Get Complete If The Organization Answered Yes On Form 990, Part Iv, Line 25a, 25b, 26, 27,

Filling out Schedule L is essential for organizations that have transactions with interested persons. This guide provides clear instructions to help you complete the form accurately and efficiently online.

Follow the steps to effectively complete Schedule L for Form 990.

1. Click ‘Get Form’ button to obtain the form and open it in the editor.
2. Provide the name of the organization and employer identification number at the top of the form to ensure proper identification.
3. In Part I, if applicable, list any excess benefit transactions. Enter the name of any disqualified persons, their relationship to the organization, and a description of each transaction.
4. Indicate whether the transaction has been corrected by selecting 'Yes' or 'No'. Also, report any tax incurred under section 4958 by entering the appropriate amounts.
5. In Part II, detail any loans to or from interested persons. Enter the name of the interested person, their relationship with your organization, the purpose of the loan, and whether it was to or from the organization.
6. For each loan, provide the original principal amount and the balance due, along with status information regarding defaults and approval from the board.
7. In Part III, list any grants or assistance provided to interested persons. Include their names, relationships, amounts, types, and purposes of assistance.
8. In Part IV, if applicable, summarize business transactions involving interested persons, providing names, relationships, transaction amounts, and descriptions.
9. Finally, in Part V, provide any supplemental information that may enhance the understanding of your responses.
10. After completing the form, ensure all information is accurate and make necessary revisions before saving changes, downloading, printing, or sharing the document.

Complete your Schedule L online for accurate reporting today.