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 Non-profit Revitalization Act of 2013 (the NPRA). 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.

Originally published in New York Law Journal – July 31, 2015.