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XII.5.I Prompt Payment Interest – XII. Expenditures
… New York State Finance Law §179-f requires the State to pay vendors promptly (within 30 days for most vendors, 15 … qualified Small Business vendors). When the State fails to pay the vendor by the Net Due Date, the State may be required to make an interest payment to the vendor. This section …
https://www.osc.ny.gov/state-agencies/gfo/chapter-xii/xii5i-prompt-payment-interestPrompt Payment
… the prompt contracting law, allows the accrual of interest for a period of time a payment is delayed due to the fund or … the prompt contracting law allows the accrual of interest for a period of time a payment is delayed due to the fund or …
https://www.osc.ny.gov/legislation/prompt-paymentAccounts Payable Advisory No. 67
… ) Guidance Executive Order 202.48 suspended the provisions of State Finance Law Article 11-A, Interest Payments on … and indirect economic, financial, and social effects of the COVID-19 pandemic. In situations where circumstances of the COVID-19 pandemic cause agencies to experience a delay …
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
… Contracting Advisory Committee evaluates. On November 18, 2009, a revised Part 22 of 2 NYCRR entitled Prompt … to provide services immediately.³ Notification of Suspension of Interest The law provides the ability to start … Prompt Contracting Law through the use of notification and suspension letters. Upon determining that significant and …
https://www.osc.ny.gov/state-agencies/gfo/chapter-xi/xi4a-not-profit-prompt-contractingXII.6.C Paying Prompt Contract Interest – XII. Expenditures
… Agency does owe interest, the interest rate used in the late contract interest calculation is based on the … – Online Agencies must select “Not Applicable” from the Late Charge Option on the Late Charge screen. Bulkload Agencies must enter an “N” in …
https://www.osc.ny.gov/state-agencies/gfo/chapter-xii/xii6c-paying-prompt-contract-interestXIV.13.A Overview – XIV. Special Procedures
… a General Ledger Journal Entry (Journal ID beginning in 'LP') to reclassify the charge from the clearing account …
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)
… and procedures of the accounting and financial management system of state government and identifies that it is seeking … of an account established within the Statewide Financial System (SFS) electronic vendor portal. Completion of this … ) for more information on interest eligibility requirements, including enrolling in electronic …
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
… State agencies were late 61 percent of the time in approving contracts with not-for-profit providers … reporting contracts as late as 90 to 100 percent of the time, according to a report released today by State … In addition, some agencies were late 100 percent of the time, including the Education Department, the Department for …
https://www.osc.ny.gov/press/releases/2016/06/dinapoli-majority-contracts-not-profit-organizations-still-approved-lateAccounts Payable Advisory No. 59
… Tool was updated to reflect the 5% interest rate that is effective on April 1, 2026. Agencies should use this …
https://www.osc.ny.gov/state-agencies/advisories/accounts-payable-advisory/59-prompt-payment-interest-calculator-toolDiNapoli: 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 providers (NFPs) in 2014, according to a report released today by State Comptroller Thomas P. DiNapoli. The late … from 2013 when contracts were late 87 percent of the time, a review of the trend for more than two decades …
https://www.osc.ny.gov/press/releases/2015/05/dinapoli-state-needs-ensure-timely-execution-contracts-not-profitsDiNapoli: State Agencies Persistently Late with Not-For-Profits Contracts
… York State Comptroller Thomas P. DiNapoli found 50 percent of the contracts in 2019 between Not-for-Profit (NFP) … has been made in the past year, with the percentage of late contracts increasing slightly from 47 percent in … partners more than ever to continue fighting the impacts of the coronavirus and help provide essential services to New …
https://www.osc.ny.gov/press/releases/2020/06/dinapoli-state-agencies-persistently-late-not-profits-contractsOpinion 92-57
… that bear on the issues discussed in the opinion. SEWER RENTS -- Interest and Penalties (by State to village) … COMPTROLLER -- Approval By (for contracts for water and sewer services from village) VILLAGES -- Powers and Duties (need for contract to provide water and sewer services to State) WATER RENTS -- Interest and …
https://www.osc.ny.gov/legal-opinions/opinion-92-57Accounts Payable Advisory No. 43
… Used to be X.3.A.3 X.4 Vendor Records New section to give detail on various items included in vendor records X.4.A Identifying Information New section giving detail about important parts of the “Identifying Information” … X.4 - Used to be X.4.B.1 X.4.B Address New section giving detail about important parts of the address tab of a vendor …
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), … Updating the Vendor Certification section to include a new certification …
https://www.osc.ny.gov/state-agencies/advisories/vendor-file-advisory/8-vendor-certifications-updateAccounts Payable Advisory No. 34
… certain payees totaling $600 or more in a single calendar year on Form 1099-INT. Consistent with the Guide to …
https://www.osc.ny.gov/state-agencies/advisories/accounts-payable-advisory/34-payment-and-reporting-interestProcurement and Contracting in New York
… vendor, review documentation requirements and bid protest decisions or research vendors. Resources Vendor … Protest a Contract Award Search Comptroller's Bid Protest Decisions Comptroller's Oversight of State Contracts The … Find bid protest decisions audit reports and statutory reports related to …
https://www.osc.ny.gov/state-agencies/contractsArchived: Legislative Session 2015 –2016
… and authorities (IDAs) by requiring standard application forms for requests for financial assistance, uniform criteria … hold in indebtedness of certain agencies, corporations and bank or trust companies. Prompt Payment – Signed into law …
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 …
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