Directors And Officers: Take Heed Of New DC Nonprofit Law

Law360
04.10.14
In this article, John Eustice discusses the most recent updates to the D.C. Business Code, specifically the Nonprofit Corporation Act of 2010, which changed the board, governance, reporting and recording requirements for D.C. nonprofit corporations, codified standards applying to director and officer conduct and set indemnification guidelines. "As a lawyer counseling and litigating on behalf of D.C. nonprofits, my focus has been on the standards applied to those running them," Eustice said. "Directors and officers of nonprofits must act in good faith and with reasonable care, and they also have a duty to disclose all material information in their possession not already known by the nonprofit unless they are legally prohibited from doing so." Eustice addresses each change to the law and outlines the resulting responsibilities of directors and officers of nonprofits to maintain compliance.
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