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XII.5.I Prompt Payment Interest – XII. Expenditures
… by the Net Due Date. Generally the Net Due Date is 30 calendar days, excluding legal holidays, after the MIR date. However, the following … on highway construction contracts, the Net Due Date is 75 calendar days, excluding holidays, after the MIR date. For …
https://www.osc.ny.gov/state-agencies/gfo/chapter-xii/xii5i-prompt-payment-interestPrompt Payment
… of interest for a period of time a payment is delayed due to the fund or sub-fund from which the payment is to be made having insufficient cash. Memo Bill Text Status … To meet the intent of the prompt … of interest for a period of time a payment is delayed due to the fund or subfund from whic …
https://www.osc.ny.gov/legislation/prompt-paymentAccounts Payable Advisory No. 67
… Section 5.F - Adjusting the MIR Date . This guidance is in place through June 24, 2021 … Prompt Payment Interest …
https://www.osc.ny.gov/state-agencies/advisories/accounts-payable-advisory/67-prompt-payment-interestXI.4.A Not-for-Profit Prompt Contracting – XI. Procurement and Contract Management
… Due to delays, the contract is not approved until April 16th. The payment to the NFP is made on May 14th. Interest is … an interest rate of 5 percent. The contract is approved on October 12th and payment is made on November 10th. Interest … NFP then submits vouchers for the months of September and October in the amount of $20,000 each on January 15th which …
https://www.osc.ny.gov/state-agencies/gfo/chapter-xi/xi4a-not-profit-prompt-contractingXII.6.C Paying Prompt Contract Interest – XII. Expenditures
… section explains the process for paying interest pursuant to the Prompt Contract Law once an Agency has determined that … dates. Payee Amount - Enter the amount of interest due. To calculate how much interest is due, utilize the Late Contract Interest …
https://www.osc.ny.gov/state-agencies/gfo/chapter-xii/xii6c-paying-prompt-contract-interestXIV.13.A Overview – XIV. Special Procedures
… New York State Finance Law §179- f requires the State to pay vendors promptly … Due Date, the State may be required to make an interest payment to the vendor. This is called Prompt Payment Interest (PPI) or Late Payment charges. A …
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)
… require the payment of prompt payment interest to certain small businesses on invoices not paid within 15 days. This interest is payable provided the small business submits its invoice electronically, in conformance …
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 … of New York. “But 25 years after the adoption of the Prompt Contracting Law, New York is still executing six out … DiNapoli’s annual report provides our best assessment of how well we are doing. The current report indicates progress, …
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
… in 2018. “In the coming months, New York state will need to rely on our not-for-profit partners more than ever to … “The fact that after decades of the work, the prompt contracting problem has not been resolved and is … Not-For-Profit Prompt Contracting Annual Report Find out how your government money is spent at Open Book New York . …
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
… State agencies were late more than 77 percent of the time in approving contracts with not-for-profit … process. Enforcement of consistent standards and best practices across state agencies for grant contracting, …
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
… STATE COMPTROLLER -- Approval By (for contracts for water and sewer services from village) VILLAGES -- Powers and … of late payment, there is no authority for the State to pay to a village interest on late charges for water and sewer … were amended in 1990 to impose a late charge of 10% on any bill not paid by the due date as specified on the bill. DOCS …
https://www.osc.ny.gov/legal-opinions/opinion-92-57Accounts Payable Advisory No. 43
… 1, 2017. Please review the below chart for information on what changes were made. Particular attention should be paid … changes: Chapter Name Description of Change X.3.A Online Vendor Add Portal Updated to include new … about 15 day prompt payment interest for qualified small businesses; Also updated to reorder X.5.I - Original …
https://www.osc.ny.gov/state-agencies/advisories/accounts-payable-advisory/43-gfo-updates-supplier-prompt-payment-interest-and-moreVendor File Advisory No. 8
… Subject: Updating the Vendor Certification section to include a new certification Reference: Guide to Financial Operations (GFO), …
https://www.osc.ny.gov/state-agencies/advisories/vendor-file-advisory/8-vendor-certifications-updateAccounts Payable Advisory No. 34
… Subject : Updates to SFS Account Codes for the payment and reporting of interest. Guidance : The … in selecting proper values. Effective January 1, 2014, Business Units should use the following account codes to … Judgments and Settlement Agreements 60311 Interest - Grants to Others Grants and Public Assistance 60740 Interest …
https://www.osc.ny.gov/state-agencies/advisories/accounts-payable-advisory/34-payment-and-reporting-interestProcurement and Contracting in New York
… of State Contracts (Last Updated August 2025) Prior Reports Calendar Year 2021 Calendar Year 2020 Calendar Year … ) ( PDF ) BID Protest Determinations Annual Employment Reports for Consultant Contracts ( Form A ) ( Form B ) You … 14 provides the statutory authority for this report. Prior Reports 2023 2022 2021 2020 2019 Prompt Contracting Report …
https://www.osc.ny.gov/state-agencies/contractsArchived: Legislative Session 2015 –2016
… Laws of 2015 – A.7915 (Magnarelli) / S.5867 (Marchione) – To increase the accountability and improve the efficiency and … annual reports relating to the use of such monies. Equal Access to Justice Reporting – Signed into law on November … designated to receive the annual report setting forth how the monies in certain tax check-off funds were used …
https://www.osc.ny.gov/legislation/archived-legislative-session-2015-2016XIV.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-interest15-Day Prompt Payments for Small Businesses
… to create and submit electronic invoices the business day after you sign up. Certify that you’re a qualified small … under this legislation you must: (1) have a primary place of business in New York State; (2) have a significant … your field; and (5) employ 200 employees or fewer at the time of the payment. To certify: Log in to the Vendor …
https://www.osc.ny.gov/state-vendors/portal/15-day-prompt-payments-small-businessesThe 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.pdf