The New York Nonprofit Revitalization Act, a bill that makes comprehensive updates to the New York Not-for-Profit Corporation Law, as well as several other statutes related to nonprofits, recently passed both houses of New York’s legislature unanimously and is awaiting delivery to the Governor’s office. The Act would be the first major revision to New York’s nonprofit laws in over 40 years. Its provisions apply to nonprofits that are incorporated in New York. In addition, one significant section – related to financial audits and financial reporting to the state – applies to all nonprofits that are registered in New York for charitable solicitation purposes.
If signed into law, most provisions of the new Act would be effective on July 1, 2014. Many nonprofits will find that they need to amend their governance documents, policies, and procedures – and, in some cases, significantly overhaul their governance structure – to comply with some of the detailed requirements of the Act.
Topics for discussion include:
- Enhanced governance processes and limitations and prohibitions on certain governance structures and practices
- Standards for executive compensation
- New technology options for holding meetings and taking action
Please join the New York Society of Association Executives and Venable for this informative and timely panel.
Lisa M. Hix, Esq., Of Counsel, Venable LLP
Susan E. Golden, Esq., Of Counsel, Venable LLP
Kristalyn J. Loson, Esq., Associate, Venable LLP