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June 18, 2014 download PDF
On July 1, 2014, certain substantial changes to New York nonprofit law will take effect, and will require compliance by all nonprofit organizations incorporated in New York, as well as certain nonprofit organizations doing business or soliciting donations in New York even if incorporated elsewhere.
The New York Nonprofit Revitalization Act of 2013 (the "Act") represents the most significant update to New York's nonprofit laws in 40 years, and is intended to enhance nonprofit governance and oversight to prevent fraud and improve public trust, as well as to reduce unnecessary and outdated burdens on nonprofit organizations. As summarized in this memorandum, the Act requires all nonprofit organizations to review existing governing documents, policies and internal controls.