Nonprofit Alert

Legislature Approves State Budget

June 29, 2012

Final Version Does Not Contain Proposed Restrictions On Non-Profit Director and Officer Compensation

On Thursday, June 28, the Massachusetts House and Senate each voted to approve a $32.5 billion state budget bill. We had previously reported on an amendment to the budget that would have prohibited the compensation of directors, independent officers and trustees of public charities without the approval of the Massachusetts attorney general. This amendment was not included in the budget bill passed yesterday in the House and Senate.

Foley Hoag will continue to track legislative developments affecting public charities and their officers and directors, and is available to advise public charities of any resulting implications.