Proposed New York Non-Profit Rules May Prove Difficult For Arts Groups

New York’s attorney general has proposed accounting reforms for non-profits. The legislation “would require many New York-based nonprofits to certify financial statements, create audit committees to scrutinize accounting practices, and ensure a sufficient number of independent board members.” Some arts people are wary. Depending on how the legislation is written, arts groups – particularly mid-size arts groups – could have difficulty complying.