Effective July 1, the New York State legislature has modified a key provision of the Not-for-Profit Corporation Law (NPCL) regarding the ability of New York non-profits to establish a sole member structure. This change may require immediate adjustment to legal structures by affected non-profits.
Most of my blog posts focus on current legal developments, however, for this one I thought I would mix things up and share what I learned while guest lecturing on exempt organizations for a recent law school “Law of Higher Education” class.
Charitable organizations must abide by certain rules in order to solicit contributions in New York. Effective March 21, 2019, there will be two new requirements for charities engaging in solicitation. While the changes are minor, charitable organizations soliciting in New York will need to make adaptations to their solicitations to comply with these rules.
In the waning days of 2018, the IRS released final regulations on the new partnership audit rules under the Bipartisan Budget Act of 2015 (BBA). While these rules are typically thought of in the for-profit context, they can have a significant impact on exempt organizations whose investment portfolios include alternatives.