On December 18, 2013 Governor Andrew Cuomo signed the Nonprofit Revitalization Act into law. Designed to comprehensively update the New York Not-for-Profit Corporation Law and enhance nonprofit governance and oversight; the Act may result in many non-profits needing to adjust (and adopt new) governance documents for their organization to ensure compliance. MANY will continue to drill down what this means for New York's museums and heritage organizations. Likewise, the NY Council of Nonprofits will be launching a series of webinars in January that will provide you with details on how the legislation affects your nonprofit. In the meantime, you can learn more about the Act by attending this webinar on January 7th, presented by Nixon Peabody LLP.
"The Nonprofit Revitalization Act makes a number of key reforms to New York law that have long been sought by the charitable sector and legal practitioners. Nonprofit organizations will now be able to incorporate, dissolve and merge more easily; communicate and hold meetings using modern technology like Skype and videoconference, and enter transactions without having to go to court. At the same time, the bill includes crucial oversight and governance reforms that will help protect taxpayer dollars and preserve public trust. Nonprofit boards will have to perform stricter oversight of insider deals, and the Attorney General will be better able to hold insiders accountable for abuse. The bill requires the adoption of more robust financial oversight requirements, conflict-of-interest policies, and whistleblower policies to protect nonprofit employees from retaliation when they identify wrongdoing." Click here to read the full press release: A.G. Schneiderman's Nonprofit Revitalization Act Signed Into Law