Written by: Nili S. Yolin
The Nonprofit Revitalization Act brought sweeping changes to the laws that govern not-for-profit corporations in New York. Our colleagues Anthony E. Hubbard and Daniel E. Wilcox have authored an Advisory that provides an in-depth summary of key provisions of the Act that have recently gone into effect. As discussed in a prior Advisory, the Act represents the first time in more than four decades that the New York Not-for-Profit Corporation Law has undergone any significant change, which regulators and industry insiders alike hope will strengthen nonprofit governance and accountability, mitigate excessive administrative burdens, and improve audit and financial reporting requirements. Click here to read the full Advisory.