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XII.5.I Prompt Payment Interest – XII. Expenditures
… Small Business vendor does not qualify, the vendor’s designation can be revoked by contacting the Vendor … Businesses section of the Office of the State Comptroller’s website ( … on the voucher defaults to the indicator from the vendor’s record in the Statewide Vendor File. To change the default …
https://www.osc.ny.gov/state-agencies/gfo/chapter-xii/xii5i-prompt-payment-interestPrompt Payment
… Program Legislative Session 2015-2016: Signed into law on December 11, 2015 as Chapter 548 of the Laws of 2015 … / S.4929 (DeFrancisco) – To meet the intent of the prompt contracting law, allows the accrual of interest for a period of time a payment is delayed due to the fund or sub-fund from which the …
https://www.osc.ny.gov/legislation/prompt-paymentAccounts Payable Advisory No. 67
… to the direct and indirect economic, financial, and social effects of the COVID-19 pandemic. In situations where …
https://www.osc.ny.gov/state-agencies/advisories/accounts-payable-advisory/67-prompt-payment-interestXII.6.C Paying Prompt Contract Interest – XII. Expenditures
… payment. Description - Enter “Prompt Contract Interest". Account Code – The account code for Prompt Contracting interest in the SFS is …
https://www.osc.ny.gov/state-agencies/gfo/chapter-xii/xii6c-paying-prompt-contract-interestXI.4.A Not-for-Profit Prompt Contracting – XI. Procurement and Contract Management
… Commissioner of Taxation and Finance if the NFP borrowed money from an outside source. If a higher rate is requested, …
https://www.osc.ny.gov/state-agencies/gfo/chapter-xi/xi4a-not-profit-prompt-contractingXIV.13.A Overview – XIV. Special Procedures
… be charged to the fund on the voucher even if it is an Exempt Fund (Fund 25000-29999, 30450-30499, 31350-31449, … Projects for Capital Projects account codes For any Exempt funds, the interest charges will be reclassified to an …
https://www.osc.ny.gov/state-agencies/gfo/chapter-xiv/xiv13a-overviewIII.9 Provisions for 15 Day Prompt Payment Interest Eligibility – III. Statewide Financial System (SFS)
… Changes to the provisions of State Finance Law 179-f effective April 1, 2017 require the payment of prompt payment interest to certain small businesses on …
https://www.osc.ny.gov/state-agencies/gfo/chapter-iii/iii9-provisions-15-day-prompt-payment-interest-eligibilityDiNapoli: Majority of Contracts with Not-For-Profit Organizations Still Approved Late
… half of all agencies reporting contracts as late as 90 to 100 percent of the time, according to a report released today by State Comptroller Thomas P. … late, the amount actually paid varies because it may have been waived, not paid or reported in a different time …
https://www.osc.ny.gov/press/releases/2016/06/dinapoli-majority-contracts-not-profit-organizations-still-approved-lateDiNapoli: State Agencies Persistently Late with Not-For-Profits Contracts
… Inc. “In this COVID-era, nonprofits are critical to the health, welfare and recovery of our communities and this …
https://www.osc.ny.gov/press/releases/2020/06/dinapoli-state-agencies-persistently-late-not-profits-contractsDiNapoli: State Needs to Ensure Timely Execution of Contracts with Not-For-Profits
… and early release of grant information and solicitation documents to potential providers. Development of bridge … www.osc.state.ny.us//sites/default/files/state-agencies/documents/pdf/2019-01/prompt-contracting-report-2014.pdf To …
https://www.osc.ny.gov/press/releases/2015/05/dinapoli-state-needs-ensure-timely-execution-contracts-not-profitsAccounts Payable Advisory No. 59
… Subject : The Prompt Payment Interest Calculator tool has been updated for agencies to input the … Interest Calculations and the Prompt Payment Interest Calculator . … The Prompt Payment Interest Calculator tool …
https://www.osc.ny.gov/state-agencies/advisories/accounts-payable-advisory/59-prompt-payment-interest-calculator-toolOpinion 92-57
… Interest and Penalties (by State to village) STATE FINANCE LAW, §§112, 179-p; VILLAGE LAW, §11-1120: In the absence of … approved by the State Comptroller and providing for the payment of interest by the State in the event of late … based upon section 179-p of the State Finance Law ("the Prompt Payment Law"). Although we do not believe that the …
https://www.osc.ny.gov/legal-opinions/opinion-92-57Vendor File Advisory No. 8
… or prompt payment interest after, 15 days as established in State Finance Law Section 179-F. … Updating the Vendor …
https://www.osc.ny.gov/state-agencies/advisories/vendor-file-advisory/8-vendor-certifications-updateAccounts Payable Advisory No. 43
… (each location is a set of business rules as determined by the vendor, no longer synonymous for payment method) …
https://www.osc.ny.gov/state-agencies/advisories/accounts-payable-advisory/43-gfo-updates-supplier-prompt-payment-interest-and-moreAccounts Payable Advisory No. 34
… Subject : Updates to SFS Account Codes for the payment and reporting of interest. Guidance : The Internal … and Descriptions : SFS Account Code Title Category 58401 Prompt Payment Interest Non Personal Service- Interest … 58402 Interest on Leases, Loans and Land Claims ** 58403 * Prompt Contracting Interest 60200 * Settlement Interest …
https://www.osc.ny.gov/state-agencies/advisories/accounts-payable-advisory/34-payment-and-reporting-interestProcurement and Contracting in New York
… questionnaire to expedite registering your business as a state vendor, review documentation requirements and bid … contract oversight to prevent procurement abuses in New York State. Comptroller's Oversight of State Contracts (Last …
https://www.osc.ny.gov/state-agencies/contractsXIV.13 Prompt Payment Interest – XIV. Special Procedures
This section provides agencies with an overview of the Imaging and Attachment feature of the Statewide Financial System SFS as well as a summary of State Archives and the Office of the State Comptroller OSC requirements related to this feature
https://www.osc.ny.gov/state-agencies/gfo/chapter-xiv/xiv13-prompt-payment-interestArchived: Legislative Session 2015 –2016
… Enacted Legislation: IDA Reform – Signed into law on December 18, 2015 as Chapter 563 of the Laws of 2015 – … agencies, corporations and bank or trust companies. Prompt Payment – Signed into law on December 11, 2015 as Chapter …
https://www.osc.ny.gov/legislation/archived-legislative-session-2015-201615-Day Prompt Payments for Small Businesses
… Starting March 31, 2017, New York State must pay each qualified small business within 15 days after receiving: (1) the good or … Vendor Self-Service Portal Select the “Self-certify as a NYS Prompt Pay Small Business” link Follow the prompts to …
https://www.osc.ny.gov/state-vendors/portal/15-day-prompt-payments-small-businessesXI.2.F Timely Submittal of Contracts – XI. Procurement and Contract Management
… prior to OSC approval of a contract assumes a risk of non-payment or reduced payment if approval of the contract is … are penalties imposed by Article XI-B of the State Finance Law that provides for prompt contracting and interest payments for NFP …
https://www.osc.ny.gov/state-agencies/gfo/chapter-xi/xi2f-timely-submittal-contracts