Government Watch: New York State’s New Nonprofit Revitalization Act
On Friday, June 21, the New York State Assembly and the Senate unanimously passed the “Nonprofit Revitalization Act,” which will overhaul New York State’s not-for-profit sector laws which had remained resistant to major modernization for over 40 years. The bill is now pending approval from Governor Cuomo; he is expected to sign it into law. “The Nonprofit Revitalization Act” will simplify not-for-profits’ reporting procedures and requirements, enhance nonprofit governance and oversight to prevent fraud and improve public trust, and reduce many unnecessary burdens within the incorporation process.
Another proposed bill, the “Executive Compensation Reform Act” did not move forward during the New York State Assembly and Senate’s most recent session.
For more information regarding the “Nonprofit Revitalization Act” and “Executive Compensation Reform Act” please click here.