When is Schedule L required on Form 990-EZ?
3.1k views |
Last modified 3/14/2023 8:49:54 AM EST |
Schedule L is generally filed by an organization to provide information on certain financial transactions or arrangements that occurred between an organization and disqualified person(s) under Section 4958 or other interested persons.
Any organization which has an unpaid balance of secured and unsecured loans made to (or) received from officers, directors, trustees, and key employees should complete and attach Schedule L along with its 990-EZ return.
For example, if your organization borrowed $2,000 from one officer and loaned $500 to another, none of which has been repaid, then you should report the amount as $2,500 in the Form 990-EZ and attach Schedule L along with it.