New York’s Non-Profit Revitalization Act
By Jerald A Jacobs, Julia E Judish and Dawn K Crowell
The New York Non-Profit Revitalization Act of 2013 was signed into law on 18 December 2013 and the bulk of its provisions will take effect on 1 July 2014. The goals of this legislative effort were to modernise the law and reduce administrative burdens on non-profits, as well as to improve governance accountability and oversight.
The following governance features of the act apply to all non-profits incorporated in New York.
Conflict of Interest Policy: a conflict-of-interest policy is now mandatory and must include the following: a definition of conflicts; procedures for disclosure to an audit committee or, if no audit committee exists, to the board; a requirement that any conflicted person be recused from deliberations and voting on the subject; prohibition against the conflicted person attempting to improperly influence deliberations or voting on the subject; documentation of conflicts situations, including in minutes of any meetings where discussed; special procedures for disclosing and handling related-party transactions; written disclosure of potential conflicts, including involvement with any entity with which the corporation has a relationship and interest in any transaction in which the corporation is a participant, by all directors prior to election and annually thereafter; and written disclosures are to be submitted to the secretary, who must provide copies to the chair of the audit committee or, if none exists, the chair of the board…
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