Summary: On December 18, 2013, Governor Andrew M. Cuomo signed into law the New York Nonprofit Revitalization Act of 2013 (effective July 1, 2014). This represents the first major change to New York’s nonprofit laws in 40 years. The law is intended to reduce unnecessary and outdated burdens on nonprofits and to enhance nonprofit governance and oversight to prevent fraud and improve public trust.
These changes require all nonprofits incorporated or doing business in New York to review existing internal controls, bylaws and policies.
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