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The Prompt Contracting Law - Background
Chapter 166 of the Laws of 1991 added Article XI-B (the Prompt Contracting Law) to the State Finance Law to promote prompt contracting with not-for-profit organ
https://www.osc.ny.gov/files/state-agencies/contracts/pdf/pcl-background.pdfXII.5.F Payment Dates and Terms Overview – XII. Expenditures
… SECTION OVERVIEW AND POLICIES The purpose of this section is to provide … Financial System (SFS). Basis Date SECTION OVERVIEW AND POLICIES This section provides guidance to agencies on how the Basis Date impacts the Schedule Due and Discount Due fields using information from the vendor …
https://www.osc.ny.gov/state-agencies/gfo/chapter-xii/xii5f-payment-dates-and-terms-overviewXIX.1.D Project Costing Terminology – XIX. Project Costing (PCIP)
… Project is group of activities that has a start and end date or covers a period of time (e.g., grant period) designed to produce a unique … Costing chartField used to define the lowest level detail of a Project. Agencies control how many activities are …
https://www.osc.ny.gov/state-agencies/gfo/chapter-xix/xix1d-project-costing-terminologyXI.4 Overview – XI. Procurement and Contract Management
… as service agreements that support the mission of an agency by ensuring that critical services are provided. … has been enacted to facilitate timely review and approval of these agreements, including delineation of requirements for the assessment, suspension or waiver of …
https://www.osc.ny.gov/state-agencies/gfo/chapter-xi/xi4-overviewAccounts Payable Advisory No. 61
… cash flow concerns, or Prompt Payment Interest savings. For expedite requests, the agency must contact BSE at … (GFO), Chapter XII, Section 7.D - Expedite Requests , for more detail. … Expedite Requests …
https://www.osc.ny.gov/state-agencies/advisories/accounts-payable-advisory/61-expedite-requestsXII.4.F Proper Invoice – XII. Expenditures
… This section provides agencies with guidance regarding a proper invoice. Process and Transaction Preparation: A … number, if applicable, as provided by ordering agency. When an invoice does not contain the above information, agencies must reject …
https://www.osc.ny.gov/state-agencies/gfo/chapter-xii/xii4f-proper-invoiceX.4.A Identifying Information – X. Guide to Vendor/Customer Management
… AND POLICIES The “Identifying Information” section of the Vendor Record contains useful information about the … the type of business relationship the vendor has with New York State. ( Section 4.A - Vendor Classifications of this …
https://www.osc.ny.gov/state-agencies/gfo/chapter-x/x4a-identifying-informationAccounts Payable Advisory No. 74
… Reference : Guide to Financial Operations (GFO): XII.5.I Prompt Payment Interest XI-A.6 Auto-Sourcing Purchase Orders …
https://www.osc.ny.gov/state-agencies/advisories/accounts-payable-advisory/74-emarketplace-decommissionedContract Advisory No. 27
… thus eliminating the delay of check clearance policies and traditional mail lead time. Some additional benefits of ACH are: An efficient and secure method of payment; A more cost effective process than sending a check; and Elimination of the possibility of lost and/or returned …
https://www.osc.ny.gov/state-agencies/advisories/contract-advisory/27-electronic-payments-ach-agency-specific-contractsVI.3.A Overview – VI. Budgets
… Budget Transfers are the movements of authorized budget amounts from one appropriation to … governed by various State statutes, depending on the type of transfer being performed. State Statutes State Finance Law §51 governs the movement of budget authority for interchange transactions except as …
https://www.osc.ny.gov/state-agencies/gfo/chapter-vi/vi3a-overviewMcLean Fire District - Financial Operations (2017M-296)
… were filed. The Board did not approve disbursements prior to payment, but as a result of our audit, District officials implemented a voucher system to ensure Board approval. We commend them for taking prompt … reports are filed timely. The Board should continue to use the voucher system established as a result of our …
https://www.osc.ny.gov/local-government/audits/fire-district/2018/10/05/mclean-fire-district-financial-operations-2017m-296Vendor File Advisory No. 7
… in Item 2, above: AC 3237-S New York State Substitute Form W-9 AC 3267-S Foreign Vendor Registration Request The …
https://www.osc.ny.gov/state-agencies/advisories/vendor-file-advisory/7-supplier-updatesXIV.13.B Error Identification and Resolution – XIV. Special Procedures
… an interest reclassification journal entry has errors and is unable to post in SFS. State agencies are expected to monitor these errors and take appropriate action to post the entry immediately. … OSC Bureau of State Accounting Operations (BSAO) Budgets and Spending Accounting Section actively works with State …
https://www.osc.ny.gov/state-agencies/gfo/chapter-xiv/xiv13b-error-identification-and-resolutionAccounts Payable Advisory No. 52
… that agencies receive the goods and services they ordered in the proper condition and in accordance with the terms and conditions of the purchase … expectations, which ideally should have been communicated in a purchase order. To document the act of acceptance, …
https://www.osc.ny.gov/state-agencies/advisories/accounts-payable-advisory/52-gfo-receiving-section-xi-a9XII.7.D Expedite Requests – XII. Expenditures
… of interest saved or a vendor statement demonstrating hardship). BSE will conduct its audit of the voucher. The …
https://www.osc.ny.gov/state-agencies/gfo/chapter-xii/xii7d-expedite-requestsPrompt Payment Interest Report FY 2022-2023, May 2023
For State Fiscal Year (SFY) 2022-23, agencies paid vendors $4,087,280 in interest, an increase of $3,081,904 (approximately 307 percent) from SFY 2021-22.
https://www.osc.ny.gov/files/reports/special-topics/pdf/prompt-payment-interest-2022-23.pdfPrompt Payment Interest Report FY 2023-2024, May 2024
For State Fiscal Year (SFY) 2023-24, agencies paid vendors $3,960,506 in interest, a decrease of $126,774 (approximately 3 percent) from SFY 2022-23.
https://www.osc.ny.gov/files/reports/special-topics/pdf/prompt-payment-interest-2023-24.pdfPrompt Payment Interest Report FY 2021-2022, May 2022
For State Fiscal Year (SFY) 2021-22, agencies paid vendors $1,005,376 in interest, a decrease of $445,842 (approximately 31 percent) from SFY 2020-21.
https://www.osc.ny.gov/files/reports/special-topics/pdf/prompt-payment-interest-2021-22.pdfPrompt Payment Interest Report FY 2020-2021, May 2021
For State Fiscal Year (SFY) 2020-21, agencies paid vendors $1,451,218 in interest, a decrease of $279,793 (approximately 16 percent) from SFY 2019-20.
https://www.osc.ny.gov/files/reports/special-topics/pdf/prompt-payment-interest-2020-21.pdfPrompt Payment Interest Report FY 2019-2020, May 2020
For fiscal year 2019-2020, agencies paid vendors $1,731,011 in interest, an increase of $202,120 (approximately 13 percent) from 2018-19.
https://www.osc.ny.gov/files/reports/special-topics/pdf/prompt-payment-interest-2019-20.pdf