New York’s governor Andrew Cuomo signed into law the Non-Profit Revitalization Act of 2013 on 18 December 2013. The Act is the first substantial revision of New York State’s non-profit law in more than 40 years.
The Act has an effective date of 1 July 2014 and applies to all New York non-profit corporations (both charitable and non-charitable). Certain provisions also apply to New York charitable trusts, education corporations and religious corporations. Non-profit organisations incorporated in New York should resolve to begin early to review their internal policies and governing documents to be prepared for the start of the Act’s new requirements, well in advance of the 1 July effective date, since many non-profit organisations may want to amend their bylaws to reflect the Act and may need to adopt new policies or change long-standing board practices.
In keeping with the season, here are four New Year’s resolutions to help you plan and prepare for the coming changes for New York non-profit organisations…
If you are registered and logged in to the site, click on the link below to read the rest of the Debevoise & Plimpton briefing. If not, please register or sign in with your details below.