Exempt Organizations Annual Reporting Requirements - Form 990, Part VI and Schedule L: Compensation
We compensate our chief financial officer $110,000 and the CFO’s spouse (an employee) $20,000. Must we report one or both of these transactions in Schedule L, Part IV, Form 990?
The compensation to the CFO’s spouse must be reported in Schedule L, Part IV, assuming that it is not reported in Form 990, Part VII or Schedule L, Part I, because (1) the spouse is a family member of an officer, and therefore an interested person for purposes of Part IV; and (2) the compensation to the spouse exceeds $10,000. The organization does not need to report its compensation to the CFO in Schedule L, Part IV, though it does need to report that compensation in Part VII of the core Form 990.