2023 Instructions for Schedule L (Form 990)

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2023

Instructions for Schedule L

(Form 990)

Transactions With Interested Persons

Department of the Treasury

Internal Revenue Service

Section references are to the Internal Revenue Code unless

otherwise noted.

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

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) 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 a

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 for Form 990 or 990-EZ.

Note. The organization should answer “Yes” to Form 990, Part

IV, line 28a, 28b, or 28c, only if the party to the transaction was

an “interested person” as defined in these instructions, and the

threshold amounts described in the specific instructions to

Schedule L, Part IV, later, are met.

If an organization isn't 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.

Specific Instructions

For Parts I, II, and III, report all transactions regardless of

amount. Part IV instructions provide individual and total reporting

thresholds below which reporting isn't required for an interested

person.

Each reportable transaction is to be reported in only one part

of Schedule L, as described below.

Interested persons. For purposes of Part I, an interested

person is a disqualified person under section 4958. For

purposes of Parts II–IV, an interested person is one of the

following.

1. For Form 990 filers, a person required to be listed on

Form 990, Part VII, Section A, as a current or former

officer,

director, trustee, or key employee; and for Form 990-EZ filers,

a current officer, director, trustee, or key employee required to be

listed on Form 990-EZ, Part IV. For purposes of reporting

management company transactions on Part IV, however, a

former officer, director, trustee, or key employee of the

organization within the last 5 tax years is treated as an interested

person whether or not required to be so listed.

2. The creator or founder of the organization, including the

sponsoring organizations of a Voluntary Employees' Beneficiary

Association (VEBA).

3. A substantial contributor. For purposes of Schedule L,

Parts II–IV, 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 organization’s tax year. A substantial

contributor may include an employer that contributes to a VEBA.

4. For purposes of Part III, a member of the organization’s

grant selection committee.

5. A family member of any individual described above.

6. A 35% controlled entity of one or more individuals

and/or organizations described above.

7. For purposes of Part III, an employee (or child of an

employee) of a substantial contributor or of a 35% controlled

Types of Filers—Schedule L

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) or 501(c)(4) 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.

Jan 10, 2024 Cat. No. 51522J

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entity of such person, but only if the employee (or child of an

employee) received the grant or assistance by the direction or

advice of the substantial contributor or designee or of the 35%

controlled entity, or under a program funded by the substantial

contributor that was intended primarily to benefit such

employees (or their children).

Refer to the specific instructions under each Part for

information on how to report substantial contributors or

those related to substantial contributors.

An interested person for purposes of Parts II–IV doesn't

include a section 501(c)(3) organization, an exempt organization

with the same tax-exempt status (for example, section 501(c)(3)

or 527 status) as the filing organization, or a

governmental unit

or instrumentality. Treat as a section 501(c)(3) organization a

foreign organization for which the filing organization has made a

reasonable judgment (or has an opinion of U.S. counsel) that the

foreign organization is described in section 501(c)(3).

Reasonable effort. The organization isn't required to provide

information about a transaction if it is unable to secure sufficient

information to conclude that the transaction is reportable after

making a

reasonable effort to obtain such information. An

example of a reasonable effort is for the organization to distribute

a questionnaire annually to each person that it believes may be

an interested person, as described earlier, requesting

information relevant to determining whether a transaction is

reportable. The questionnaire may include the name and title of

each person reporting information, blank lines for the person’s

signature and signature date, and the pertinent instructions and

definitions for Schedule L interested persons and transactions.

Example. A substantial contributor whether to the organization

states that they would like Mr. X and Ms. Y to be beneficiaries of

a grant. The organization inquires of the substantial contributor

Mr. X and Ms. Y are interested persons with respect to the

organization because of a family or business relationship they

have with the substantial contributor (using the pertinent

instructions and definitions), and the substantial contributor

replies in writing that they aren't. Whether they actually are

interested persons or not, the organization has made a

reasonable effort in this situation.

Part I. Excess Benefit Transactions

(To be completed by section 501(c)(3), 501(c)(4), and 501(c)(29)

organizations.)

Line 1. For each excess benefit transaction involving an

organization described in section 501(c)(3), 501(c)(4), or 501(c)

(29), regardless of amount, provide information relating to each

of the following.

•

Identify in column (a) the disqualified person(s) that

received an excess benefit in the transaction. If the person has

interested person status only as a substantial contributor, a

family member of a substantial contributor, a 35% controlled

entity of a substantial contributor, or an employee of a

substantial contributor or 35% controlled entity of a substantial

contributor, then enter the term “substantial contributor” or

“related to substantial contributor” (as the case may be) instead

of the interested person's name, in order to protect the

confidentiality of the substantial contributor.

•

Identify in column (b) the relationship between the

disqualified person and the organization (for example, “officer”

or “family member of director”). If “substantial contributor” was

entered in column (a), enter “substantial contributor” here as

well. If “related to substantial contributor” was entered in column

(a), then describe the relationship without referring to specific

names, for example, “child of employee of

35% controlled

entity of substantial contributor.”

TIP

If an interested person has status as such other than by being a

substantial contributor or related to one, then make no reference

to the substantial contributor status. For example, if grantee Jane

Smith is both a substantial contributor and the spouse of Director

John Smith, then they must be listed by name in column (a), and

column (b) must state “spouse of Director John Smith” or words

to similar effect.

•

Describe the transaction in column (c).

•

State in column (d) whether the transaction has been

corrected.

•

Identify in Part V the organization manager(s), if any, that

participated in the transaction, knowing that it was an excess

benefit transaction.

Excess benefit transaction. An excess benefit transaction is

generally a transaction in which an applicable tax-exempt

organization directly or indirectly provides to or for the use of a

disqualified person an economic benefit the value of which

exceeds the value of the consideration received by the

organization for providing such benefit. For special section 4958

rules governing transactions with

donor advised funds and

supporting organizations, see the special rules under Section

4958 Excess Benefit Transactions in Appendix G in the

Instructions for Form 990, or Appendix E in the Instructions for

Form 990-EZ.

Applicable tax-exempt organizations are generally limited to

organizations which (without regard to any excess benefit) are

section 501(c)(3)

public charities, section 501(c)(4) or 501(c)

(29) organizations, or organizations that had such status at any

time during the 5-year period ending on the date of the excess

benefit transaction.

Section 501(c)(3), 501(c)(4), and 501(c)(29) organizations

should refer to the Instructions for Form 990, Part IV, lines 25a–

25b (or Form 990-EZ, Part V, line 40b) before completing Part I.

For more information on excess benefit transactions, section

4958, and special rules for donor advised funds and supporting

organizations, see Appendix G in the Instructions for Form 990

(or Appendix E in the Instructions for Form 990-EZ) and Pub.

557, Tax-Exempt Status for Your Organization.

Line 2. Enter the amount of excise tax incurred by disqualified

persons and organization managers under section 4958 for the

transactions reported on line 1, whether or not assessed by the

IRS, unless abated. Form 4720, Return of Certain Excise Taxes

Under Chapters 41 and 42 of the Internal Revenue Code, must

be filed to report and pay the tax on excess benefit transactions.

Part II. Loans to and/or From

Interested Persons

Report details on loans, including salary advances, payments

made pursuant to a split-dollar life insurance arrangement that

are treated as loans under Regulations section 1.7872-15, and

other advances and receivables (referred to collectively as

“loans”), as described on Form 990, Part IV, line 26 (including

receivables reported on Form 990, Part X, line 5, 6, or 22); on

Form 990-EZ, Part V, line 38a; or on Form 990, Part IV, line 26 (if

the organization reported an amount on Form 990, Part X, line 5,

6, or 22). Report only loans between the organization and

interested persons that are outstanding as of the end of the

organization's

tax year. Report each loan separately, regardless

of amount.

In addition to loans originally made between the organization

and an interested person, also report loans originally between

the organization and a third party or between an interested

person and a third party that were transferred so as to become a

debt outstanding between the organization and an interested

person.

Exceptions. Don't report the following in Part II.

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•

Excess benefit transactions reported on Schedule L, Part I.

•

Advances under an accountable plan as described in the

instructions for Part II of Schedule J (Form 990), Compensation

Information.

•

Pledges receivable that would qualify as charitable

contributions when paid.

•

Accrued but unpaid compensation owed by the organization.

•

Loans from a credit union made to an interested person on the

same terms as offered to other members of the credit union.

•

Tax-exempt bonds purchased from the filing organization

and held by an interested person, so long as the interested

person purchased the bonds on the same terms as offered to the

general public.

•

Deposits into a bank account (when the bank is an interested

person) in the ordinary course of business, on the same terms

as the bank offers to the general public.

•

Receivables for a section 501(c)(9) VEBA from a sponsoring

organization or contributing employer of the VEBA, if those

receivables were created in the ordinary course of business and

have been due for 90 days or fewer.

•

Receivables outstanding that were created in the ordinary

course of the organization's business on the same terms as

offered to the general public (such as receivables for medical

services provided by a hospital to an officer of the hospital).

Column (a). Identify the interested person that was the debtor

or creditor on the loan. If the person has interested person status

only as a substantial contributor, a

family member of a

substantial contributor, a 35% controlled entity of a substantial

contributor, or an employee of a substantial contributor or 35%

controlled entity of a substantial contributor, then enter the term

“substantial contributor” or “related to substantial contributor” (as

the case may be) instead of the interested person's name, in

order to protect the confidentiality of the substantial contributor.

Column (b). Identify the relationship between the interested

person and the organization. If “substantial contributor” was

entered in column (a), enter “substantial contributor” here as

well. If “related to substantial contributor” was entered in column

(a), then describe the relationship without referring to specific

names, for example, “child of employee of

35% controlled

entity of substantial contributor.”

If an interested person has status as such other than by being a

substantial contributor or related to one, then make no reference

to the substantial contributor status. For example, if grantee Jane

Smith is both a substantial contributor and the spouse of Director

John Smith, then they must be listed by name in column (a), and

column (b) must state “spouse of Director John Smith” or words

to similar effect.

Column (c). Describe the organization's purpose for engaging

in the loan.

Column (d). Check either “To” or “From,” whichever is

applicable.

Column (e). Enter the original dollar amount owed (the loan

principal).

Column (f). Enter the balance due as of the end of the

organization's

tax year, including outstanding principal, accrued

interest, and any applicable penalties and collection costs. For

Form 990 filers, the sum total indicated in column (f) must equal

the total of Form 990, Part X, Balance Sheet, column (B), lines 5

and 6 (for amounts owed to the organization), and column (B),

line 22 (for amounts owed by the organization).

Column (g). Answer “Yes” if any payment by the debtor was

past due as of the end of the organization's tax year, or if the

debtor is otherwise in default under the terms and conditions of

the loan.

Column (h).

State whether the organization's governing body

(or a committee of the governing body) approved the loan

transaction.

Column (i). State whether the loan is evidenced by a

promissory note or other written agreement signed by the debtor.

Part III. Grants or Assistance

Benefiting Interested Persons

Report each grant or other assistance (including provision of

goods, services, or use of facilities), regardless of amount,

provided by the organization to any interested person at any time

during the organization's tax year. Examples of grants are

scholarships, fellowships, discounts on goods or services,

internships, prizes, and awards. A grant includes the gift portion

of a part-sale, part-gift transaction.

See Reasonable effort, earlier, applicable to Part III.

Exceptions. Don't report the following in Part III.

•

Excess benefit transactions reported on Schedule L, Part I.

•

Loans reported (or not required to be reported) on

Schedule L, Part II.

•

Business transactions that don't contain any gift element and

that are engaged in to serve the direct and immediate needs of

the organization, such as payment of compensation (including

taxable and nontaxable fringe benefits treated as compensation)

to an

employee or independent contractor in exchange for

services of comparable value. Some business transactions may

be reportable on Schedule L, Part IV.

•

Compensation to a person listed on Form 990, Part VII,

Section A (including taxable and nontaxable fringe benefits

treated as compensation).

•

Grants to employees (and their children) of a substantial

contributor or 35% controlled entity of a substantial contributor,

awarded on an objective and nondiscriminatory basis based on

pre-established criteria and reviewed by a selection committee,

as described in Regulations section 53.4945-4(b).

•

Grants or assistance provided to an interested person as a

member of the charitable class or other class (such as a member

of a section 501(c)(5), 501(c)(6), or 501(c)(7) organization) that

the organization intends to benefit in furtherance of its exempt

purpose, if provided on similar terms as provided to other

members of the class, such as short-term disaster relief, poverty

relief, or trauma counseling. However, grants for travel, study

(such as scholarships or fellowships), or other similar purposes

(such as to achieve a specific objective, produce a report or

other similar product, or improve or enhance a literary, artistic,

musical, scientific, teaching, or other similar capacity, skill, or

talent of the grantee) like those described in section 4945(d)(3)

aren't excluded from reporting under this exception.

(But see Schools, later, for instructions on how to report grants,

scholarships, and other assistance from colleges, universities,

and primary and secondary schools.) Grants that are awards

recognizing past achievements also aren't excluded from

reporting under this exception. Grants for travel, study, or similar

purposes don't include such purposes as short-term disaster

relief, poverty relief, or trauma counseling.

•

Grants or assistance to a section 501(c)(3) organization.

Column (a). Enter the name of the interested person that

benefited from the grant or assistance. If the person has

interested person status only as a substantial contributor, a

family member of a substantial contributor, a 35% controlled

entity of a substantial contributor, or an employee of a

substantial contributor or 35% controlled entity of a substantial

contributor, then enter the term “substantial contributor” or

“related to substantial contributor” (as the case may be) instead

TIP

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of the interested person's name, in order to protect the

confidentiality of the substantial contributor.

Column (b). Describe the relationship between the interested

person that benefited from the grant or assistance and the

organization, such as “spouse of the Director.” If “substantial

contributor” was entered in column (a), enter “substantial

contributor” here as well. If “related to substantial contributor”

was entered in column (a), then describe the relationship without

referring to specific names, for example, “child of employee of

35% controlled entity of substantial contributor.”

If an interested person has status as such other than by being

a substantial contributor or related to one, then make no

reference to the substantial contributor status. For example, if

grantee Jane Smith is both a substantial contributor and the

spouse of Director John Smith, then they must be listed by name

in column (a), and column (b) must state “spouse of Director

John Smith” or words to similar effect.

Column (c). Enter the total dollar amount of grants and other

assistance provided to the interested person during the

organization's

tax year.

Column (d). Describe the type of assistance provided to the

interested person.

Column (e). Describe the organization's purpose in providing

assistance to the interested person.

Schools. Colleges, universities, and primary and secondary

schools aren't required to identify interested persons to whom

they provided scholarships, fellowships, and similar financial

assistance. Instead, these organizations must, on Part III, group

each type of financial assistance (for example, need-based

scholarships, merit scholarships, discounted tuition) provided to

interested persons on separate lines. For each line, the school

should report in column (c), the aggregate dollar amount of each

type of assistance, the type of assistance in column (d), and the

purpose of the assistance in column (e), unless such reporting

would be an unauthorized disclosure of student education

records under the Family Educational Rights and Privacy Act

(FERPA). Columns (a) and (b) should be left blank for these

lines.

Part IV. Business Transactions

Involving Interested Persons

Report on Part IV business transactions for which payments

were made during the organization's tax year between the

organization and an interested person, if such payments

exceeded the reporting thresholds described below, and

regardless of when the transaction was entered into by the

parties. The “ordinary course of business” exception to reporting

business relationships on Form 990, Part VI, line 2, doesn't apply

for purposes of Schedule L, but see the exception below for

publicly traded companies.

In general, an organization must report business transactions

on Part IV with an interested person if (a) all payments during the

tax year between the organization and the interested person

exceeded $100,000; (b) all payments during the tax year from a

single transaction between such parties exceeded the greater of

$10,000 or 1% of the filing organization's total revenue for the tax

year; (c)

compensation payments during the tax year by the

organization to a family member of a current or former officer,

director, trustee, or key employee of the organization listed on

Form 990, Part VII, Section A, exceeded $10,000; or (d) in the

case of a joint venture with an interested person, the

organization has invested $10,000 or more in the joint venture,

whether or not during the tax year, and the profits or capital

interest of the organization and of the interested person each

exceeds 10% at some time during the tax year.

Business transactions.

Business transactions include but

aren't limited to joint ventures and contracts of sale, lease,

license, insurance, and performance of services, whether

initiated during the organization's tax year or ongoing from a

prior year.

Certain management company transactions with former of-

ficers, etc. A business transaction also includes a transaction

between the organization and a

management company of

which a former officer, director, trustee, or key employee of the

organization (within the last 5 tax years, even if not listed on

Form 990, Part VII, Section A, because the individual didn’t

receive any compensation from the organization) is a direct or

indirect 35% owner (as measured by stock ownership (voting

power or value, whichever is greater) of a corporation, profits or

capital interest (whichever is greater) in a partnership or limited

liability company, or beneficial interest in a trust), or an officer,

director, or trustee.

Aggregate reporting. The organization can aggregate multiple

individual transactions between the same parties, or list them

separately. If aggregation is chosen, report the aggregate

amount in column (c) and describe the various types of

transactions (for example, “consulting,” “rental of real property”)

in column (d).

Exceptions. Don't report the following in Part IV.

•

Excess benefit transactions reported on Schedule L, Part I.

•

Loans reported (or not required to be reported) on

Schedule L, Part II.

•

Grants and other assistance reported (or not required to be

reported) on Schedule L, Part III (however, this exception doesn't

apply to transactions covered by the business transaction

exception described in the Part III instructions earlier; such

transactions may need to be reported in Part IV).

•

Compensation reported on Form 990, Part VII, Section A,

unless the compensation was to a family member of another

person reported on Form 990, Part VII, Section A.

•

Deposits into or withdrawals from a bank account (when the

bank is an interested person) in the ordinary course of business,

on the same terms as the bank offers to the general public.

•

The organization's charging of membership dues to its

officers, directors, etc.

•

If the organization transfers funds to an interested person to

make investments on behalf of the organization as its agent or

contractor (but not as part of a joint venture), the amount of the

transaction for purposes of Part IV reporting isn't the entire

amount transferred but the management fees or other service

fees or carried interest (if any) of the interested person.

•

Transactions with publicly traded companies in the ordinary

course of the publicly traded company’s business, on the same

terms as it generally offers to the public (or more favorable for

the filing organization).

Example 1. T, a family member of an officer of the

organization, serves as an employee of the organization and

receives during the organization's tax year compensation of

$15,000, which isn't more than 1% of the organization's total

revenue. The organization is required to report T's compensation

as a business transaction on Schedule L, Part IV, because the

organization's compensation to a family member of an officer

exceeds $10,000, whether or not T's compensation is reported

on Form 990, Part VII.

Example 2. X, the child of a current director listed on Form

990, Part VII, Section A, is a first-year associate at a law

partnership that the organization pays $150,000 during the

organization's tax year. The organization isn't required to report

this business transaction on account of X's employment

relationship to the law firm.

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Example 3. The facts are the same as in Example 2, except

that X is a partner of the law firm and has an ownership interest

in the law firm of 36% of the profits. The organization must report

the business transaction because the law firm is a 35%

controlled entity of X and the dollar amount is in excess of the

$100,000 aggregate threshold.

Example 4. The facts are the same as in Example 3, except

that the law firm entered into the transaction with the

organization before X's parent became a director of the

organization. X’s parent became a director during the

organization’s tax year. The organization must report all

payments made during its tax year to the law firm for the

transaction.

Example 5. The facts are the same as in Example 3, except

that X is the child of a former director listed on Form 990, Part

VII, Section A. The organization is required to report the

business transaction, as family members of former directors

listed in Part VII are interested persons.

Example 6. The facts are the same as in Example 3, except

that the organization pays $75,000 in total during the

organization's tax year for 15 separate transactions to collect

debts owed to the organization. None of the transactions

involves payments to the law partnership in excess of $10,000.

The organization isn't required in this instance to report the

business transactions, because the dollar amounts don't exceed

either the $10,000 transaction threshold or the $100,000

aggregate threshold.

Example 7. The facts are the same as in Example 6, except

that the organization pays $105,000 instead of $75,000.

Because the aggregate payments for the business transactions

exceed $100,000, the organization must report all the business

transactions. The organization can report the transactions on an

aggregate basis or list them separately.

Column (a). Enter the name of the interested person involved in

the direct or indirect business relationship with the organization.

If the person has interested person status only as a substantial

contributor, a

family member of a substantial contributor, a 35%

controlled entity of a substantial contributor, or an employee

of a substantial contributor or 35% controlled entity of a

substantial contributor, then enter the term “substantial

contributor” or “related to substantial contributor” (as the case

may be) instead of the interested person's name, in order to

protect the confidentiality of the substantial contributor.

Column (b). Enter the relationship between the interested

person and the organization. For example:

•

Key employee of the organization;

•

Family member of the former Director; or

•

Entity more than 35% owned by (a) the former Director, and

(b) the President. If “substantial contributor” was entered in

column (a), enter “substantial contributor” here as well. If “related

to substantial contributor” was entered in column (a), then

describe the relationship without referring to specific names, for

example, “child of employee of

35% controlled entity of

substantial contributor.”

If an interested person has status as such other than by being a

substantial contributor or related to one, then make no reference

to the substantial contributor status. For example, if grantee Jane

Smith is both a substantial contributor and the spouse of Director

John Smith, then they must be listed by name in column (a), and

column (b) must state “spouse of Director John Smith” or words

to similar effect.

Column (c). The dollar amount of the transaction is the cash or

fair market value of other assets and services provided by the

organization during the tax year, net of reimbursement of

expenses. For joint ventures with interested persons, report the

total amount invested by the organization in the joint venture as

of the end of the organization's tax year, whether or not the

organization invested any part of the amount during the tax year.

Column (d). Describe the transaction(s) by type, such as

employment or independent contractor arrangement, rental of

property, or sale of assets.

Column (e). Check “Yes” if all or part of the consideration paid

by the organization is based on a percentage of revenues of the

organization. For instance, check “Yes” if a management fee is

based on a percentage of revenues, or a legal fee owed to

outside attorneys by a public interest law firm is a percentage of

the amount collected.

Part V. Supplemental Information

Use Part V if the organization needs additional space to explain

a transaction or provide additional information. On Part V, identify

the specific part and line number that each response supports, in

the order in which those parts and lines appear on Schedule L

(Form 990). Part V can be duplicated if more space is needed.

2023 Instructions for Schedule L (Form 990)