Tax Brief: Form 990, Schedule L: Transactions with 2025

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Schedule L of Form 990 is a document required by the IRS for organizations to report transactions with interested persons, including excess benefit transactions, loans, grants, and business transactions. It outlines the necessary information about disqualified persons, their relationships with the organization, and details of any financial interactions. The form aims to ensure transparency and compliance with tax regulations regarding nonprofit organizations.
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Non-profit organizations that file Form 990 or Form 990-EZ are generally required to complete Schedule L if they have engaged in any transactions or arrangements with interested persons during the tax year. This includes transactions such as loans, compensation payments, sales or purchases of assets, and leases.
For purposes of Schedule L, Parts IIIV, a substantial contributor is an individual or organization that made contributions during the tax year in the aggregate of at least $5,000, and whose contributions are required to be reported on Schedule B (Form 990), Schedule of Contributors, for the organizations tax year.
Interested person includes (1) any person currently being compensated by the corporation for services rendered to the corporation within the 12 previous months, excluding reasonable compensation paid to a director as a director, and (2) any one of a defined range of relatives of such a person.
If the corporations total receipts for the tax year AND total assets at the end of the tax year less than $250,000, Schedules L and M-1 are not required.
A disqualified person is any person who was in a position to exercise substantial influence over the affairs of the applicable tax-exempt organization at any time during the lookback period. The lookback period is the five-year period before the excess benefit transaction occurred.

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Part VII, Section A of Form 990 is where organizations report compensation information for key employees. This section is divided into three parts: Reportable compensation from the organization: This includes salary, bonuses, and other taxable benefits paid directly by the organization.
Basically, a Schedule L - Balance Sheet contains the Assets which equals the Liabilities and Equity (Capital Stock, Paid in Capital and Retained Earnings) that existed in the corporation on the first and last day of the tax year.
How do you fill out a Schedule L balance sheet? List business assets - In Part I, enter cash, accounts receivable, investments, buildings, equipment, and other assets. Report business liabilities - In Part I, include accounts payable, mortgages/notes payable, and other debts owed.

Related links

Instructions for Schedule L (Form 990) (2023)

Jan 17, 2024 Schedule L (Form 990) is used by an organization that files Form 990 or 990-EZ to provide information on certain financial transactions or arrangements.

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2013 Instructions for Form 990 Return of Organization

by AWM File Cited by 2 Transactions, for a discussion of section 4958, and Schedule L. (Form 990 or 990-EZ), Part I, regarding reporting of excess benefit transactions. Lines 2628

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Frequently asked questions on virtual currency transactions

Virtual currency is treated as property and general tax principles applicable to property transactions apply to transactions using virtual currency.

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