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Exempt Organizations Annual Reporting Requirements - Form 990, Part VI and Schedule L: Definitions of "Interested Persons"

Why are there different definitions of interested persons in the different parts of Schedule L, Form 990?

These different definitions of interested persons in Schedule L reflect different purposes and contexts for each question. For instance, Part I of Schedule L asks for reporting of excess benefit transactions as defined by Code section 4958 and its regulations. Accordingly, the interested persons who must be reported in Part I are disqualified persons as defined in Code section 4958 and the regulations (and summarized in the Form 990 Glossary).  In contrast, Part III of Schedule L asks for reporting of grants or assistance benefiting a larger range of interested persons, including the organization’s current and former officers, directors, trustees and key employees; family members thereof; grant selection committee members; substantial contributors and their employees; and 35 percent controlled entities of substantial contributors, grant selection committee members and current or former officers, directors, trustees and key employees.  Parts II and IV have additional definitions of interested persons to whom those parts apply.  See the Schedule L instructions for more detailed definitions of interested persons for each of the four parts.

Page Last Reviewed or Updated: 18-Apr-2014