Nonprofit Revitalization Act One Year Later

One year has passed since the Nonprofit Revitalization Act, the most sweeping reform of New York’s nonprofit laws in decades, took effect, and the early indicators are positive. Nonprofits are adapting to the new statute, implementing necessary governance reforms while benefiting from a more streamlined and modernized regulatory framework. Helpful guidance from the Attorney General’s Charities Bureau and some recent amendments, passed but not yet signed into law, will further aid the transition. But the real test is still to come: Will the cultural change within boardrooms that the new law was intended to prompt be realized?

In this article, Loeb & Loeb partner Jason R. Lilien, former chief of the New York State Attorney General’s Charities Bureau and principal author of the Nonprofit Revitalization Act, reflects back on the legislative objectives of the Act and the response that it has engendered in its first year.

Read the full article here.