Last week New York Governor Andrew Cuomo signed the Nonprofit Revitalization Act of 2013 into law, triggering the first overhaul of the New York Not-for-Profit Corporation Law in over 40 years. The new law takes effect on July 1, 2014, and its provisions apply to nonprofits incorporated in New York, while its financial reporting and auditing sections also apply to nonprofits that engage in charitable solicitation in New York from other states. The Nonprofit Revitalization Act does not target executive compensation reform, but it makes significant changes to the operation and governance of nonprofit organizations.
Click here to read Mintz Levin's Health Law Alert discussing the new law and its impact on nonprofits.
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