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.
The definition of interested person for purposes of Parts II-IV of Schedule L has been harmonized, as provided in the introduction to the Specific Instructions. Certain special definitions continue to apply for purposes of Part III only.
The reasonable effort instructions have been harmonized.
Business transactions between the organization and a publicly-traded company in the ordinary course of its business, on the same terms as it generally offers to the public, are excepted from Part IV reporting.
Terms in bold are defined in the Glossary of the Instructions for Form 990.
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.
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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