Health care represents one of the largest sectors of New York State’s economy. However, unlike other major sectors such as financial services, technology, real estate and media, a large percentage of health care entities are not-for-profit corporations (NFP). These include most hospitals, about half of the nursing homes, many home health agencies, a number of large health insurers and managed care plans, most medical, nursing and other professional schools, health provider trade associations, health advocacy organizations—the list goes on and on.
These and all other NFPs are governed by New York’s comprehensive and age-old Not-for-Profit Corporation Law (NPCL). After years of work by legislators and their staffs, the Attorney General’s office, the Law Revision Commission and the State Bar Association, the Legislature recently enacted the “Nonprofit Revitalization Act of 2013,”1 and it was signed into law by Governor Andrew Cuomo in December. It has been described as the most sweeping revision to the NPCL in more than 40 years, and has important implications and requirements for every NFP involved in the health care industry.
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