG	UL SA RL	C	-858,096	9,443,900	100.000 %	Yes
(36) DEWI DO BRASIL EDEE LTDA AV NOVE DE JULHO 95 ED CTR 9 RM 23 SAO JOSE BR	PBLC SFTY	BR	DEWI GMBH	C	60,672	367,151	100.000 %	Yes
(37) UL VS SHANGHAI LIMITED 38F CIROs PLAZA 388 W NANJING RD SHANGHAI CH	PBLC SFTY	CH	UL VS HK	C	1,459,449	70,540,466	100.000 %	Yes
(38) DEWI OFFSHORE & CERTIFICATION CNTR GMBH AM SEEDEICH 9 D27472 CUXHAVEN GM	PBLC SFTY	GM	DEWI GMBH	C	190,749	9,646,124	100.000 %	Yes
(39) UL VS HONG KONG LIMITED 16-17F TOWER B REGENT CENTER KWAI HK	PBLC SFTY	HK	UL SA RL	C	2,620,744	135,157,795	100.000 %	Yes
(40) INSTITUTO CERTIFICAZIONE QUALITA SRL VIA EUROPA 28 CABIATE IT	PBLC SFTY	IT	ICQ H SRL	C	-471,972	38,115,521	100.000 %	Yes
(41) NUOVO ISTITUTO ITALIANO SICUREZZE DEI VIA EUROPA 28 CABIATE IT	PBLC SFTY	IT	ICQ H SRL	C	1,951,764	35,244,204	100.000 %	Yes
(42) UNDERWRITERS LABORATORIES HOLDING BV Delta 1B Arnhem NL	HOLDING CO	NL	UL SARL	C	0	1,248,259,491	100.000 %	Yes
(43) UL RESPONSIBLE SOURCING MEXICO SA DE CV AVE JUAREZ 2111601 CO LA PAZ PUEBLA PUE 72160 MX	PBLC SFTY	MX	UL RS	C	-20,187	426,825	100.000 %	Yes
(44) UL TS BV DE HEYDERWEG 1 2314 XZ LEIDEN NL	PBLC SFTY	NL	COLLIS H BV	C	-125,223	18,946,880	100.000 %	Yes
(45) COLLIS HOLDING BV DE HEYDERWEG 1 2314 XZ LEIDEN NL	PBLC SFTY	NL	UL SA RL	C	4,189	34,652,763	100.000 %	Yes
(46) UL VS SOUTH AFRICA PROPRIETARY LTD 2 EGLIN RD SUNNINGHIL 2157 SF	PBLC SFTY	SF	UL SA RL	C	-42,971	449,847	100.000 %	Yes
(47) UL VS TAIWAN LTD 260 DA-YEH RD 1ST FLR TAIPEI CITY,PEITOU DISTRICT TW	PBLC SFTY	TW	UL SA RL	C	117,218	3,848,051	100.000 %	Yes
(48) ICQ (MED) SARL 33 BLOC A RESIDENCE FAYROUZ LAC II TUNIS TS	PBLC SFTY	TS	ICQ SRL	C	-277,733	1,804,058	100.000 %	Yes
(49) UL VS LHAS TAKSIM LAMARTIN CADDESI NO 10 ISTANBUL TU	PBLC SFTY	TU	STR TURKEY	C	-1,264,111	3,531,071	100.000 %	Yes
(50) UL TS FZE PO BOX 341060TECHNOPOINT BLDG DUBAI AE	PBLC SFTY	AE	COLLIS H BV	C	-228,028	3,185,339	100.000 %	Yes
(51) UL VERIFICATION SERVICES LTD ASHWOOD PRK ASHWOOD WAY BASINGSTOKE HAMPSHIRE UK	PBLC SFTY	UK	UL UK	C	10,144,065	109,484,484	100.000 %	Yes
(52) UL VS VIETNAM CO LTD 9/9 NGUYEN TUONG ST WARD 6 BINH THANH DISTRI VM	PBLC SFTY	VM	UL SA RL	C	147,901	9,313,686	100.000 %	Yes
(53) TESTTECH LABORATORIOS DE AVALIACAO DA CO RUA SANTA MADALENA 263 BARRIO BOM PORTO ALEGRE 91420-490 BR	PBLC SFTY	BR	UL DO BRASIL LT	C	1,355,796	5,558,582	100.000 %	Yes
(54) UL STS CO LTD 1128 WENHUI ROAD SONGJIANG,SHANGHAI CH 27-0913800	PBLC SFTY	CH	EMT	C	-617,279	3,060,140	100.000 %	Yes
(55) FUTUREMARK OY KAPPELITIE 6 ESPOO 2200 FI	PBLC SFTY	FI	UL INC	C	-3,661,158	19,227,370	100.000 %	Yes
(56) UL SHIMADZU LABORATORY CO 1 NISHINOKYO-SHIMOAICHO KYOTO NAKAGYOKU 604-8436 JA	PBLC SFTY	JA	UL INC	C	-149,787	1,122,797	100.000 %	Yes
(57) UL INTERNATIONAL GMBH 1 NISHINOKYO-SHIMOAICHO KYOTO NAKAGYOKU 604-8436 JA	PBLC SFTY	JA	DEWI GMBH	C	3,373,410	57,788,784	100.000 %	Yes
(58) GREEN SAFETY (SHANGHAI) 38F CIROS SQUARE388 WEST NANJING F CIROS SQUARE WEST NANJING CH	PBLC SFTY	CH	UL SARL	C	-589	37,782,915	100.000 %	Yes
(59) UL INTERNATIONAL INDONESIA Grandaria Offices 8 10th FL Unit C DKI Jakarta 12240 ID	PBLC SFTY	ID	UL SARL	C	-48,149	1,191,856	100.000 %	Yes
(60) UL SERVICES GROUP LLC 463 NEW KARNER ROAD ALBANY,NY12205 14-1813081	PBLC SFTY	NY	UL INC	C	-3,425,579	63,149,640	100.000 %	Yes
(61) CONSUMER TESTING LABORATORIES (FAR EAST) 7TH FL RILEY HOUSE 88 LEI MUK RD KWAI CHUNG HK 98-0434958	PBLC SFTY	HK	UL INC	C	-1,171,069	10,947,945	100.000 %	Yes
(62) CONSUMER TESTING LABORATORIES LTD 270 TEJGOANI/A NOVO TOWER 7TH FL DHAKA 1208 BU 98-0434958	OPBLC SFTY	BU	UL INC	C	-1,407,865	9,261,640	100.000 %	Yes
(63) AWS TRUEPOWER DO BRAZIL LTDA SETE DE SETEMBRO 5485 APTO 901 CURITIBA 80240-0001 BR 39-2049336	PBLC SFTY	BR	UL INC	C	-181,568	1,473,356	100.000 %	Yes
(64) CONSUMER TESTING LABORATORIES (SHENZHEN SETE DE SETEMBRO 5485 APTO 901 CURITIBA 80240-0001 BR	PBLC SFTY	BR	UL INC	C	-828,970	6,308,224	100.000 %	Yes
(65) CR EDIT 360 GLOBAL LIMITED HUMPTER HOUSE 8 STATION ROAD HISTO CAMBRIDGE CB24 9LQ UK 98-0434957	PBLC SFTY	UK	UL INC	C	6	1	100.000 %	Yes
(66) SAFEWARE INVESTORS LIMITED 14 PHOENIX PARK TELFORD WAY COALV LEICESTERSHIRE UK	PBLC SFTY	UK	UL INC	C	0	0	100.000 %	Yes
(67) SAFEWARE QUASAR LIMITED 14 PHOENIX PARK TELFORD WAY COALV LEICESTERSHIRE UK	PBLC SFTY	UK	UL INC	C	0	0	100.000 %	Yes
(68) UL MOROCCO LLC RES AL FATH 217 BD BRAHIM ROUDANI CASABLANCA MO	PBLC SFTY	MO	UL INC	C	63,482	14,375	100.000 %	Yes
(69) UL DE COLOMBIA SAS CARRERA 62 NO 103-44 OF BOGOTA CO	PBLC SFTY	CO	UL INC	C	-345,764	801,094	100.000 %	Yes
(70) EMERGO ASIA PACIFIC LTD PTY 201 SUSSEX ST DARLING PARK TOWER I SYDNEY,NSW2000 AS AS	PBLC SFTY	AS	UL INC	C	9,748	445,842	100.000 %	Yes
(71) EMERGO CONSULTING UK LIMITED SHEFFIELD TECH PARKS COOPER STE 14 SHEFFIELD S1 2NS UK	PBLC SFTY	UK	UL INC	C	340,428	1,561,276	100.000 %	Yes
(72) EMERGO SINGAPORE CONSULTING PTE LTD 1 FULLERTON ROAD 02-01 ONE FULLER 49213 SN	PBLC SFTY	SN	UL INC	C	-29,574	513,973	100.000 %	Yes
(73) EMERGO TAIWAN LIMITED 14/F NO 8 SEC 5 XINYI RD TAIPEI 11049 TW	PBLC SFTY	TW	UL INC	C	-11,498	437,196	100.000 %	Yes
(74) EMERGO EUROPE BV MOLENSTRAAT 15 THE HAGUE 2513 BH NL	PBLC SFTY	NL	UL INC	C	41,252	8,395,546	100.000 %	Yes
(75) EMERGO DEUTSCHLAND GMBH POSTSTRESSE 33 HAMBURG 20354 GM	PBLC SFTY	NL	UL INC	C	422,047	2,106,187	100.000 %	Yes
(76) EMERGO FRANCE SAS 13 RUE CAMILLE DESMOULINS ISSY LES MOULINEAUX 92130 FR	PBLC SFTY	FR	UL INC	C	-23,333	986,108	100.000 %	Yes
(77) EMERGO EUROPE CONSULTING BV PRINSESSEGRACHT 20 THE HAGUE 2514 AP NL	PBLC SFTY	NL	UL INC	C	-1,813,876	11,323,195	100.000 %	Yes
(78) EMERGO KOREA LIMITED KOLON SCIENCE VALLEY II 14TH FLR SEOUL 55 KN	PBLC SFTY	KN	UL INC	C	-12,192	450,101	100.000 %	Yes
(79) EMERGO ISRAEL LIMITED 19/1 HASHITA ST YOQNEAM 20692 IS	PBLC SFTY	IS	UL INC	C	2,641	263,606	100.000 %	Yes
(80) EMERGO HONG KONG LIMITED UNIT 3709 37TH FLR TOWER II LI89 QUEENSWAY ADMIRALTY HK	PBLC SFTY	HK	UL INC	C	-4,560	238,036	100.000 %	Yes
(81) EMERGO MALAYSIA SDN BHD LEVEL 16 1 SENTRAL JALAN STESEN S KUALA LUMPUR MY	PBLC SFTY	MY	UL INC	C	2,432	410,623	100.000 %	Yes
(82) EMERGO COSTA RICA SRL CENTRO CORPORATIVO PLAZA ROBLE ESCAZU SAN JOSE CS	PBLC SFTY	CS	UL INC	C	23,215	523,061	100.000 %	Yes
(83) EMERGO PERU SRL CALLE LAS ORQUIDEAS 585 EDIFICIO F SAN ISIDRO LIMA 27 PE	PBLC SFTY	PE	UL INC	C	2,484	219,367	100.000 %	Yes
(84) EMERGO CLINICAL BV PRINSESSEGRACHT 20 THE HAGUE 2514 AP NL	PBLC SFTY	NL	UL INC	C	198	295,792	100.000 %	Yes
(85) EMERGO (INDIA) CONSULTING PVT LTD PLOT NO 8/1 1ST FLR KAKAGU SECUNDERABAD AP 500009 IN	PBLC SFTY	IN	UL INC	C	8,713	544,221	100.000 %	Yes
(86) EMERGO CONSULTING LLC 4TH LESNOY PER 4 MOSCOW 125047 RS	PBLC SFTY	RS	UL INC	C	68,483	349,791	100.000 %	Yes
(87) EMERGO SRL MONTECITO 38 PISO 34 BENITO JUAREZ CP 03810 MX	PBLC SFTY	MX	UL INC	C	-6,807	1,552,320	100.000 %	Yes
(88) CHEMADVISOR EUROPE SPRL SABLON TOWER RUE JOSEPH STEVENS 7 BRUSSELS 1000 BE	PBLC SFTY	BE	UL INC	C	706,104	4,158,367	100.000 %	Yes
(89) UL BUSINESS SOLUTIONS CANADA INC 29 CAPITAL DRIVE STE 200 OTTAWA,ONTARIOK2G 0E7 CA	PBLC SFTY	CA	UL INC	C	2,445,477	14,907,025	100.000 %	Yes
(90) UL LABORATORY CANADA INC 420 CHAREST EAST BLVD STE 300 QUEBEC G1K 8M4 CA	PBLC SFTY	CA	UL INC	C	1,607,618	7,085,840	100.000 %	Yes
(91) EMERGO JAPAN CONSULTING KK MG ICHIGAYA 6F 19-1 HARAIKATAMACHI TOKYO JA	PBLC SFTY	JA	UL INC	C	-172,182	3,162,117	100.000 %	Yes
(92) DQS GMBH DEUTSCHE GESSELSHAFT AUGUST-SCHANZ STR 21 FRANKFURT 60433 GM	PBLC SFTY	GM	UL SARL	C	0	0	100.000 %	Yes
(93) UNDERWRITERS LABORATORIES BV DELTA 1B ARNHEM 6825 ML NL	PBLC SFTY	NL	UL SARL	C	-209,381,706	655,221,886	100.000 %	Yes
(94) UL RUSSIA ZEMLYANOY VAL 9 FLOOR 4 ROOM II MOSCOW 105064 RS	PBLC SFTY	RS	UL INC	C	16,827	188,976	100.000 %	Yes
(95) UL CHANGZHOU QTS 21 Longmen Road Wujin,Jiangsu213100 CH	PBLC SFTY	CH	UL CHINA HOLDIN	C	39,394	21,732,417	100.000 %	Yes
(96) EMERGO URUGUAY	PBLC SFTY	UY	UL INC	C	0	0	100.000 %	Yes
(97) DOKIMI GROUP Halesfield 2 Shropshire,TelfordTF7 4QH UK	PBLC SFTY	UK	UL SARL	C	0	0	100.000 %	Yes
(98) PANGOLIN PROPERTIES HALESFIELD 2 SHROPSHIRE,TelfordTF7 4QH UK	PBLC SFTY	UK	UL SARL	C	0	0	100.000 %	Yes
(99) GULF RENEWABLE ENERGY LAB 3rd Industrial City PO Box 39558 DAMMAN,Khobar31942 SA	PBLC SFTY	SA	UL SARL	C	0	0	100.000 %	Yes
(100) UL IRELAND OPERATIONS LIMITED Westland Square 33 Pearse Street Dublin 2 EI	PBLC SFTY	EI	UL GMBH	C	1,513,666	3,464,528	100.000 %	Yes
(101) UL SERVICES SPAIN SL Barcelona Science Park Barcelona FC 8028 SP	PBLC SFTY	SP	UL INC	C	-775,959	8,909,058	100.000 %	Yes
(102) UL BUSINESS SERVICES INDIA LLP No1 6th Cross Amarajyothi Co-ope Banglore 560040 IN	PBLC SFTY	IN	UL INC	C	-84,315	6,081,795	100.000 %	Yes
(103) UL TELFORD UK LTD Halesfield 2 Shropshire,TelfordTf74QH UK	PBLC SFTY	UK	UL SARL	C	0	0	100.000 %	Yes
(104) EMERGO MEDICAL TECHNOLOGY Unit 1103B East Tower Twin Towers Beijing Chaoyang District CH	PBLC SFTY	CH	UL INC	C	-68,498	407,674	100.000 %	Yes
(105) METHOD PARK HOLDING WETTERKREUZ 19A ERLANGEN 91058 GM	PBLC SFTY	GM	UL INC	C	128,282	73,811,390	100.000 %	Yes
(106) METHOD PARK SOFTWARE AG WETTERKREUZ 19A ERLANGEN 91058 GM	PBLC SFTY		UL INC	C	0	-49,721	100.000 %	Yes
(107) METHOD PARK CONSULTING GMBH WETTERKREUZ 19A ERLANGEN 91058 GM	PBLC SFTY		UL INC	C	0	-55,796	100.000 %	Yes
(108) METHOD PARK ENGINEERING GMBH WETTERKREUZ 19A ERLANGEN 91508 GM	PBLC SFTY	GM	UL INC	C	0	7,355	100.000 %	Yes
(109) METHOD PARK CONSULTING (SHANGHAI) Tianhui Business Plaza 968 Jinzhon Shanghai CH	PBLC SFTY	CH	UL INC	C	490,120	523,308	100.000 %	Yes
(110) UL BUSINESS SERVICES MEXICO Paseo de la Reforma 383 Piso 7 cuauhtemoc MX	PBLC SFTY	MX	UL SERVICES GRO	C	-40,137	1,790,242	100.000 %	Yes
(111) CR EDIT 360 LIMITED SUMPTER HOUSE 8 STATION ROAD CAMBRIDGE UK	PBLC SFTY	UK	UL GMBH	C	0	0	100.000 %	Yes
(112) SPECIALIZED TECH RESOURCES LANKA PVT 29 BRAYBROOKE STREET COLOMBO CE	PBLC SFTY	CE	UL INC	C	4,897	106,505	100.000 %	Yes
(113) EMERGO BRAZIL PARTICIPACOES E SERVICIOS 10 ANDAR ED BAIRRO ZONA INDUSTRIAL BR 98-1006736	PBLC SFTY	BR	UL	C	247,439	2,950,083	100.000 %	Yes
(114) ULME TRADING LLC ABU DHABI ISLAND DEFENCE ROAD C91 E ABU DHABI AE	PBLC SFTY	AE	UL INC	C	29,025	325,171	100.000 %	Yes
(115) KUGLER MAAG CIE GMBH LEIBNIZSTRASSE 11 KORNWESTHEIM 70806 GM	PBLC SFTY	GM	UL INC	C	-1,369,880	43,902,108	100.000 %	Yes
(116) KUGLER MAAG CIE MANAGEMENT CONSULTING (S ROOM 101 UNIT NO 7 BUILDING NO SHANGHAI CH	PBLC SFTY	CH	UL INC	C	428,043	2,086,210	100.000 %	Yes
(117) UNDERWRITERS LABORATORIES ADVANCED FOR V 8006 Al URUNAH ROAD 2926 W UNM Al RIYADH 12329 SF	PBLC SFTY	SF	UL INC	C	190,853	133,325	100.000 %	Yes
(118) UL CONCORD HOLDINGS LIMITED UNIT 1-3 HORIZON WADE ROAD BASINGSTOKE RG24 8AH UK	PBLC SFTY	UK	UL INC	C	5,863	16,195,714	100.000 %	Yes
(119) CIMTEQ LIMITED 7A WILKINSON BUSINESS PARK CLYWEDOG WREXHAM LL13 9AE UK	PBLC SFTY	UK	UL INC	C	421,595	18,257,437	100.000 %	Yes
(120) KBW CORPORATION KRKBW 42 OBONGSADAN 1-RO UIWANG KS	PBLC SFTY	KS	UL INC	C	-2,092,698	0	100.000 %	Yes
(121) CIMTEQ HOLDINGS LIMITED 7A Wilkinson Business Park Clywedog WREXHAM LL13 9AE UK	PBLC SFTY	UK	UL INC	C	0	0	100.000 %	Yes

Schedule R (Form 990) 2021

Page 3

Part V

Transactions With Related Organizations. Complete if the organization answered "Yes" on Form 990, Part IV, line 34, 35b, or 36.

Note. Complete line 1 if any entity is listed in Parts II, III, or IV of this schedule.

Yes

1 During the tax year, did the orgranization engage in any of the following transactions with one or more related organizations listed in Parts II-IV?

a Receipt of (i) interest, (ii) annuities, (iii) royalties, or (iv) rent from a controlled entity .....................

Yes

b Gift, grant, or capital contribution to related organization(s) ............................

c Gift, grant, or capital contribution from related organization(s) ............................

d Loans or loan guarantees to or for related organization(s) ............................

e Loans or loan guarantees by related organization(s) ............................

f Dividends from related organization(s) ............................

Yes

g Sale of assets to related organization(s) ............................

h Purchase of assets from related organization(s) ............................

i Exchange of assets with related organization(s) ............................

j Lease of facilities, equipment, or other assets to related organization(s) .......................

k Lease of facilities, equipment, or other assets from related organization(s) ......................

l Performance of services or membership or fundraising solicitations for related organization(s) .....................

Yes

m Performance of services or membership or fundraising solicitations by related organization(s) .................

Yes

n Sharing of facilities, equipment, mailing lists, or other assets with related organization(s) ...................

Yes

o Sharing of paid employees with related organization(s) ............................

p Reimbursement paid to related organization(s) for expenses ............................

Yes

q Reimbursement paid by related organization(s) for expenses ............................

Yes

r Other transfer of cash or property to related organization(s) ............................

Yes

s Other transfer of cash or property from related organization(s) ............................

If the answer to any of the above is "Yes," see the instructions for information on who must complete this line, including covered relationships and transaction thresholds.

(a) Name of related organization	(b) Transaction type (a-s)	(c) Amount involved	(d) Method of determining amount involved
(1) UL LLC	A	20,340,000	FMV
(2) UL LLC	P	69,244	FMV
(3) UL INDIA PRIVATE LIMITED	M	125,576	FMV
(4) UL INTERNATIONAL SINGAPORE PRIVATE LIMITED	M	348,249	FMV
(5) UL(CHINA) HOLDING COMPANY LIMITED	M	313,421	FMV
(6) UL GMBH SAUDI ARABIA BRANCH	M	243,963	FMV
(7) UL INTERNATIONAL DEMKO AS	M	185,124	FMV
(8) UL DE MEXICO SA DE CV	M	212,680	FMV
(9) UL LLC	M	3,000,000	FMV
(10) UL LLC	N	694,213	FMV
(11) UL LLC	P	3,739,001	FMV
(12) UL LLC	Q	1,598,152	FMV
(13) UL SOLUTIONS INC	F	1,600,000,000	FMV
(14) UL CANADA	L	626,333	FMV

Schedule R (Form 990) 2021

Page 4

Part VI

Unrelated Organizations Taxable as a Partnership. Complete if the organization answered "Yes" on Form 990, Part IV, line 37.

Provide the following information for each entity taxed as a partnership through which the organization conducted more than five percent of its activities (measured by total assets or gross revenue) that was not a related organization. See instructions regarding exclusion for certain investment partnerships.

(a) Name, address, and EIN of entity	(b) Primary activity	(c) Legal domicile (state or foreign country)	(e) Are all partners section 501(c)(3) organizations?		(f) Share of total income	(g) Share of end-of-year assets	(h) Disproprtionate allocations?		(i) Code V-UBI amount in box 20 of Schedule K-1 (Form 1065)	(j) General or managing partner?		(k) Percentage ownership
(a) Name, address, and EIN of entity	(b) Primary activity	(c) Legal domicile (state or foreign country)	Yes	No	(f) Share of total income	(g) Share of end-of-year assets	Yes	No	(i) Code V-UBI amount in box 20 of Schedule K-1 (Form 1065)	Yes	No	(k) Percentage ownership

Schedule R (Form 990) 2021

Page 5

Part VII

Supplemental Information

Provide additional information for responses to questions on Schedule R. See instructions.

Return Reference

Explanation

SCHEDULE R, PART V

AS PART OF ITS TAX-EXEMPT FUNCTIONS AND IN FURTHERANCE OF ITS EXEMPT PURPOSES, ULSE DISTRIBUTES THE UL STANDARDS FOR A FEE TO TESTING, INSPECTION, AND CERTIFICATION ("TIC") ORGANIZATIONS (INCLUDING UL LLC) AND TO INDUSTRY PROFESSIONALS THAT USE THE UL STANDARDS IN CONNECTION WITH MANUFACTURING, TESTING, AND CERTIFYING CONSUMER PRODUCTS, PROCESSES, AND SYSTEMS TO ENSURE THEY ARE SAFE FOR THE PUBLIC. ULSE REPORTS THESE FEES AS RELATED PROGRAM SERVICE REVENUE. THE FEE CHARGED TO UL LLC FOR THE UL STANDARDS IS DETERMINED BY A TRANSFER PRICING STUDY CONDUCTED UNDER INTERNAL REVENUE CODE SECTION 482.

Schedule R (Form 990) 2021

Additional Data

Software ID:
Software Version:

1	Briefly describe the organization’s mission or most significant activities: SEE SCHEDULE O
2	Check this box
3	Number of voting members of the governing body (Part VI, line 1a) ........	3	3
4	Number of independent voting members of the governing body (Part VI, line 1b) .....	4	2
5	Total number of individuals employed in calendar year 2021 (Part V, line 2a) ......	5	128
6	Total number of volunteers (estimate if necessary) .............	6	0
7a	Total unrelated business revenue from Part VIII, column (C), line 12 ........	7a	4,186,815
b	Net unrelated business taxable income from Form 990-T, Part I, line 11 .........	7b	4,140,208

		Prior Year	Current Year
8	Contributions and grants (Part VIII, line 1h) .........	7,632,896,943	0
9	Program service revenue (Part VIII, line 2g) .........	2,249,869	27,011,418
10	Investment income (Part VIII, column (A), lines 3, 4, and 7d ) ....	200,000,554	1,592,614,258
11	Other revenue (Part VIII, column (A), lines 5, 6d, 8c, 9c, 10c, and 11e)	0	0
12	Total revenue—add lines 8 through 11 (must equal Part VIII, column (A), line 12)	7,835,147,366	1,619,625,676
13	Grants and similar amounts paid (Part IX, column (A), lines 1–3 )...	0	403,851
14	Benefits paid to or for members (Part IX, column (A), line 4).....	0	0
15	Salaries, other compensation, employee benefits (Part IX, column (A), lines 5–10)	1,547,245	15,933,208
16a	Professional fundraising fees (Part IX, column (A), line 11e) .....	0	0
b	Total fundraising expenses (Part IX, column (D), line 25) 0
17	Other expenses (Part IX, column (A), lines 11a–11d, 11f–24e)....	4,383,695	23,457,256
18	Total expenses. Add lines 13–17 (must equal Part IX, column (A), line 25)	5,930,940	39,794,315
19	Revenue less expenses. Subtract line 18 from line 12.......	7,829,216,426	1,579,831,361
		Beginning of Current Year	End of Year
20	Total assets (Part X, line 16).............	855,524,075	1,340,148,729
21	Total liabilities (Part X, line 26).............	1,027,565,154	9,096,937
22	Net assets or fund balances. Subtract line 21 from line 20.....	-172,041,079	1,331,051,792

Sign Here

	Signature of officer	Date

	Type or print name and title


4a	(Code: ) (Expenses $ 25,702,696 including grants of $ 403,851 ) (Revenue $ 27,011,418 )
	ULSE INC. DEVELOPS AND PUBLISHES CONSENSUS STANDARDS THAT HELP GUIDE THE SAFETY AND SUSTAINABILITY OF NEW AND EVOLVING PRODUCTS, TECHNOLOGIES, AND SERVICES THAT RANGE FROM HOUSEHOLD APPLIANCES, SMOKE ALARMS, AND BATTERIES TO BUILDING MATERIALS, CYBERSECURITY, AND AUTONOMOUS VEHICLES FOR THE BENEFIT OF THE PUBLIC.

4b	(Code: ) (Expenses $ including grants of $ ) (Revenue $ )












4c	(Code: ) (Expenses $ including grants of $ ) (Revenue $ )












4d	Other program services (Describe in Schedule O.)
	(Expenses $ including grants of $ ) (Revenue $ )
4e	Total program service expenses25,702,696

(A) Name and title	(B) Average hours per week (list any hours for related organizations below dotted line)	(C) Position (do not check more than one box, unless person is both an officer and a director/trustee)			(D) Reportable compensation from the organization (W-2/1099-MISC/1099-NEC)	(E) Reportable compensation from related organizations (W-2/1099-MISC/1099-NEC)	(F) Estimated amount of other compensation from the organization and related organizations
(A) Name and title
(18) D JORDAN........................................................................ Director, Standards Programs	60.0 .......................0.0			X	230,367	0	31,173
(19) D CONCEPCION........................................................................ VP, Controller	30.0 .......................30.0		X		110,944	0	5,525
(20) J WITTENBERG........................................................................ Trustee (AS OF 5/22)	5.0 .......................0.0	X			110,000	0	0
(21) D MCKNIGHT........................................................................ Head of Partnerships	60.0 .......................0.0		X		26,345	0	758
(22) K DENIS........................................................................ Head of Communications	60.0 .......................0.0		X		20,436	0	1,748

1b	Sub-Total................
c	Total from continuation sheets to Part VII, Section A....
d	Total (add lines 1b and 1c)...........	4,784,130	8,183,331	1,627,182

1a	Federated campaigns..		1a
b	Membership dues..		1b
c	Fundraising events..		1c
d	Related organizations		1d
e	Government grants (contributions)		1e

f	All other contributions, gifts, grants, and similar amounts not included above		1f

g	Noncash contributions included in lines 1a - 1f:$		1g

h Total. Add lines 1a-1f.......		0

		Business Code
2a	STANDARDS FEE	541380	26,998,492	26,998,492
b	CONTRACT REVENUE	541380	12,926	12,926
c
d
e
f	All other program service revenue.
g	Total. Add lines 2a–2f .....		27,011,418

3 Investment income (including dividends, interest, and othersimilar amounts) ......			1,602,400,527		4,186,815	1,598,213,712
4 Income from investment of tax-exempt bond proceeds			0
5 Royalties...........			0
		(ii) Personal	(i) Real
6a	Gross rents			6a
b	Less: rental expenses			6b
c	Rental income or (loss)	0	0	6c
d	Net rental income or (loss).......			0
		(ii) Other	(i) Securities
7a	Gross amount from sales of assets other than inventory		98,471,539	7a
b	Less: cost or other basis and sales expenses		108,257,808	7b
c	Gain or (loss)		-9,786,269	7c
d	Net gain or (loss).........			-9,786,269			-9,786,269
8a	Gross income from fundraising events (not including $ of contributions reported on line 1c). See Part IV, line 18 ....
			8a	0
b	Less: direct expenses ...		8b	0
c	Net income or (loss) from fundraising events..			0
9a	Gross income from gaming activities. See Part IV, line 19 ...
			9a	0
b	Less: direct expenses ...		9b	0
c	Net income or (loss) from gaming activities..			0
10a	Gross sales of inventory, less returns and allowances ..
			10a	0
b	Less: cost of goods sold ..		10b	0
c	Net income or (loss) from sales of inventory..			0
Business Code			Miscellaneous Revenue
11a
b
c
d	All other revenue ....
e	Total. Add lines 11a–11d ......			0
12	Total revenue. See instructions.....			1,619,625,676	27,011,418	4,186,815	1,588,427,443

1	Grants and other assistance to domestic organizations and domestic governments. See Part IV, line 21 ....	401,530	401,530
2	Grants and other assistance to domestic individuals. See Part IV, line 22 ...........	0
3	Grants and other assistance to foreign organizations, foreign governments, and foreign individuals. See Part IV, lines 15 and 16. .............	2,321	2,321
4	Benefits paid to or for members .......	0
5	Compensation of current officers, directors, trustees, and key employees ...........	3,460,028	3,460,028
6	Compensation not included above, to disqualified persons (as defined under section 4958(f)(1)) and persons described in section 4958(c)(3)(B) .........	0
7	Other salaries and wages........	8,885,975	6,712,611	2,173,364
8	Pension plan accruals and contributions (include section 401(k) and 403(b) employer contributions) ....	0
9	Other employee benefits .......	2,658,473	2,440,419	218,054
10	Payroll taxes ...........	928,732		928,732
11	Fees for services (non-employees):
a	Management ......	0
b	Legal .........	843,915	79,163	764,752
c	Accounting ...........	51,460		51,460
d	Lobbying ...........	0
e	Professional fundraising services. See Part IV, line 17	0
f	Investment management fees ......	1,007,674		1,007,674
g	Other (If line 11g amount exceeds 10% of line 25, column (A) amount, list line 11g expenses on Schedule O)	10,205,640	4,841,497	5,364,143
12	Advertising and promotion ....	968,670	62,606	906,064
13	Office expenses .......	1,107,008	371,503	735,505
14	Information technology ......	-664,484	14,042	-678,526
15	Royalties ..	0
16	Occupancy ...........	0
17	Travel ............	479,496	326,679	152,817
18	Payments of travel or entertainment expenses for any federal, state, or local public officials .	0
19	Conferences, conventions, and meetings ....	179,045	63,341	115,704
20	Interest ...........	584,801	584,801
21	Payments to affiliates .......	3,412,277	3,412,277
22	Depreciation, depletion, and amortization ..	181,144	181,144
23	Insurance ...	62,940		62,940
24	Other expenses. Itemize expenses not covered above (List miscellaneous expenses in line 24e. If line 24e amount exceeds 10% of line 25, column (A) amount, list line 24e expenses on Schedule O.)
a	ACCREDITATION/MEMBERSHIP	187,844	183,272	4,572
b	TRAINING/RECRUITING	2,025,140	88,825	1,936,315
c	OTHER TAX	2,411,348	2,411,348	0
d	OTHER EXPENSE	410,738	65,289	345,449
e	All other expenses	2,600		2,600
25	Total functional expenses. Add lines 1 through 24e	39,794,315	25,702,696	14,091,619	0
26	Joint costs. Complete this line only if the organization reported in column (B) joint costs from a combined educational campaign and fundraising solicitation. Check here if following SOP 98-2 (ASC 958-720).

1	Cash–non-interest-bearing ........			13,402,556	1	18,072,948
2	Savings and temporary cash investments .........			0	2	0
3	Pledges and grants receivable, net ......			0	3	0
4	Accounts receivable, net .............			2,541,625	4	2,600,574
5	Loans and other receivables from any current or former officer, director, trustee, key employee, creator or founder, substantial contributor, or 35% controlled entity or family member of any of these persons .......
				0	5	0
6	Loans and other receivables from other disqualified persons (as defined under section 4958(f)(1)), and persons described in section 4958(c)(3)(B) ...
				0	6	0
7	Notes and loans receivable, net ...........			0	7	0
8	Inventories for sale or use ............			0	8	0
9	Prepaid expenses and deferred charges ......			113,621	9	1,134,828
10a	Land, buildings, and equipment: cost or other basis. Complete Part VI of Schedule D	10a	130,174
b	Less: accumulated depreciation	10b	130,174		10c
11	Investments—publicly traded securities .			0	11	91,231,976
12	Investments—other securities. See Part IV, line 11 .....			838,932,120	12	1,223,403,366
13	Investments—program-related. See Part IV, line 11 ..			0	13	0
14	Intangible assets ...............			533,938	14	3,705,037
15	Other assets. See Part IV, line 11 ...........			215	15	0
16	Total assets. Add lines 1 through 15 (must equal line 33)...			855,524,075	16	1,340,148,729

17	Accounts payable and accrued expenses .....	6,327,200	17	8,133,135
18	Grants payable ...	0	18	0
19	Deferred revenue .........	777,678	19	898,467
20	Tax-exempt bond liabilities .........	0	20	0
21	Escrow or custodial account liability. Complete Part IV of Schedule D	0	21	0
22	Loans and other payables to any current or former officer, director, trustee, key employee, creator or founder, substantial contributor, or 35% controlled entity or family member of any of these persons .........
		0	22	0
23	Secured mortgages and notes payable to unrelated third parties ..	0	23	0
24	Unsecured notes and loans payable to unrelated third parties ..	0	24	0
25	Other liabilities (including federal income tax, payables to related third parties, and other liabilities not included on lines 17 - 24). Complete Part X of Schedule D	1,020,460,276	25	65,335
26	Total liabilities. Add lines 17 through 25..	1,027,565,154	26	9,096,937

	Organizations that follow FASB ASC 958, check here and complete lines 27, 28, 32, and 33.
27	Net assets without donor restrictions ..........	-172,041,079	27	1,331,051,792
28	Net assets with donor restrictions ...........	0	28	0
	Organizations that do not follow FASB ASC 958, check here and complete lines 29 through 33.
29	Capital stock or trust principal, or current funds .....		29
30	Paid-in or capital surplus, or land, building or equipment fund ...		30
31	Retained earnings, endowment, accumulated income, or other funds		31
32	Total net assets or fund balances ...........	-172,041,079	32	1,331,051,792
33	Total liabilities and net assets/fund balances ........	855,524,075	33	1,340,148,729

1	Was the organization a U.S. transferor of property to a foreign corporation during the tax year? If "Yes," the organization may be required to file Form 926, Return by a U.S. Transferor of Property to a Foreign Corporation (see Instructions for Form 926). . . . . . . . . . . . . . . . . . . . . . . . . . . . . .	Yes	No
2	Did the organization have an interest in a foreign trust during the tax year? If "Yes," the organization may be required to separately file Form 3520, Annual Return to Report Transactions with Foreign Trusts and Receipt of Certain Foreign Gifts, and/or Form 3520-A, Annual Information Return of Foreign Trust With a U.S. Owner (see Instructions for Forms 3520 and 3520-A; don't file with Form 990). . . . . . . . . . . . . . . . . . . . . . . .	Yes	No
3	Did the organization have an ownership interest in a foreign corporation during the tax year? If "Yes," the organization may be required to file Form 5471, Information Return of U.S. Persons with Respect to Certain Foreign Corporations. (see Instructions for Form 5471). . . . . . . . . . . . . . . . . . . . . . . . . . . .	Yes	No
4	Was the organization a direct or indirect shareholder of a passive foreign investment company or a qualified electing fund during the tax year? If “Yes,” the organization may be required to file Form 8621, Information Return by a Shareholder of a Passive Foreign Investment Company or Qualified Electing Fund. (see Instructions for Form 8621) .	Yes	No
5	Did the organization have an ownership interest in a foreign partnership during the tax year? If "Yes," the organization may be required to file Form 8865, Return of U.S. Persons with Respect to Certain Foreign Partnerships (see Instructions for Form 8865). . . . . . . . . . . . . . . . . . . . . . . . . . . . . .	Yes	No
6	Did the organization have any operations in or related to any boycotting countries during the tax year? If "Yes," the organization may be required to separately file Form 5713, International Boycott Report (see Instructions for Form 5713; don't file with Form 990).. . . . . . . . . . . . . . . . . . . . . . . . . . . .	Yes	No