New York Attorney General Eric Schneiderman is urging the state legislature to enact two bills that would reform the statutory requirements for governance of nonprofit organizations – both not-for-profit corporations and wholly charitable trusts. If the bills become law, they also would expand the Attorney General’s enforcement powers and modernize and clarify some of the more mechanical and procedural New York rules applicable to not-for-profit corporations.
The two bills – known as the Nonprofit Revitalization Act and the Executive Compensation Reform Act – follow several rounds of review and comment from the nonprofit community and would represent the largest overhaul of New York nonprofit law since 1970.
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