Form 990 or 990-EZ – Who’s a Schedule L “interested person”?

Description

Abstract: The IRS is stepping up its efforts to ensure that no nonprofit insiders — those able to exert influence over the organization’s decision making — are benefiting from their position. Nonprofits yet to file Schedule L, “Transactions With Interested Persons,” with Form 990 or 990-EZ should pay attention to the changes in the definition of “interested person” for 2014. This article explains those changes, which are likely to make gathering this information easier than in past years, and might affect the number of independent directors that nonprofits report on Form 990.