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New York's Non-Profit Revitalization Act of 2013 Passes

Posted by Karen D. Costa CPA

Jan 7, 2014 2:10:00 PM

On December 18, 2013 the much anticipated  (the Act) – the first major overhaul to New York State Not for Profit law in over 40 years, was signed into law.

The purpose of the Act is to lessen the administrative and regulatory burden of entities governed by Not-for-Profit Corporation Law, to improve governance of not-for profit organizations and improve accountability. 

Key provisions of the Act include:

• Reducing bureaucracy and costly requirements by amending rules governing not-for-profit property sales, mergers, corporate formations, and dissolutions to create a more welcoming environment for new not-for-profits and a more business-friendly environment for existing ones. It will also increase efficiency by modernizing board procedures, such as enabling not-for-profits to use email and video technology for meetings, and allow boards to delegate the approval of small transactions to committees.

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Topics: Not-for-Profit revitalization act, board govenance

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