Schedule L is all about transparency and disclosure. Understanding the definitions and properly reporting the details enables readers of the Form 990 to draw their own conclusions and judgments. Understanding the definitions is essential to correctly preparing Schedule L. Even seasoned return preparers can be confounded and surprised by the simplest of when the filer's facts are complicated. There are different definitions and thresholds for each Part of Schedule L although in recent years Parts II, III and IV definitions are more aligned. Understanding the details of the instructions and definitions is critical to getting it right and the potential impact it can have on independence of members of governing body of the organization. Topics covered include: Definitions and thresholds for the four Parts of Form 990 Schedule L; The details each Part of Schedule L mandates be disclosed; What information may be redacted from disclosure for certain organizations; Potential impacts on independence for voting members of the board from Form 990 Schedule L disclosures. At the completion of this course you will be able to: Recognize the reporting requirements for the four parts of Form 990 Schedule L; Differentiate governance, transparency, and interested person reporting issues; Describe potential impact on independence for voting members of a NFP board based on Form 990 Schedule L disclosures; Identify who is required to report relationships; Differentiate who is or isn't considered in a significant change to an organization's governing document; Recognize when it is in the organization's best interest to be as transparent as possible on a disclosed Schedule O; Identify considerations of an interested person for Schedule L reporting requirements; Describe the most common way an EBT is recognized; Recognize factors that may or may not impair the independence of a voting member; Describe the considerations a key employee of an exempt organization must have; Identify the purpose for disclosing business relationships on Form 990; Describe non-management duty; Recognize what an organization must do for various indicators on Form 990; Differentiate reasons why a board member may not be presented with a completed copy of an organization's Form 990.