Future Developments

For the latest information about developments related to Form 990 and its instructions, such as legislation enacted after they were published, go to www.irs.gov/form990.

General Instructions

Note.

Terms in bold are defined in the Glossary of the Instructions for Form 990.

Purpose of Schedule

Schedule L (Form 990 or 990-EZ) is used by an organization that files Form 990 or 990-EZ to provide information on certain financial transactions or arrangements between the organization and disqualified person(s) under section 4958 or other interested persons. Schedule L is also used to determine whether a member of the organization's governing body is an independent member for purposes of Form 990, Part VI, line 1b.

Supplemental information.   Parts I-IV can be duplicated if additional space is needed. Also, Part V may be used to explain a transaction or to provide additional information.

Who Must File

The chart at the bottom of this page provides which organizations must complete all or a part of Schedule L and must attach Schedule L to Form 990 or 990-EZ. If an organization is not required to file Form 990 or 990-EZ but chooses to do so, it must file a complete return and provide all of the information requested, including the required schedules.

Type of filer IF you answer “Yes” to THEN you must complete
Section 501(c)(3), 501(c)(4), or 501(c)(29) organization Form 990, Part IV, line 25a or 25b (regarding excess benefit transactions) Schedule L, Part I.
Section 501(c)(3), 501(c)(4), or 501(c)(29) organization Form 990-EZ, Part V, line 40b (regarding excess benefit transactions) Schedule L, Part I.
All organizations Form 990, Part IV, line 26 (regarding loans) Schedule L, Part II.
All organizations Form 990-EZ, Part V, line 38a (regarding loans) Schedule L, Part II.
All organizations Form 990, Part IV, line 27 (regarding grants) Schedule L, Part III.
All organizations Form 990, Part IV, line 28a, 28b, or 28c (regarding business transactions) Schedule L, Part IV.


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