Schedule L (Form 990 or 990-EZ) Transactions With Interested Persons Tax Preparation Checklist

Schedule L Form 990 Tax Prep Checklist

click to print schedule l form 990 tax preparation checklist

• Name of Organization
• Organization exempt status 501(c)? = 3,4,5,6,7
• Name of principal officer
• Type of organization - Corporation, Trust, Association, or Other
• Year organization was formed
• State where organization was formed
• Organization’s most significant activities
• Number of voting members of the governing body
• Number of independent voting members of the governing body
  • Members are independent if all of the following apply:
    • (1) member is not compensated as an officer or employee of this or other related organizations
    • (2) member $10,000 or less as an independent contractor, except reimburse under accountable plan
    • (3) The member nor any family member was involved in a business transaction, or excess benefit transaction, loan to or from the organization.
• Total number of volunteers
• Description of the services provided by the volunteers
• Organization’s mission
• List of organizations significant program services
• list of donors that contributed $5,000 or more (which includes individuals, fiduciaries, partnerships, corporations, associations, trusts, foundations, and exempt organizations). Include:
  • Name, address
  • total amount donated for the year
  • identify & provide fair market value of non-cash donations
  • date received if property or stock
  • is donor a family member of officer or key employee?
• See Schedule C Checklist if:
  • the organization engaged in political campaign activities on behalf of or in opposition to candidates for public office
  • For Section 501(c)(3) organizations, the organization engaged in lobbying activities
  • For Section 501(c)(4), 501(c)(5), and 501(c)(6) organizations, the organization is subject to section 6033(e) (lobbying activities) and reporting requirement and proxy tax
• See Schedule D Checklist if:
  • the organization maintained donor advised funds or accounts where donors have the right to provide advice on distribution or investment for funds in these accounts
  • the organization received or held conservation easements to preserve open space, environment, historic land or structures
  • the organization maintained collections of works of art, historical treasures, or other similar assets
  • the organization had Escrow Liability at the end of the year
  • the organization served as a custodian for an escrow account; or provided credit counseling, debt management, credit repair, or debt negotiation services
  • the organization, directly or through a related organization, held assets in term, permanent, or quasi-endowments
• See Schedule D Checklist if the organization reported on their balance sheet any of the following:
  • Land, buildings, and equipment
  • Investments - other securities
  • Investments – program related
  • Other Assets
  • Other Liabilities
• Is the organization a school? If yes, see Schedule E Checklist.
• Did the organization have aggregate revenues or expenses of more than $10,000, foreign investments valued at $100,000 or more, or make more than $5,000 of grants or assistance to any organization, entity, or individual located outside the United States? If yes, see Schedule F Checklist.
• See Schedule G Checklist if
  • the organization paid more than $15,000 for professional fundraising services, report more than $15,000 in gross fundraising revenue, report more than $15,000 in gross income from gaming activities
• Name, address, and type of any hospital organization operated
• List the officers, directors, trustees, and key employees plus:
  • Their names
  • Title and average hours per week devoted to position
  • Compensation
  • Deferred compensation and employee benefit plans
• Expense account and other allowances for employee (s) who received $100,000+ of compensation, provide:
  • Their names
  • Title and average hours per week devoted to the position
  • Compensation
  • Deferred compensation and benefit plans
  • Expense account and other allowances

See additional Form 990 Tax Preparation Checklist

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