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Nonprofit Revitalization Act

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Information about Nonprofit Revitalization Act
Business & Mgmt

Published on February 18, 2014

Author: OConnorDavies

Source: slideshare.net

Description

Governor Andrew Cuomo has signed into law the New York Nonprofit Revitalization Act of 2013. The Act will have an important impact in modernizing the New York Not-For-Profit Corporation Law, which has not had major revisions in four decades. The Act goes into effect on July 1, 2014. O'Connor Davies CPA - New York CPA Firm - Nonprofit CPA Firm.
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Non-Profit Notes Newsletter Governor Cuomo Signs the Nonprofit Revitalization Act New York By Jerry O’Neil, Partner Governor Andrew Cuomo has signed into law the New York Nonprofit Revitalization Act of 2013. The Act will have an important impact in modernizing the New York Not-For-Profit Corporation Law, which has not had major revisions in four decades. The Act goes into effect on July 1, 2014. We reported on the creation of the Bill in a previous Non-Profit Notes Newsletter. A sampling of the key changes created by the Act follows. Jerry O’Neil Partner joneil@odpkf.com 212.286.2600 Mandatory Conflict of Interest Policy – All nonprofits will need to adopt and follow a conflict of interest policy that meets the criteria of the Act. Whistleblower Policy – All nonprofits with 20 or more employees and annual revenues in excess of $1,000,000 must adopt a whistleblower policy that meets the criteria of the Act. Audit Committee Functions – Nonprofits with annual revenues in excess of $500,000 must have an audit committee which annually approves the retention of an independent auditor and reviews with the auditor the results of the audit. In the absence of a separate audit committee, the entire board may perform these activities. If an organization’s revenues exceed $1,000,000 annually, additional matters such as the scope and planning of the audit as well other matters would need to be discussed with the Audit Committee. NOTE: We believe these requirements should not have a significant impact on the scope of activity of audit committees presently in existence. However, an important outcome of the Act is to allow the New York Attorney General new powers to oversee and act on apparent violations of good governance practice. Click here to see a copy of the Act. For the Attorney General press release, including comments by leaders in the nonprofit sector, see this link.

Contact: New York, NY 212.286.2600 212.867.8000 Harrison, NY 914.381.8900 Stamford, CT 203.323.2400 Paramus, NJ 201.712.9800 Cranford, NJ 908.272.6200 NOTE: Most if not all of the aspects of good governance included in the New York Act are referred to in IRS Form 990, as revised in 2008. However, those governance questions in the Form 990 do not represent aspects of law, at either the state or Federal level. This Act will change that dramatically for nonprofit charities operating in New York State. If you have any questions about the Act, please contact your not-for-profit professional at O’Connor Davies. About Our Practice: O'Connor Davies, LLP is a full service Certified Public Accounting and consulting firm that has a long history of serving clients both domestically and internationally and providing specialized professional services of the highest quality. With roots tracing to 1891, seven offices located in New York, New Jersey and Connecticut, and approximately 450 professionals including 85 partners, the Firm provides a complete range of accounting, auditing, tax and management advisory services. O’Connor Davies is ranked as number 36 in Accounting Today's 2013 "Top 100 Firms" in the United States. The Firm is also within the 20 largest accounting firms in the New York Metropolitan area according to Crain's New York Business and the Westchester and Fairfield County Business Journals. O'Connor Davies is dedicated to serving the not-for-profit sector and serves more than 1,400 not-for-profit clients. New Windsor, NY 845.220.2400 O’Connor Davies, LLP is a member firm of the PKF International Limited network of legally independent firms and does not accept any responsibility or liability for the actions or inactions on the part of any other individual member firm or firms. Wethersfield, CT 860.257.1870 IRS CIRCULAR 230 DISCLOSURE: To comply with IRS regulations, we are required to inform you that unless expressly stated otherwise, any discussion of U.S. federal tax issues in this correspondence (including any attachments) is not intended or written to be used, and cannot be used, (i) to avoid any penalties imposed under the Internal Revenue Code, or (ii) to promote, market, or recommend to another party any transaction or matter addressed herein.

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