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Tuesday, December 14, 2021 Live Webcast

Transactions with Interested Persons: Form 990 Schedule L (X2-18995)

10:30 AM - 1:00 PM EST

Vendor Platform

2.5 CPE Credits in TX



Public accounting tax and audit staff, and nonprofit organization's Treasurers, CFOs and finance/compliance advisors


After attending this presentation you will be able to...

  • Recognize hierarchy of Schedule L's Parts II, III and IV in reporting intersections with IPs
  • Appreciate the far reach of the five uniform categories that are used to define baseline IPs for Parts II-IV reporting 
  • Distinguish when Part IV requires multiple business transactions with a particular IP to be reported either because of the amount of each individual transaction or based upon all transactions' aggregated amounts
  • Identify the separate Part IV threshold that applies for reporting the fact of compensation being provided to a family member of an IP
  • Have familiarity with identifying what constitutes a disclosable loan in Part II and the fact of a reportable grant or assistance in Part III


The major topics that will be covered in this class include:

  • Reviewing both: (a) the methodology that Schedule L employs in Parts II - IV to cast sunlight on the fact that an "Interested Person" (IP) engaged with the filer in loan arrangements; or was the beneficiary of grants or assistance from the filer; or had business transactions with the filer that exceeded de minimis thresholds; and (b) the five categories by which IP status vests for purposes of these three parts
  • Explanation of the dollar-amount thresholds applicable in Schedule L's Part IV when  disclosing "business transactions", and preparation tips for applying these thresholds
  • Summary of Schedule L's Part III instructions as to what constitutes the provision of grants or assistance to an IP, and overview of the special rule educational institutions have that allows them to not withhold the names of scholarship or fellowship recipients
  • Schedule L's Part II reporting on loans outstanding with IPs, along with preparation tips
  • Quick intro to the Code section 4958 excise tax scheme that 501(c)(3) and (c)(4) filers are subject to should they have conveyed "excess benefit" in any transaction with a disqualified person; and timing and disclosure considerations in play with Schedule L's Part I reporting








Eve Rose Borenstein

Eve Rose Borenstein, J.D.

Eve Borenstein is a partner in Borenstein and McVeigh Law Office (BAM!) (, a Minneapolis law firm and the base from which she conducts an extensive national federal tax practice serving tax exempt organizations. In her law practice (as well as through her teaching and speaking, addressed below) Eve works to assist nonprofit organizations with exemption qualification, corporate planning and overall compliance. By early 2015, she had represented more than 1,000 exempt organizations before the IRS.

Eve provided testimony to the U.S. House of Representative’s Ways and Means Oversight Sub‐Committee in July 2012 at their 2nd Hearing on Tax‐Exempt Organizations, commenting on the reach and efficacy of the Redesigned Form 990. She volunteers extensively with multiple professional committees, including the American Bar Association’s Tax Section Committee on Exempt Organizations and the American Institute of Certified Public Accountants’ Exempt Organization Technical Resource Panel. Eve was a key participant from the private sector in the IRS’ Redesign of the Form 990, and continues to provide extensive feedback to the IRS on both that Form and the Form 1023.

A dedicated teacher and speaker on non‐profit compliance mandates, Eve’s CPE teaching is conducted through a separate consultancy, Eve Rose Borenstein, LLC ( As of 2013, she is the co‐author (with CPA Jane Searing) of the AICPA’s Form 990 Course, Form 990: A Comprehensive Approach to Complete and Accurate Preparation. She enjoys instructing nonprofits directly as well as the professionals who serve the sector and is committed to “helping the sector do it right the first time!”

Eve’s professional path to the present began with exempt organizations tax work in the Minneapolis tax offices of Ernst &Whinney in 1985. From 1989 through 2003 she had a solo practice serving nonprofits nationally; a merger in 2004 with non‐profit attorney Ellen W. McVeigh created the BAM Law firm, which exclusively provides tax and corporate counsel (including employment law) to the nonprofit sector.

Eve welcomes your inquiries: /
both e‐mails are interchangeable!


$79.00 - Member

$99.00 - Nonmember

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