Yesterday Governor Andrew Cuomo signed into law the New York Nonprofit Revitalization Act, which unanimously passed the legislature in June. The Act represents a major overhaul of the regulation of nonprofits and charitable trusts in the State of New York. While the majority of its provisions govern entities that are incorporated in New York, the financial reporting and auditing sections also apply to organizations which engage in charitable solicitations in New York from other states, such as New Jersey.
Many attorneys find themselves involved with charities, often serving as Board members, even if nonprofit counseling is not part of their practice. This is a development you should know about if any nonprofit organizations you work with are located in, or fundraise in, New York.
The following is a link to the Attorney General's press release
http://www.ag.ny.gov/press-release/ag-schneidermans-nonprofit-revitalization-act-signed-law
Best regards,
Brett
Brett R. Harris, Esq.
Business, Nonprofit and Technology Attorney
Wilentz, Goldman & Spitzer, P.A.
Woodbridge, New Jersey
(732) 855-6122
[email protected]
Follow me on Twitter @BrettHarrisEsq for tweets on business and nonprofit matters, technology law and issues of interest to professional women