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Form 990-SL: 990 or 990-EZ (Sch L)
IRS Form 990 or 990-EZ (Sch L) is used to report transactions with interested persons for organizations filing with the IRS. Organizations must report these transactions, such as grants and business deals, even if they are below certain thresholds.
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IRS Form 990-SL - 990 or 990-EZ (Sch L)
IRS Form 990 or 990-EZ (Sch L) is used to report transactions with interested persons for organizations filing with the IRS. Organizations must report these transactions, such as grants and business deals, even if they are below certain thresholds.
Risk Radar
Scan points- 1Failing to report a transaction because it is below the required threshold amount (e.g., $100,000 for Part IV) is a key risk.
- 2Failing to report a transaction in Part IV if all payments exceeded $100,000 during the tax year.
- 3Not reporting grants or assistance in Part III even if they are below any specific amount.
- 4Omitting an interested person who is a former officer/director from 5 years ago when filing for Part IV.
- 5Reporting a transaction in two different parts of Schedule L instead of only one part.
Plain English
This form allows an organization to tell the IRS about financial dealings it has with related parties—people or groups closely tied to the organization. It details things like loans made, grants given, and business services exchanged with these interested persons throughout the tax year.
Submission Date
- Filing date: 2025-01-15 22:10:41
- Preparation window: collect IDs, supporting records, and signatures in advance.
- Final review: verify names, dates, and required fields before submission.
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What this form is for
- Use this form when an organization files Form 990 or 990-EZ and needs to provide information on certain financial transactions or arrangements with interested persons.
- Do not use this form when the organization has no financial transactions or arrangements between itself and any interested person(s) that require reporting under Schedule L.
- Check Form 990 or Form 990-EZ instead when you are completing the main return, as Schedule L is attached to those forms.
Form selector
Use this form or another form?
Organization files Form 990 or 990-EZ
Schedule L is used to provide information on certain financial transactions or arrangements between the organization and a disqualified person(s) under section 4958 or other interested persons.
✓ Confirm the revision date reads 12/24
An individual grantee has status as spouse of Director John Smith
The name must be listed in column (a), and column (b) must state “spouse of Director John Smith” or words to similar effect.
✓ Confirm the revision date reads 12/24
A transaction is a loan owed by an interested person
When describing a loan, column (c) describes the organization's purpose for engaging in the loan, and columns (e) and (f) enter the original dollar amount owed (the loan principal).
✓ Confirm the revision date reads 12/24
Deadline or filing window
The filing period covers transactions that occurred during the organization's tax year. Although no specific deadline date is given here, organizations must file their complete return by the established IRS due date. The instructions do not mention an extension window on this schedule itself.
Checklist
What you need before filling it out
Part I (Excess Benefit)
Name of disqualified person, Relationship, Description of transaction · Part I of Sch L
Part IV (Business Transactions)
Interested Person's name or 'substantial contributor,' etc. · Column (a) of Part IV
Reporting Threshold
Payments must exceed $100,000 during the tax year · Instructions p.4 / Part IV
Part II Transactions
Loans reported on Schedule L, Part II · Instructions p.4
Filer Determination
Organizational status/answers on main form · Form 990/990-EZ (various lines)
Before you submit
- 1Confirm the organization answered 'Yes' to at least one trigger question on Form 990 or 990-EZ.
- 2Verify that Part I (Excess Benefit) is completed if the organization answers 'Yes' on Form 990, Part IV, line 25a or 25b; or Form 990-EZ, Part V, line 40b.
- 3Ensure all required business transactions are reported in Part IV if payments exceeded $100,000 (unless an exception applies).
- 4If reporting on an aggregate basis for Part IV, verify the total amount is entered in Column (c) and transaction types in Column (d).
- 5For interested persons in Part IV, confirm that column (a) correctly lists the name or the appropriate term ('substantial contributor,' etc.).
- 6Check that loans are addressed in Part II as required by instructions.
- 7Verify that all necessary sections (I, II, III, and/or IV) are completed based on the transaction type.
How to file this form
- 1Complete Part I if reporting Excess Benefit Transactions for a disqualified person; fill in name, relationship, and description of the transaction.
- 2Complete Part II to report loans made or received with interested persons.
- 3Complete Part III to report Grants and other assistance provided to interested persons (unless an exception applies).
- 4Fill out Part IV to report Business Transactions exceeding $100,000; choose aggregation or list items separately in columns (a) through (d).
- 5Review the chart on page 1 of Schedule L to confirm which organizations must complete all or a part of the schedule.
- 6Sign and date the document before sending it with Form 990 or Form 990-EZ for proof of filing.
Known limitations
- 1Part I (Excess Benefit Transactions) applies only to section 501(c)(3), section 501(c)(4), and section 501(c)(29) organizations.
- 2If aggregation is chosen in Part IV, compensation reported on Form 990, Part VII, Section A may not need to be reported if the compensation was paid to a family member of another person also listed on Form 990, Part VII, Section A.
- 3Part III (Grants or Assistance) does not require reporting for transactions covered by the business transaction exception described in the Part III instructions.
Field map
Compact field-by-field guide
Organization Info
2 items
Legal name of the tax-exempt organization and its EIN.
Current mailing address and website URL if applicable.
Revenue
1 items
Sum of all revenue including contributions, program service revenue, investment income, and other revenue.
Expenses
1 items
Sum of all expenses including program services, management, and fundraising.
Assets
1 items
Total assets minus total liabilities at end of the reporting period.
Compliance
1 items
Certification of continued compliance with tax-exempt requirements.
Signatures
1 items
An authorized officer of the organization must sign.
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Fillable formOpen in Editor->The current edition is December 2024, and these instructions are in continuous use format for tax year 2024 and subsequent years until a superseding revision is issued; the latest information can be found at IRS.gov/Form990.
What changed or needs a fresh check
- Edition date — confirm the revision date reads December 2024.
- Form Number — confirm the form is Schedule L and that it is attached to Form 990 or 990-EZ.
- Signature — confirm the organization has signed the document before sending.
- Attachment — confirm Schedule L is attached to Form 990 or Form 990-EZ.
Quick Facts
Downloads
After you file
- 1Keep a copy of the completed Schedule L (Form 990) or Schedule L (Form 990-EZ).
- 2The organization must attach Schedule L to Form 990 or Form 990-EZ.
- 3If an error is found, use the form's revision date (12/24) to ensure the correct version is used for correction.
- 4For the latest information about developments related to this form, check IRS.gov/Form990.
Sources
- SRCInstructions p.1 — Schedule L is used by organizations filing Form 990 or 990-EZ to report transactions with interested persons.
- SRCInstructions p.2 — An organization must use Schedule L (Form 990) if it has an excess benefit transaction, which is defined as providing a benefit exceeding the consideration received.
- SRCInstructions p.1 — All organizations must complete Schedule L Part II if they answered 'Yes' on Form 990, Part IV, line 26 or Form 990-EZ, Part V, line 38a (regarding loans).
- SRCInstructions p.1 — All organizations must complete Schedule L Part III if they answered 'Yes' on Form 990, Part IV, line 27 (regarding grants).
- SRCForm p.1 — The form is completed if the organization answered 'Yes' on Form 990, Part IV, line 25a/25b or Form 990-EZ, Part V, line 40b.
- SRCInstructions p.4 — If aggregation is chosen in Part IV, loans reported on Schedule L, Part II are exceptions that do not need to be reported in Part IV.
Common confusion points
Who must file Schedule L?
Organizations that answer 'Yes' on Form 990 or 990-EZ regarding loans, grants, or business transactions.
→ Check the chart at the bottom of Instructions p.1.
When do I use Part I (Excess Benefit)?
Use it if you are a section 501(c)(3), 501(c)(4), or 501(c)(29) organization and have an excess benefit transaction.
→ Confirm the 'Yes' answer on Form 990, Part IV, line 25a/25b or Form 990-EZ, Part V, line 40b.
When do I use Part III (Grants)?
Use it if you answered 'Yes' to reporting grants on Form 990, Part IV, line 27.
→ Verify the required attachment status based on your answers in Part IV.
What is an excess benefit transaction?
Generally, a transaction where an organization provides an economic benefit to a disqualified person worth more than what the organization received for it.
→ Review Instructions p.2 definition.
When do I use Part II (Loans)?
Use it if you answered 'Yes' regarding loans on Form 990, Part IV, line 26 or Form 990-EZ, Part V, line 38a.
→ Check the specific required section of Part II.
Can I skip reporting a grant in Part III?
Yes, if it is covered by the business transaction exception described in the Part III instructions.
→ Ensure you check that exception note within the Part III instructions.
Workflow map
Related forms and next steps
Before
Current
After
Often used with
⚠ If something goes wrong
- The organization should refer to Appendix G in Instructions for Form 990 (or Appendix E in Instructions for Form 990-EZ) for more details on excess benefit transactions.
Questions about IRS Form 990-SL
What is IRS Form 990-SL used for?
This form allows an organization to tell the IRS about financial dealings it has with related parties—people or groups closely tied to the organization. It details things like loans made, grants given, and business services exchanged with these interested persons throughout the tax year.
Who must file IRS Form 990-SL?
Organizations must file this Schedule L if they answer "Yes" to Form 990, Part IV, line 28a, 28b, or 28c. The specific filer category depends on whether the organization is a 501(c)(3), 501(c)(4), or 501(c)(29) entity.
What information does IRS Form 990-SL require?
The form collects details across several parts; Part I reports transactions becoming debt between the organization and an interested person. Parts II–IV report various types of dealings, including grants (Part III) and business transactions (Part IV).
Where do I file IRS Form 990-SL?
The instructions do not specify a single mailing address or service center location; organizations should refer to the general Form 990 instructions for routing rules. The form is available for electronic filing on IRS.gov.
How do I complete IRS Form 990-SL?
The filer must answer "Yes" to Part IV, line 28a, 28b, or 28c if thresholds are met. All reportable transactions are reported in only one part of Schedule L. The organization must sign the form before sending it to the IRS.
What happens if IRS Form 990-SL is filed incorrectly?
If an organization does not file a complete return and provide all requested information, it risks non-compliance. If an organization chooses to file but fails to report required transactions, the penalties associated with that failure apply.
Who must file Schedule L?
Organizations that answer 'Yes' on Form 990 or 990-EZ regarding loans, grants, or business transactions. Check the chart at the bottom of Instructions p.1.
When do I use Part I (Excess Benefit)?
Use it if you are a section 501(c)(3), 501(c)(4), or 501(c)(29) organization and have an excess benefit transaction. Confirm the 'Yes' answer on Form 990, Part IV, line 25a/25b or Form 990-EZ, Part V, line 40b.
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