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Nonprofit Revitalization Act of 2013 -- Best Governance Practices Made Mandatory



by Marsena M. Farris
Cadwalader, Wickersham & Taft LLP - New York Office

Pamela Landman
Cadwalader, Wickersham & Taft LLP - New York Office

Stephanie Marcantonio
Cadwalader, Wickersham & Taft LLP - New York Office

Brian T. McGovern
Cadwalader, Wickersham & Taft LLP - New York Office

Paul W. Mourning
Cadwalader, Wickersham & Taft LLP - New York Office

January 13, 2014

Previously published on January 10, 2014

On December 18, 2013 Governor Cuomo signed into law the Nonprofit Revitalization Act of 2013 (the “Revitalization Act”), Assembly Bill Number 8072; Chapter 549 of the Laws of 2013. Intended “to reduce unnecessary and outdated burdens on nonprofits and to enhance nonprofit governance and oversight,” the Revitalization Act amends the New York Not-for-Profit Corporation Law (“NPCL”) (as well as other New York laws governing not-for-profit and religious corporations and charitable trusts, including the Education Law, the Estates, Powers and Trusts Law, the Executive Law and the Religious Corporations Law) to simplify certain corporate transactions and processes, while at the same time making mandatory various “best practices” in corporate governance that are designed to minimize the likelihood of fraud and other potential abuses by charitable organizations. The majority of the provisions will go into effect July 1, 2014. In anticipation of the changes to be made by the Revitalization Act, the Boards of corporations organized under the NPCL and other charitable organizations operating in New York will need to revise and/or adopt new by-law provisions, conflict of interest and whistleblower policies and other procedures to comply with the new requirements.


 

The views expressed in this document are solely the views of the author and not Martindale-Hubbell. This document is intended for informational purposes only and is not legal advice or a substitute for consultation with a licensed legal professional in a particular case or circumstance.
 

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Author
 
Marsena M. Farris
Pamela Landman
Stephanie Marcantonio
Brian T. McGovern
Paul W. Mourning
Practice Area
 
Corporate Law
 
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