NYS Requests Financial Records from Nonprofits
Thursday, August 25, 2011
New York State is making good on a promise to closely examine the financial records of state-funded nonprofit organizations. A newly-created task force has asked non-profits to provide detailed information, including salaries of top executives earning over $100,000, annual revenue and how much money they pay out to grant recipients.
Benjamin Lawsky, superintendent of the Department for Financial Services, said some state-funded nonprofit groups receive big benefits, like property and corporate tax exemptions, in exchange for the services they provide.
The goal of the task force is to make sure those funds are not being misused.
"These entities are doing good works, and helping society, and helping our state, and we want to make sure the money that's being given to them, and the benefits they're receiving are flowing to these purposes, and not just flowing right out the door to pay outsize compensation packages to executives," Lawsky said.
He said the task force will work to analyze the data, hopefully by the end of this year, and issue recommendations to the governor.