Change In New York Law Affects New York Nonprofit Organizations And Wholly-Charitable Trusts, As Well As Other Charities Registered To Solicit Funds In New York

more+
less-

Tax

The Nonprofit Revitalization Act of 2013 (“Act”), many parts of which are effective July 1, will affect New York nonprofit corporations and wholly-charitable trusts as well nonprofit corporations formed in other jurisdictions that are required to register with the state to solicit charitable contributions in New York. The Act represents the first overhaul of New York’s not-for-profit corporation law in over 40 years and is intended to reduce unnecessary and outdated burdens on nonprofits while enhancing nonprofit governance and oversight to prevent fraud and improve public trust.

Unless otherwise indicated, the effective date of the provisions of the Act is July 1, 2014. The governing boards and officers of New York nonprofit corporations may want to review the governance and operating procedures of the organization with counsel to ensure compliance with the new requirements.

To learn more about the provisions of the Act, click on the following links:

 

Topics:  Charitable Donations, Charitable Organizations, Charitable Trusts, Non-Profits

Published In: Nonprofits Updates, Tax Updates

DISCLAIMER: Because of the generality of this update, the information provided herein may not be applicable in all situations and should not be acted upon without specific legal advice based on particular situations.

© Blank Rome LLP | Attorney Advertising

Don't miss a thing! Build a custom news brief:

Read fresh new writing on compliance, cybersecurity, Dodd-Frank, whistleblowers, social media, hiring & firing, patent reform, the NLRB, Obamacare, the SEC…

…or whatever matters the most to you. Follow authors, firms, and topics on JD Supra.

Create your news brief now - it's free and easy »