Ludwig Cancer Research

Legal name: Licr Fund Inc

Nonprofit profile at a glance

EIN
133573053
IRS 990 coverage
2018–2024
Official website data refreshed
Sep 2026
Forms available
Form 990 2024, Form 990-T 2024
Location
New York, New York, US
Phone
(212) 450 1500
Rating
81
Verdict
STRONG
Rating confidence
Moderate
Sector
Single Organization Support

Official website

Reported finances

Revenue
$79,026,554
Expenses
$69,041,808
Assets
$1,936,672,464
Liabilities
$6,684,481

Source: IRS Form 990. Selected filing: tax year 2024. Amounts in USD.

Leadership & pay

13 people listed

Executive titles in this filing

  • XING CHEN (DIRECTOR, PRESIDENT, CIO)
  • AVANTIKA PATEL (VICE PRESIDENT)

Highest reported compensation

  • XING CHEN (DIRECTOR, PRESIDENT, CIO): $1,196,997 total reported compensation
  • DR CHI VAN DANG (DIRECTOR): $1,180,151 total reported compensation
  • EDWARD A MCDERMOTT JR (DIR, BOARD CHAIR (FROM 7/24)): $670,727 total reported compensation

Source: IRS Form 990. Selected filing: tax year 2024. Names and roles reflect this filing, not necessarily current officeholders.

Overview

Mission

To accelerate cancer research through the management of the endowment for the Ludwig Institute for Cancer Research, supporting Ludwig Centers and professorships at six U.S. institutions.

What it reported doing in 2024

Licr fund, inc. ("the fund") is a non-profit Delaware corporation that holds a diversified portfolio of investments from which it provides annual support to the ludwig institute for cancer research ltd ("the institute"). The institute is exempt under irc section 501(c)(3) and is not a private foundation because it is a medical research organization, described in irc section 170(b)(1)(a)(iii), engaged in medical research into the causes and cure of cancer in conjunction with qualified hospitals. In 2024 the fund provided grants and other assistance directly to the institute in the amount of $61,000,000 to support the institute's medical research activities, including laboratory research and clinical trials.

Operating model

Revenue model
Investment-supported. 99% of the money available for current operations came from recurring investment income.
Distribution model
Grant intermediary. The nonprofit sent 100% of its reported program spending out as grants.
  • Includes noncash contributions: Reported contributions include donated property or goods.

The verdict

STRONG - A large share of available resources goes toward mission work and the filed numbers largely add up. The filing reports few safeguards for money sent abroad and revenue has declined or grown slowly.

Rating breakdown

  • Financial Efficiency: 85
  • Transparency & Controls: 79
  • Accountability: 82
  • Sustainability: 85
  • Growth: 60

Detailed rating inputs

Financial Efficiency

  • Mission deployment rate: 100%; rating input score 100
  • Program expense ratio: 88.4%; rating input score 88
  • Fundraising efficiency: Limited

Transparency & Controls

  • Consistency checks: 100%; rating input score 100; 68th percentile among comparable filings
  • Pay-setting controls: 5 of 6 controls in place; rating input score 83
    • Compensation committee: Pass
    • Independent consultant: Pass
    • Other Form 990s reviewed: Pass
    • Written employment contract: Missing
    • Compensation survey or study: Pass
    • Board or committee approval: Pass
  • Foreign activity oversight: 1 of 8 controls in place; rating input score 12
    • Claims monitoring procedures: Pass
    • Requires narrative reports: Fail
    • Conducts field audits: Fail
    • May suspend future funding: Fail
    • Requires financial reports: Fail
    • Conducts site visits: Fail
    • Requires grant agreements: Fail
    • May require repayment: Fail
  • Grant itemization coverage: 100%; rating input score 100; 77th percentile among comparable filings
  • Major donor itemization: Yes; rating input score 100
  • Related-party transparency: Limited

Accountability

  • Independent voting board: 70%; rating input score 70; 21st percentile among comparable filings
  • Governance controls: 9 of 9 controls in place; rating input score 100
    • Conflict-of-interest policy: Pass
    • Whistleblower policy: Pass
    • Document-retention policy: Pass
    • CEO compensation review process: Pass
    • Other executive compensation review process: Pass
    • Form 990 shared with the board: Pass
    • Board meeting minutes documented: Pass
    • Audit committee oversight: Pass
    • Independent financial-statement audit: Pass

Sustainability

  • Operating margin: 12.6%; rating input score 78; 78th percentile among comparable filings
  • Total-asset coverage ratio: 28.05; rating input score 99; 99th percentile among comparable filings
  • Liabilities to assets ratio: 0; rating input score 97; 97th percentile among comparable filings
  • Officer compensation ratio: 1.4%; rating input score 68; 68th percentile among comparable filings

Growth

  • Program expense growth: 6.7% per year; rating input score 100; 54th percentile among comparable filings
  • Revenue growth: -9.5% per year; rating input score 0; 0th percentile among comparable filings
  • Asset growth: 3.7% per year; rating input score 100; 26th percentile among comparable filings

Details

  • What they do: 2 programs and campaigns described on the official site · 1 operating location identified
  • Where the money goes: 100% of revenue deployed · 88.4% of spending went to programs
  • Governance: 7 of 10 board members independent · 9 of 9 filing controls reported
  • Programs: 1 filed program accomplishment · $61M in reported program spending
  • Leadership: top reported pay $1.2M · 13 people listed · 5 of 6 pay-setting controls reported
  • Highest-paid contractors: 5 contractors listed · $5.6M reported
  • Consistency: 26 of 26 current checks pass
  • Schedules: 7 filed schedules · includes major donors, foreign activity, and executive pay
  • Filing history: 6 filing years from 2018 to 2024
  • Contacts: How to reach this organization
  • Money network: 9 filed money-flow records
  • Related organizations: 5 filed related-organization links
  • Grant readiness: Federal tax and exclusion status, award history, and grant-maker relationships.
  • People: Everyone the filings name, and which of them the filings identify by more than a name.

Key Signals

Signals prioritize questions for review. They are not findings of misconduct.

  • High — Transparency & Controls: Foreign activity oversight: 7 of 8 not reported.
  • High — Growth: Revenue growth scored 0/100.