Res Ipsa Loquitor
RES IPSA
LOQUITOR
The New York Non-Profit Revitalization Act of 2013
“It is not only what we
do, but also what we do
not do, for which we are
accountable.”
—Moliere
DIANA K.
POWELL,
ESQ.
14 | SPRING 2014
T
he New York Non-Profit
Revitalization Act of 2013
was signed into law by New
York State Governor Andrew Cuomo
last December and will take effect on
July 1, 2014. This Act resulted from
the culmination of efforts put forth
by New York State Attorney General
Eric Schneiderman and the Leadership
Committee for Nonprofit Revitalization.
The Leadership Committee was convened
in 2011 by AG Schneiderman and
consisted of members made up of experts,
who worked together on the legislation
to produce the first significant changes
since 1969.
Investopedia defines a nonprofit
organization as “a business entity that
is granted tax-exempt status by the
Internal Revenue Service. Donations
to a nonprofit organization are often
tax deductible to the individuals and
businesses making the contributions.
Nonprofit organizations must disclose
a great deal of financial and operating
information to the public, so that donors
can ensure their contributions are used
effectively.” The individual state’s laws
within which they reside govern nonprofit
organizations. Therefore, each state
passes its own legislation with regard
to nonprofit organizations.