On December 18, 2013, New York Governor Andrew Cuomo signed into law the Nonprofit Revitalization Act of 2013 which modernizes the New York nonprofit corporation law. The Act overwhelmingly passed both houses of the New York State Legislature on June 21, 2013, almost six months prior to the bill’s signing. The most sweeping change to New York State’s nonprofit law in 40 years and about two years in the making, the new Act generally takes effect July 1, 2014.
The Act brings reform to New York nonprofit law by enhancing nonprofit governance and oversight to prevent fraud and improve public trust while reducing unnecessary and outdated burdens on nonprofits. Many nonprofits adopted corporate best practices in conjunction with the revisions to the IRS Form 990 in 2008. With the new Act taking effect on July 1, it’s time for New York nonprofits to take another look at their governance documents, policies and procedures as well as their governance structures to comply with the detailed requirements of the Act.
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