Interested Person Sunshine: 990 Schedule L, Parts II-IV
Description
Unlike Schedule L's Part I which requires "turning in the sinner," Parts II-IV promote transparency and accountability when an exempt organization has "insider transactions" regardless of whether the transaction is routine and/or reasonable! These parts imply no value judgment, but filers who miss reporting the fact of loans with, grants or assistance provided to, or business transactions with any of the parties the 990-instructions consider "Interested Persons" will be on the defensive as to what was missed, especially if the omission demonstrates management's failure to protect the organization's interests (or worse!)
This session goes past who are the so-called Interested Persons as defined by the five harmonized categories applying across all three parts to address: the additional IP categories employed in Parts II and IV; when a part's transaction is excepted; and handling what is absolutely required to be disclosed in each part.
This event may be a rebroadcast of a live event and the instructor will be available to answer your questions during the event.