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ExpressTaxExempt Blog

Tuesday, January 6, 2015

Form 990-EZ: Schedules E, G, L, O

When looking closer at the title of this blog, the letters -E, G, L,O - almost seem like they could be a achronym for something, or just a funny almost-piglatin joke - "Eglo my eggo". Hopefully that put you in an excited mood to learn more about Form 990 E-Z schedules. I went over the first 3 (A, B, C) in my previous blog, which is linked here. Alright, enough introduction...let's get started.

Schedule E
Schedule E of Form 990-EZ is used to report information on private schools. You would know if you need to file this particular schedule if you answered "Yes" in Part VI, line 8 of Form 990-EZ. The information reported on this schedule includes: policies, facilities, and benefits of the school for explaining in detail any necessary information.

Schedule G
Schedule G of Form 990-EZ is used to report professional fundraising services, fundraising events, and gaming by an organization.

Schedule L
This explanation is more in-depth, so I'm going to do a little bit of quoting for this one. "Schedule L is used by an organization that files Form 990 or 990-EZ to provide information on certain financial transactions or arrangements between the organization and disqualified person(s) under section 4958, or other interested persons. Schedule L is also used to determine whether a member of the organization's governing body is an independent member for purposes of Form 990, Part VI, line 1b."
You would know if you needed to file this schedule if you answered "Yes" in PartV, lines 38a or 40b on Form 990.

Schedule L has a lot of little bits to know when filing. So if you have any of the following questions, just click and you will be taken straight to the answer:

What are excess benefit transactions?

What is assistance benefiting interested persons?

What types of transactions are reportable on Schedule L?

Schedule O
Schedule O is used to provide the IRS with more specific and in-depth explanations and responses to questions on Form 990 or 990-EZ, rather than other documents. You will need to file Schedule O to provide any narrative information for the following sections on Form 990/990-EZ:
 - Part I, Lines 8,10,16,or 20
 - Part II, Lines 24 or 26
 - Part III, Line 31
 - Part IV, if you answered "Yes" to either lines 33 or 34, or to explain why the organization did not report unrelated business gross income of $1,000 or more to the IRS on Form 990-T, in response to line 35b.

Goodness, that was a lot of information. Breaking down the schedules and going over them helps to better understand what schedule is used for which type of reporting. If you do ever have questions about the 990-EZ schedules, contact the IRS directly or your financial advisor.

You can e-file form 990-EZ right here at Express990.com. And if you need an extension of time to file, we have that too - Form 8868. When e-filing your 990-EZ, you can always give our customer support professionals a call at 704-839-2321, and they will be able to assit you with any question you may have.

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