Yesterday, Governor Beshear signed House Bill 440, which updates the laws for nonprofit organizations in Kentucky. Specifically, House Bill 440 was signed which brings Kentucky law in line with more than 15 other states by updating rules for informal nonprofit entities such as Little League teams and local fundraising efforts. The bill allows nonprofits like these to make a filing with the Secretary of State, providing participants limited liability from debts and obligations of the organization.
What does the mean for you?
House Bill 440 will also bring much-needed updates to the state’s nonprofit corporation laws, accounting for advances in technology and spelling out how nonprofits can utilize technology such as email and conference calling. The bill simplifies requirements for nonprofits which will allow you to spend more time meeting your mission rather than filing paperwork.
We are proud to support the Kentucky Nonprofit Network who spearheaded the work group whose recommendations were used to develop this bill.
For more information or to find out how your organization can take advantage of these changes contact your Dean Dorton advisor, David Richard at 859.425.7662 or drichard@deandorton.com, or Jim Tencza at 502.566.1071 or jtencza@deandorton.com.