Accounting Management Solutions and Edwards Wildman Address New York Nonprofit Revitalization
Accounting Management Solutions, Inc. (AMS), the leading resource for outsourced accounting and financial management services in the Northeast, with a special focus on nonprofits, and Edwards Wildman, a legal services firm focused on tax-exempt organizations, today released a detailed review of proposed changes for the New York nonprofit sector.
The joint whitepaper, “Revitalizing New York’s Nonprofits,” examines the potential impact and challenges involved in complying with recommendations made by the New York Attorney General and the Leadership Committee for Nonprofit Revitalization. The paper reviews the time investment necessary to implement key recommendations and the size of organizations most significantly impacted.
Five key areas covered include:
- Board oversight, executive compensation and financial audits
- Self-dealing, illegality
- Roles of management and board
- Recruiting the next generation board leaders
- Director education
“The Committee’s recommendations are designed to reduce oversight and administrative burden on New York’s nonprofit sector,” said Leigh Tucker, AMS’s managing director, nonprofit solutions. “Our paper is designed to help directors and board members educate themselves and efficiently navigate these changes.”
“Working with an experienced legal and finance team, we were able to produce a comprehensive document addressing the top concerns of various cross-functional teams, guiding nonprofits as they move forward,” said Edwards Wildman Partner Andrew Grumet.
Although the New York State legislature is about to consider the passage of legislation which would simplify and clarify New York law which has existed for approximately three decades, at this point passage of substantive legislation addressing the contents of the report is not expected for quite some time.