Washington State Governor Inslee recently signed SB 5034 into law. The law completely replaces the current form of the Washington Nonprofit Act, which was adopted in 1967, with more modernized provisions. The new version of the Nonprofit Act covers donor-restricted institutional funds held by nonprofit corporations, which were previously regulated under trust law (Chapter 11.110 RCW “Charitable Trusts”)....
By: Faegre Drinker Biddle & Reath LLP
By: Faegre Drinker Biddle & Reath LLP