Governor Signs Non-Profit Revitalization Act into Law

The Non-Profit Revitalization Act (NPRA) simplifies the classifications of not-for-profit corporations; raises the thresholds that trigger certain financial reporting requirements; imposes new controls to eliminate conflicts of interest; requires non-profits to implement whistleblower policies; strengthens audit oversight responsibilities of boards of directors; and streamlines the procedures for mergers, consolidations, dissolutions and the disposition of real property. The new law takes effect on July 1, 2014. This memorandum provides a brief summary of the key provisions. LeadingAge New York will be hosting a webinar to provide additional detail on its requirements.

Contact:  Karen Lipson, klipson@leadingageny.org, 518-867-8383, ext. 124