During an otherwise quiet legislative session, the New York State Legislature passed the Nonprofit Revitalization Act of 2013 on June 21, 2013. The act represents a major overhaul to the regulatory practices contained in New York's non-profit law. The comprehensive updates are the largest in over 40 years and will significantly affect New York's charities and other non-profit organizations.1 With the hope of revitalizing New York's non-profit sector, the act seeks to modernize governance, reduce bureaucracy and red tape, and enhance oversight and accountability to prevent fraud and improve the public trust. The bill is awaiting delivery to Governor Andrew Cuomo and, if signed in its present form, will become effective July 1, 2014.

Non-profit organizations are an essential component of New York's economy. They account for one in every seven jobs by employing approximately 1.25 million people and generate billions of dollars in annual revenue.2 Among the over 100,000 non-profits in New York, trust and estate practitioners are most familiar with charitable organizations, which are commonly utilized in the estate planning process. Accordingly, it is important to understand the opportunities and responsibilities created by the act and ensure that non-profits operate in a manner that is consistent with the new statutory requirements.

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