Not For Profit/Exempt Organizations Blog

Tag Archives: The New York Not for Profit Corporation Law

New Legislation Modernizes New York Not-For-Profit Corporation Law

By Amanda H. Nussbaum and Colin Wetmore on Posted in Not-for-Profit, Tax-Exempt Organizations
On November 21, 2022, Governor Kathy Hochul signed into law new legislation, which amends certain provisions of the New York Not-For-Profit Corporation Law (the “N-PCL”).  The legislation, described in detail below, “modernizes provisions of law relating to members, directors and officers to align with current practices, streamline procedures and eliminate unnecessary regulatory burdens”[1], and is … Continue Reading

New York Attorney General Issues Guidance on Not-for-Profit Law

By Jamie Bowles on Posted in Governance
In April, the New York State Attorney General’s office released guidance addressing key provisions of the New York Not-for-Profit Corporation Law.   For in-depth analysis of the Attorney General’s guidance, click here for an article by Proskauer attorneys Roger Cohen and Ellen Moskowitz.  For this blog’s coverage of the New York Not-for-Profit Corporation law, click here. … Continue Reading

Rollout Challenges for New York Nonprofit Revitalization Act, Effective July 1, 2014

By Jamie Bowles on Posted in Governance
The rollout of the New York Nonprofit Revitalization Act of 2013 (the “Revitalization Act”), effective July 1, 2014, is causing challenges for many New York charities as the compliance date approaches.  For more information on the challenges resulting from the rollout of the Revitalization Act, click here.  For more coverage on the Revitalization Act, click here.… Continue Reading

Appointment and Authority of Committees Under the New York Not-for-Profit Corporation Law

By Herschel Goldfield on Posted in Governance
Under the Not-for-Profit Corporation Law (“NPCL”) it is relatively clear that (i) any committee with corporate authority must be comprised only of trustees, and (ii) committees must be appointed by the board, and not, for example, by the chair (other than special committees).  (The foregoing may not apply if otherwise provided by the certificate of … Continue Reading

New York Legislature Passes Nonprofit Revitalization Act of 2013 — Governor Action Pending

By Proskauer Rose on Posted in Governance
In what is characterized as a “Revitalization Act,” and which certainly is a modernization, the New York State legislature has passed and placed before Governor Andrew Cuomo changes to the Not-for-Profit (“NFP”) Corporation Law. The current version of the law, if signed by the Governor, will allow for use of electronic communications (e-mail and fax) more … Continue Reading

NY Endowment Funds: Fiduciary Obligations & The Prudence Standard

By Jacob I. Friedman on Posted in Endowments
With the plethora of news articles about charitable endowment losses as a result of investments with Bernie Madoff, it is incumbent on fiduciaries to review some fundamental laws on endowment.  These laws differ in each state.  This article will briefly review the rules applicable to endowments in New York. An endowment fund is created when … Continue Reading
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