Exempt organizations annual reporting requirements - Form 990, Part X: Do not report board members purchase of tax-exempt bonds in open market

 

Should our board member’s purchase on the open market of tax-exempt bonds that we issued be reported as a loan in Schedule L, Part II, Form 990?

No, a governing board member’s purchase of tax-exempt bonds from the filing organization does not need to be reported on Schedule L PDF, Part II, so long as the board member purchases the bonds on the same terms as are offered to the general public.

Additional information

Schedule L instructions PDF