What types of transactions are reportable on Schedule L, Form 990? Transactions reportable on Schedule LPDF include excess benefit transactions (see Appendix G of Form 990 instructionsPDF), loans between the filing organization and interested persons, grants or other assistance to interested persons and business transactions between the organization and an interested person. Transactions between the organization and an interested person's family members or affiliated entities generally are included. Various thresholds and exceptions may determine whether a given transaction must be reported in one of these parts. Tip: Form 990PDF, Part VI, line 1b asks for the number of independent voting members of the organization's governing body. One criterion for independence is whether a governing body member, or a family member of that person, was involved in a transaction that is reportable on the organization's Schedule L or on the Schedule L of a related organization. Thus, Form 990 filers should determine whether any of their governing board members were involved in a reportable Schedule L transaction before answering the independent board member question in Part VI, line 1b.