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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 … State Finance Law (SFL) §179-f requires the State to pay vendors within 30 days for most vendors, and 15 days for …
https://www.osc.ny.gov/state-agencies/gfo/chapter-xii/xii5i-prompt-payment-interestPrompt Payment
… which the payment is to be made having insufficient cash. Memo Bill Text Status …
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 Certain Amounts Owed by the State, to the extent necessary to respond to the direct … XII, Section 5.F - Adjusting the MIR Date . This guidance is in place through June 24, 2021 …
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
… the State Comptroller, Bureau of Contracts (Attn: Grants Team Leader), the Division of the Budget, and the NFP. The … the State Comptroller, Bureau of Contracts, Attn: Grants Team Leader. Complete the “ Transaction Under $50,000 … the State Comptroller, Bureau of Contracts, Attn: Grants Team Leader. Advance Payments Prior to Full Execution of …
https://www.osc.ny.gov/state-agencies/gfo/chapter-xi/xi4a-not-profit-prompt-contractingXII.6.C Paying Prompt Contract Interest – XII. Expenditures
… Agency has determined that interest is owed. To determine if the Agency owes interest, please see Chapter XI, Section … Agency does owe interest, the interest rate used in the late contract interest calculation is based on the … vouchers for Prompt Payment Interest see Section 5.I - Prompt Payment Interest and Merchandise/Invoice Receive …
https://www.osc.ny.gov/state-agencies/gfo/chapter-xii/xii6c-paying-prompt-contract-interestXIV.13.A Overview – XIV. Special Procedures
… §179- f requires the State to pay vendors promptly (within 30 days of the Merchandise/Invoice Received (MIR) date for most vendors, 15 days for qualified Small Business Vendors). When the State … 179 f requires the State to pay vendors promptly within 30 days of the MerchandiseInvoice Received MIR date for most …
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)
… eSettlements portal created for such purpose 4/1/2017 NYS Market Place Vendor entry of invoices into the NYS Market Place in support of purchase orders received through the NYS Market Place 4/1/2017 Submittal of invoices or invoice …
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 (NFPs) last year, with half of all agencies reporting contracts as late as 90 to 100 … State agencies were late 61 percent of the time in approving contracts with notforprofit …
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
… by New York State Comptroller Thomas P. DiNapoli found 50 percent of the contracts in 2019 between Not-for-Profit (NFP) … the Prompt Contracting Law. Of the total contracts, 2,276 (50 percent) were processed after their start or renewal … A report found 50 percent of the contracts in 2019 between NotforProfit …
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
… 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. … to show much more progress in executing its contracts with its service providers. We can’t continue to ask NFPs 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 payment method (i.e., check, ACH). … Interest Calculations and the Prompt Payment Interest Calculator . … The Prompt Payment Interest Calculator tool has been updated for agencies to input the …
https://www.osc.ny.gov/state-agencies/advisories/accounts-payable-advisory/59-prompt-payment-interest-calculator-toolOpinion 92-57
… the Village and the Department of Correctional Services (DOCS) had entered into a series of contracts for the supply … no provision imposing a late charge and according to DOCS, the village, historically, never sought to exact any … bill not paid by the due date as specified on the bill. DOCS has informed you that the Comptroller's rules and …
https://www.osc.ny.gov/legal-opinions/opinion-92-57Accounts Payable Advisory No. 43
… X and XII: Chapter Name Description of Change X.3 Vendor Registration Updates to reorder X.3 X.3.A Agency Vendor Registration New due to reordering of X.3 X.3.A Resolving Vendor Registration Issues Updates to reorder X.3 - Used to be X.3.B …
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
… of interest. Guidance : The Internal Revenue Service (IRS) generally requires the annual reporting of interest payments to certain payees totaling $600 or more in a single calendar year on Form 1099-INT. … (BSE) will produce Form 1099-INT to payees and the IRS for reportable payments processed through a joint custody …
https://www.osc.ny.gov/state-agencies/advisories/accounts-payable-advisory/34-payment-and-reporting-interestProcurement and Contracting in New York
… review of contracts is a strong deterrent to waste, fraud and abuse in contracting. Comptroller DiNapoli provides … Comptroller’s independent contract oversight to prevent procurement abuses in New York State. Comptroller's Oversight … Calendar Year 2019 Calendar Year 2018 Calendar Year 2017 Procurement Stewardship Act Report The Office of the State …
https://www.osc.ny.gov/state-agencies/contractsArchived: Legislative Session 2015 –2016
… – Signed into law on December 18, 2015 as Chapter 563 of the Laws of 2015 – A.7915 (Magnarelli) / S.5867 … – A.7292-C (Farrell) / S.5601-C (Golden) – Makes technical changes relating to categorizing certain funds as joint … from the incomplete current fiscal year. Short Term Interest Pool (STIP) Increase – Signed into law on November …
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 …
https://www.osc.ny.gov/state-agencies/gfo/chapter-xiv/xiv13-prompt-payment-interest15-Day Prompt Payments for Small Businesses
… under this legislation you must: (1) have a primary place of business in New York State; (2) have a significant … field; and (5) employ 200 employees or fewer at the time of the payment. To certify: Log in to the Vendor … starting March 31 according to the policies and procedures of the accounting and financial management system of New York …
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