New York State Initiates Efforts to Regulate Executive Compensation by Not-for-Profits

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New York State Governor Andrew Cuomo has formed the Task Force on Not-for-Profit Entities (the “Task Force”) to investigate executive compensation by not-for-profit organizations that receive state funding.1 Governor Cuomo announced the Task Force on August 3, 2011, and it quickly took its first action on August 25, 2011, by sending a letter requesting extensive compensation information from many organizations that receive state funds.

This Client Alert describes (i) the Task Force’s mandate, (ii) the compensation information requested in the Task Force’s letter, (iii) several key points to note about the information requested in the letter, and (iv) certain additional insights.

Please see full alert below for more information.

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Published In: Administrative Agency Updates, Business Organization Updates, Nonprofits 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.

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