On April 13, 2015, the New York Attorney General’s office released two guidance documents addressing key provisions of the New York Not-for-Profit Corporation Law (the N-PCL) enacted as part of the Nonprofit Revitalization Act of 2013 (the NPRA).1 The first document provides guidance concerning N-PCL §715-a, a provision of NPRA that requires not-for-profit corporations to maintain conflict-of-interest policies and establishes minimum requirements for such policies. Interestingly, the conflict-of-interest policy guidance extends its focus beyond the conflict-of-interest provisions of N-PCL §715-a, to, apparently, in an exercise of enforcement discretion, exempt certain arrangements from NPRA’s related party transaction requirements set forth in N-PCL §715. The exempted arrangements are generally described as those not usually requiring board action or approval.
The second document provides guidance concerning N-PCL §715-b, which requires certain not-for-profit corporations to maintain whistleblower policies and establishes requirements for such policies.
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