New York to Overhaul the Not-for-Profit Corporation Law
The New York State Attorney General has worked alongside leaders in nonprofit communities for years as a means to make changes to the Not-for-Profit Corporation Law. They are aiming to ensure that nonprofits provide fair compensation to their employees, as well as improve their management structures and make all of their transactions accessible to the public. These proposed changes are looking to go into effect on January 1, 2014. Nonprofit reform has been an issue of heated discussion for many years now, especially when considering the high amount of revenue that nonprofits bring into New York State. These organizations have long needed better protections against fraud within their companies and have also needed to instate stronger whistle-blower protection policies, so individuals who attempt to expose misconduct or illegality within the company can avoid social or career persecution. Nonprofit leaders have been strongly in favor of this legislation, as it tries t...