NOT2131. Related Party Reporting: Examination of Schedule R and Schedule L

The Form 990 requires reporting of relationships and transactions with external entities. This session will walk through what reporting is required and why. First, we'll dive into Schedule R and understand how to figure out what constitutes a related organization. We'll walk through how Schedule R reporting impacts the rest of the Form 990, including Part VII / Schedule J, the volunteer exception, and touch on related party reporting of excess compensation. We will also take a look at the 4 sections of Schedule L, including obvious and sneaky excess benefit transactions, loans, when and how to report scholarships, and other transactions with insiders.

Learning Objectives:

• Understand Schedule R and related organization reporting.
• Analyze the four sections of Schedule L and when reporting is required