Information For...

For you and your family
Standard mileage and other information

Forms and Instructions

Individual Tax Return
Instructions for Form 1040
Request for Taxpayer Identification Number (TIN) and Certification
Request for Transcript of Tax Return

 

Employee's Withholding Allowance Certificate
Employer's Quarterly Federal Tax Return
Employers engaged in a trade or business who pay compensation
Installment Agreement Request

Popular For Tax Pros

Amend/Fix Return
Apply for Power of Attorney
Apply for an ITIN
Rules Governing Practice before IRS

Exempt Organizations Annual Reporting Requirements - Form 990, Part VI and Schedule L: Transactions Reportable

What types of transactions are reportable on Schedule L, Form 990?

Transactions reportable on Schedule L include excess benefit transactions (see Appendix G of Form 990 instructions), 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 990, 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.