AWESOME FIND FRANKIE! I just read it and I'm attaching some key parts of it.
One of which is the non profits MUST adopt whistleblower policies! Right now the WT whistleblower policy is, report us and get dfed for apostacy lol.
Ensuring sound financial management by requiring that charities’ boards perform active oversight over financial audits. Boards will be responsible for retaining independent auditors and reviewing results of the audit. At larger charities (over $1 million in annual revenue), the board or audit committee will be required to follow additional oversight procedures.
- Preventing conflicts of interest by requiring that transactions between a nonprofit and insiders who stand to benefit be fully disclosed and that nonprofit boards determine they are fair, reasonable, and in organizations’ best interests. When a charity engages in a substantial transaction with an insider, the board will have to consider alternatives and document its basis for choosing the insider transaction.
- Strengthening the Attorney General’s power to police fraud and abuse by granting clear power to bring judicial proceedings to unwind interested-party transactions.
- Ensuring board independence by prohibiting any employee of a nonprofit from also serving as chair of its board.
- Promoting good governance by requiring all nonprofits to adopt conflict of interest policies and those with over $1 million in annual revenue and 20 or more employees to adopt whistleblower policies.
According to ACT the bill also reduces unnecessary and outdated burdens on nonprofits by:
- Streamlining procedures for nonprofit mergers, property sales and corporate dissolutions, so that funds needed for ongoing charitable programs are not wasted on unnecessary red tape.
- Modernizing laws to allow nonprofits to conduct their affairs more efficiently, such as permitting nonprofits to use email and video technology for meetings and allowing boards to delegate the approval of small transactions to committees.
- Eliminating unnecessary and costly requirements for nonprofits forming in New York, saving nonprofits money and time and allowing them to commence charitable programs more quickly.
- See more at: http://newyorkhistoryblog.org/2013/07/01/nonprofit-revitalization-act-signals-major-overhaul/#sthash.UaS5zhnn.zBLKybVs.dpuf