New York State Updates Its Rules and Regulations for Nonprofits
The New York Legislature has passed a bipartisan overhaul of the laws governing nonprofits in the Empire State, and it appears to come with the participation and approval of some key leaders in the sector.
According to Tracy Drury’s article in Buffalo Business First, “the Nonprofit Revitalization Act reforms New York’s law governing the operation and governance of nonprofit charities, allowing them to incorporate, dissolve and merge more easily. But it also allows for oversight of governance, requiring stricter involvement by board members and more specific conflict of interest policies.”
In short, in exchange for more latitude in how they operate, New York’s nonprofits will be subject to stricter rules and regulations requiring greater accountability and transparency.