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Sponsors
Senator · Senate District 61
No co-sponsors yet.
History
- Signed chap.509
- Delivered to governor
- Returned to senate
- Passed assembly
- Ordered to third reading rules cal.393
- Substituted for A7802A
- Referred to corporations, authorities and commissions
- Delivered to assembly
- Passed senateVote 58–0
- Amended on third reading 5111a
- Advanced to third reading
- 2nd report cal.
Show 11 earlier actions
- 1st report cal.248
- Referred to corporations, authorities and commissions
- Returned to senate
- Died in assembly
- Referred to corporations, authorities and commissions
- Delivered to assembly
- Passed senateVote 62–0
- Advanced to third reading
- 2nd report cal.
- 1st report cal.1110
- Referred to corporations, authorities and commissions
Companion bill
The same bill in the other chamber. A bill becomes law when one version passes both houses and the governor signs it, so either number can carry it.
Relates to cemetery trust funds
Assembly Floor Calendar · Sponsor James F. Brennan
Full text
The text isn't available here yet. Check nysenate.gov.
Sponsor's memo
BILL NUMBER:S5111A
Title of bill
An act to amend the not-for-profit corporation law, in relation to cemetery trust funds
Purpose
This bill would provide that the appropriation for expenditure of net appreciation of cemetery trust funds would be subject to the standards established by the Prudent Management of Institutional Funds Act which governs expenditures by not-for-profit entities in the state.
Summary of provisions
This bill would amend and update § 1507 of the Not-for-Profit Corporation Law to direct that expenditure of net appreciation of cemetery trust funds would be subject to the standards established by the Prudent Management of Institutional Funds Act in Article 5-A of the chapter.
The bill requires additional reporting requirements to the New York State Division of Cemeteries and the New York State Cemetery Board outlining a cemetery corporation's application of this standard.
Existing law
Section 1507 of the Not-for-Profit Corporation Law does not provide for application of the Prudent Management of Institutional Funds Act but instead outlines a formula that is not consistent with other not-for-profit organization management in the state.
Justification
The existing statute is outdated and cumbersome as it relates to expenditures of net appreciation of cemetery trust funds.
The formula is so difficult for cemeteries to utilize or understand that there are almost no reports of the use of the existing process for expenditures.
This bill would conform these cemetery expenditures to the uniform not-for-profit standard of the Prudent Management of Institutional Funds Act. By providing this vital change, cemeteries will have increased tools to aid their maintenance and preservation.
Review of this investment strategy will remain under the current purview of the Division of Cemeteries and the State Cemetery Board which is composed of the Secretary of State, Attorney General and Commissioner of Health or their designees.
Legislative history
New Bill
Fiscal implications
None
Effective date
This act shall take effect immediately.
Summaries, headlines and scores are AI-generated from the official bill text. How we score bills. Source: NYS Open Legislation.