Enactment of the New York Non-Profit Revitalization Act of 2013
On December 18, 2013, New York Governor Andrew M. Cuomo enacted into law the Non-Profit Revitalization Act of 2013 (the “Act”). The Act was sponsored by New York State Senator Michael H. Ranzenhofer and New York State Assemblyman James Brennan at the request of New York State Attorney General Eric T. Schneiderman. Both the New York State Senate and the New York State Assembly unanimously passed the Act on June 21, 2013. The Act addresses certain recommendations included in the report drafted by the Leadership Committee for Nonprofit Revitalization and released on February 16, 2012 by Attorney General Schneiderman (the “Report”).
The Act will generally take effect as of July 1, 2014. The Act applies to New York non-profit corporations and, in certain cases, to New York charitable trusts, New York education corporations, and New York religious corporations. As discussed below, certain provisions of the Act apply only to corporations and trusts registered with the attorney general to solicit contributions in the State of New York. The following is a summary of certain key amendments to New York law included in the Act.