Civic Intelligence

Ulse Inc (Fka Uls Inc)

990 • Fiscal year 2022 • EIN 30-1211139

Jan 01, 2022 to Dec 31, 2022 • Filed on Nov 13, 2023

1603 Orrington Ave Suite Unit 17Evanston, IL 60201

(847) 272-8800

Siviq Scores

Precomputed percentiles for this filing year versus similar nonprofits in the same peer cohort.

Liabilities / Assets

10th percentile

0.01x

Higher debt load relative to assets than 10% of similar nonprofits.

2022 filings • $1B+ nonprofits • Source year 2022

Liabilities / Revenue

6th percentile

0.01x

Higher debt load relative to revenue than 6% of similar nonprofits.

2022 filings • $1B+ nonprofits • Source year 2022

Net Margin

98th percentile

98%

Higher net margin than 98% of similar nonprofits.

2022 filings • $1B+ nonprofits • Source year 2022

Top Officer Pay

87th percentile

$4,432,741

Higher top officer pay than 87% of similar nonprofits.

Top officer pay equals 0.3% of source-year revenue.

2022 filings • $1B+ nonprofits • Source year 2022

Asset Growth

97th percentile

57%

Faster asset growth than 97% of similar nonprofits.

2022 filings • $1B+ nonprofits • Annualized from 2021 to 2022

Revenue Growth

2nd percentile

-79%

Faster revenue growth than 2% of similar nonprofits.

2022 filings • $1B+ nonprofits • Annualized from 2021 to 2022

Assets

Up

$1,340,148,729

Up $484,624,654 (+57%) from 2021

Net Assets

Up

$1,331,051,792

Up $1,503,092,871 (+874%) from 2021

Liabilities

Down

$9,096,937

Down $1,018,468,217 (-99%) from 2021

Revenue

Down

$1,619,625,676

Down $6,215,521,690 (-79%) from 2021

Expenses

Up

$39,794,315

Up $33,863,375 (+571%) from 2021

Net Income

Down

$1,579,831,361

Down $6,249,385,065 (-80%) from 2021

Historical Trend

Balance Sheet Trend

The highlighted filing sits inside the broader history for assets, liabilities, and net assets.

$6.0B$4.0B$2.0B$0-$2.0BAssets 2021: $855,524,075Liabilities 2021: $1,027,565,154Net Assets 2021: -$172,041,0792021Assets 2022: $1,340,148,729Liabilities 2022: $9,096,937Net Assets 2022: $1,331,051,7922022Assets 2023: $2,092,621,786Liabilities 2023: $31,800,114Net Assets 2023: $2,060,821,6722023Assets 2024: $4,508,329,813Liabilities 2024: $33,249,475Net Assets 2024: $4,475,080,3382024

Highlighted filing

2022

Assets$1,340,148,729
Liabilities$9,096,937
Net Assets$1,331,051,792

Operations Trend

Revenue, expenses, and net income across loaded years, with this filing highlighted.

$8.0B$6.0B$4.0B$2.0B$0Revenue 2021: $7,835,147,366Expenses 2021: $5,930,940Net Income 2021: $7,829,216,4262021Revenue 2022: $1,619,625,676Expenses 2022: $39,794,315Net Income 2022: $1,579,831,3612022Revenue 2023: $709,404,028Expenses 2023: $62,444,671Net Income 2023: $646,959,3572023Revenue 2024: $92,256,605Expenses 2024: $71,744,742Net Income 2024: $20,511,8632024

Highlighted filing

2022

Revenue$1,619,625,676
Expenses$39,794,315
Net Income$1,579,831,361
Jump To
Filing Snapshot
Filing Period
Jan 1, 2022 to Dec 31, 2022
Signed
Nov 13, 2023
Return Version
2022v5.0
Gross Receipts
$1,727,883,484
Mission and Program Overview

Mission

SEE SCHEDULE O

Balance Sheet Detail
LineBeginningEndChange
Assets
Investments Other Securities$838,932,120$1,223,403,366▲ $384,471,246
Investments in Publicly Traded Securities$0$91,231,976▲ $91,231,976
Cash and Non-Interest-Bearing Accounts$13,402,556$18,072,948▲ $4,670,392
Intangible Assets$533,938$3,705,037▲ $3,171,099
Accounts Receivable$2,541,625$2,600,574▲ $58,949
Prepaid Expenses and Deferred Charges$113,621$1,134,828▲ $1,021,207
Savings and Temporary Cash Investments$0$0→ $0
Other Notes and Loans Receivable, Net$0$0→ $0
Pledges and Grants Receivable$0$0→ $0
Receivable From Disqualified Prsn$0$0→ $0
Receivables From Officers Etc$0$0→ $0
Investments Program Related$0$0→ $0
Inventories for Sale or Use$0$0→ $0
Loans From Officers Directors$0$0→ $0
Total Assets$855,524,075$1,340,148,729▲ $484,624,654
Other Assets Total$215$0▼ $215
Liabilities
Accounts Payable and Accrued Expenses$6,327,200$8,133,135▲ $1,805,935
Deferred Revenue$777,678$898,467▲ $120,789
Other Liabilities$1,020,460,276$65,335▼ $1,020,394,941
Grants Payable$0$0→ $0
Mortgage Notes Payable Secured by Investment Property$0$0→ $0
Unsecured Notes Loans Payable$0$0→ $0
Escrow Account Liability$0$0→ $0
Tax Exempt Bond Liabilities$0$0→ $0
Total Liabilities$1,027,565,154$9,096,937▼ $1,018,468,217
Net Assets / Fund Balance
Net Assets Without Donor Restrictions$-172,041,079$1,331,051,792▲ $1,503,092,871
Net Assets With Donor Restrictions$0$0→ $0
Total Net Assets Fund Balance$-172,041,079$1,331,051,792▲ $1,503,092,871
Total Liabilities and Net Assets / Fund Balance$855,524,075$1,340,148,729▲ $484,624,654

Asset Categories

AssetBook ValueDepreciationBasis
Equipment$0$130,174$130,174
Other Securities$2,435,969--
Compensation and Service Providers

Employees

NameTitleFull / Part TimeBaseOtherTotal
T RivelliSVP, CLO, SecretaryPT$411,347$348,033$759,380
R BlausteinSVP, CFO (as of 5/22)PT$321,011$214,751$535,762
J CanfieldVP of StrategyPT$248,681$175,841$424,522
D SteelExecutive Director of ULSEFT$379,172$24,673$403,845
P PiqueiraVPFT$239,514$125,196$364,710
D WrothDirector- Data ScienceFT$224,529$116,575$341,104
S BirdVP, Int StandardsFT$208,281$113,477$321,758
G BorlaseVP, Standards ProgramFT$207,940$97,392$305,332
R BorgerVP of HrPT$284,650$18,819$303,469
S BrooksDirector Standards OperationsFT$188,326$103,414$291,740
R OlesenStandards ManagerFT$203,873$69,197$273,070
J MussoStandards Program ManagerFT$176,947$91,833$268,780
D JordanDirector, Standards ProgramsFT$186,709$74,831$261,540
D ConcepcionVP, ControllerPT$110,944$5,525$116,469
J WittenbergTrustee (AS OF 5/22)PT$110,000-$110,000
J ShannonDirectorPT$41,250$348,072$41,250
D McknightHead of PartnershipsFT$26,345$758$27,103
K DenisHead of CommunicationsFT$20,436$1,748$22,184

Board Members and Trustees

NameTitle
T BradyDirector
R RobinsonSVP & CFO (until 8/22)
K SzczechSVP/treasurer (until 8/22)
E WestVP & Assist Sec (until 8/22)

Highest Paid Contractors

ContractorServicesLocationCompensation
TatumHuman Resources70 W MADISON ST SUITE 4500, Chicago, IL 60602$2,763,362
Grant Thornton LLPAccounting171 N CLARK STREET SUITE 200, Washington, DC 20036-3531$2,637,339
Dragonspears INCIt Services350 N ORLEANS ST, Chicago, IL 60654$2,077,507
Telesto Strategy LLCAdvisory230 W Monroe St Unit 2110, Chicago, IL 60606$2,019,000
Lazard Freres Co LLCFinancial Services30 ROCKEFELLER PLAZA, New York, NY 10112$750,000
Revenue and Support

Revenue Composition

Contributions and Grants
$0
Program Service Revenue
$27,011,418
Investment Income
$1,592,614,258
Other Revenue
$0
Change in Net Assets
$1,579,831,361
Expenses and Functional Allocation

Major Expense Lines

Line ItemAmount
Other Expenses$23,457,256
Salaries, Compensation, and Employee Benefits$15,933,208
Grants and Similar Amounts Paid$403,851
Professional Fundraising Fees$0
Total Fundraising Expense$0

Functional Expense Allocation

Line ItemProgramManagementFundraisingTotal
Fees for Services Other$4,841,497$5,364,143-$10,205,640
Other Salaries and Wages$6,712,611$2,173,364-$8,885,975
Current Officers, Directors, Trustees, and Key Employees$3,460,028--$3,460,028
Payments to Affiliates$3,412,277--$3,412,277
Other Employee Benefits$2,440,419$218,054-$2,658,473
Office Expenses$371,503$735,505-$1,107,008
Fees for Service Investment Mgmnt Fees-$1,007,674-$1,007,674
Advertising$62,606$906,064-$968,670
Payroll Taxes-$928,732-$928,732
Fees for Services Legal$79,163$764,752-$843,915
Interest$584,801--$584,801
Travel$326,679$152,817-$479,496
Other Expenses$65,289$345,449-$410,738
Grants to Domestic Orgs$401,530--$401,530
Depreciation Depletion$181,144--$181,144
Conferences and Meetings$63,341$115,704-$179,045
Insurance-$62,940-$62,940
Fees for Services Accounting-$51,460-$51,460
All Other Expenses-$2,600-$2,600
Foreign Grants$2,321--$2,321
Information Technology$14,042$-678,526-$-664,484
Total Functional Expenses$25,702,696$14,091,619$0$39,794,315
International Activity

Grant and Assistance Recipients

RecipientLocationCategoryPurposeAmount
North Carolina A&T State UniversityGreensboro, NCGovtResearch$250,000
Michigan State UniversityELansing, MIGovtResearch$100,000
Cristo Rey St Martin College PrepWaukegan, IL501(c)(3)Research$19,250
Confederation of Indian IndustryArlington, VA501(c)(6)General Support$12,700

International Summary

Spending
$241,332,133

International Compliance

Activity in boycott countries
No
Foreign corporation ownership
Yes
Foreign partnership interest
Yes
Interest in foreign trust
No
Passive foreign investment company interest
No
Transfers to foreign corporations
Yes

International Activities

RegionActivityServicesOfficesEmployeesSpending
Central America and the CaribbeanInvestments---$238,542,425
Europe (Including Iceland and Greenland)Investments---$2,789,708
Fundraising, Events, and Gaming
Fundraising activities
No
Gaming activities
No
Professional fundraiser used
No

Fundraising and Gaming Totals

Line ItemAmount
Fundraising Direct Expenses$0
Fundraising Gross Income$0
Gaming Direct Expenses$0
Gaming Gross Income$0
Professional Fundraising Fees$0
Political and Lobbying Activity
Political campaign activity
No
Subject to proxy tax
No
Insider Transactions and Loans

Loans and Receivables

Line ItemBeginningEndChange
Loans from Officers, Directors, Trustees, and Key Employees$0$0→ $0
Receivables from Disqualified Persons$0$0→ $0
Receivables from Officers, Directors, Trustees, and Key Employees$0$0→ $0
Debt and Bond Financing

Other Reported Liabilities

LiabilityAmount
Lt Pc Incentive$65,335
Governance and Compliance

Governance Checklist

Compiled or reviewed by an accountant
No
Annual disclosure for covered persons
Yes
Audit committee
Yes
Business relationship with 35% controlled entity
No
Business relationship with family members
No
Business relationship with organization members
No
Material changes to governing documents
No
Compensation from other sources disclosed
No
CEO compensation reviewed
Yes
Other officer compensation reviewed
Yes
Conflict-of-interest policy
Yes
Audited financial statements prepared
Yes
Key decisions subject to board approval
Yes
Management duties delegated
No

Governance Explanations

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.

Filing and Contact Details

Filer

Filer Name
ULSE Inc
EIN
30-1211139
In Care Of
% RON BLAUSTEIN
Phone
8472728800
Address
1603 Orrington Ave Suite Unit 17, Evanston, IL 60201

Signing Officer

Name
Ron Blaustein
Title
SVP and CFO
Phone
8472728800
Signed
2023-11-13
Discuss with paid preparer
Yes

Organization Details

Principal Officer
David Steel
Formed
2019
Legal Domicile
De
Voting Board Members
3
Independent Board Members
2
Employees
128
Volunteers
0

Preparer

Firm
Pwc US Tax Llp
Address
2001 MARKET ST SUITE 1800, PHILADELPHIA, PA 19103
Preparer
Robert Friz
Phone
2673303000
Supplemental Narrative

Additional Explanations

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 IX Line 11G

Description:other services total fees:10205640

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