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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
… guidance to agencies about important dates involved in the payment process as well as the payment terms available in the … Financial System (SFS). Pursuant to State Finance Law §179-e, a proper invoice is a written request for a … for interest eligible payments to avoid miscalculations of prompt payment interest. Please see Section 5.F – Selecting …
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)
… and the activities shall provide specific detail about the payment or grant (e.g. hospital program, local road and … - Projects are considered active and can be selected from prompt lists. Enables you to charge cost transactions. This … - Projects are considered active and can be selected from prompt lists. Enables you to charge cost transactions. …
https://www.osc.ny.gov/state-agencies/gfo/chapter-xix/xix1d-project-costing-terminologyXI.4 Overview – XI. Procurement and Contract Management
… provide these services. Legislation (State Finance Law Article 11-B) has been enacted to facilitate timely … related to grant contracting, specifically: Not-for-Profit Prompt Contracting Standard Contract Language for Grant …
https://www.osc.ny.gov/state-agencies/gfo/chapter-xi/xi4-overviewAccounts Payable Advisory No. 61
… expedite our review and approval of vouchers to create a payment sooner than the standard process allows. In these … public health and safety), vendor cash flow concerns, or Prompt Payment Interest savings. For expedite requests, the agency …
https://www.osc.ny.gov/state-agencies/advisories/accounts-payable-advisory/61-expedite-requestsXII.4.F Proper Invoice – XII. Expenditures
… A proper invoice is a written or electronic request for payment submitted by the vendor that must contain the … information. *Consistent with New York State Finance Law §§ 109(1) and 179-e(5), vendors should only invoice an … an agency has to make a payment on time, thereby avoiding prompt payment interest. The Invoice Checklist can assist …
https://www.osc.ny.gov/state-agencies/gfo/chapter-xii/xii4f-proper-invoiceX.4.A Identifying Information – X. Guide to Vendor/Customer Management
… agencies in executing and reporting on procurement and payment activities. Vendor Classifications SECTION OVERVIEW … vendors that qualify as small businesses under the State’s prompt payment legislation have the certification “Small … OGS01 SDVOB 17-B Svc Disabled Veteran Owned Bus - Exec Law Art 17-B Vendors designated by OGS as Service-Disabled …
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
… Subject : Electronic Payments (ACH) for Agency Specific Contracts Guidance : Agencies are encouraged … their contracts requiring their vendors to receive ACH for contract payments. Vendors who agree to accept ACH increase …
https://www.osc.ny.gov/state-agencies/advisories/contract-advisory/27-electronic-payments-ach-agency-specific-contractsVI.3.A Overview – VI. Budgets
… of transfer being performed. State Statutes State Finance Law §51 governs the movement of budget authority for … governs the movement of budget authority necessary to pay Prompt Payment Interest. For transactions not covered under the …
https://www.osc.ny.gov/state-agencies/gfo/chapter-vi/vi3a-overviewMcLean Fire District - Financial Operations (2017M-296)
… filed. The Board did not approve disbursements prior to payment, but as a result of our audit, District officials … to ensure Board approval. We commend them for taking prompt corrective action. The Treasurer did not adequately …
https://www.osc.ny.gov/local-government/audits/fire-district/2018/10/05/mclean-fire-district-financial-operations-2017m-296Vendor File Advisory No. 7
… self-certify as a small business as defined in the 15-day prompt payment legislation in State Finance Law Sec 179-f. Vendor forms and OSC webpages will be updated …
https://www.osc.ny.gov/state-agencies/advisories/vendor-file-advisory/7-supplier-updatesXIV.13.B Error Identification and Resolution – XIV. Special Procedures
… is paid. Pursuant to Section 179-h of the State Finance Law, interest charges should be charged to the same … for these entries to be posted immediately because a payment has gone to the vendor for the interest but no appropriation has been charged. Prompt payment interest errors typically result from: Lack of …
https://www.osc.ny.gov/state-agencies/gfo/chapter-xiv/xiv13b-error-identification-and-resolutionAccounts Payable Advisory No. 52
… the goods or services. The receipt helps to facilitate prompt payment of invoices, and provides the opportunity to take … vendors may offer. Prior to certifying a claim for payment for goods and services, agency staff must confirm the …
https://www.osc.ny.gov/state-agencies/advisories/accounts-payable-advisory/52-gfo-receiving-section-xi-a9XII.7.D Expedite Requests – XII. Expenditures
… expedite our review and approval of vouchers to create a payment sooner than the standard process allows. In these … public health and safety), vendor cash flow concerns, or Prompt Payment Interest savings. The expedite process may result in …
https://www.osc.ny.gov/state-agencies/gfo/chapter-xii/xii7d-expedite-requestsOpinion 2005-7
… users located outside a water district) GENERAL MUNICIPAL LAW §99-t; TOWN LAW §198(3)(b); ENVIRONMENTAL CONSERVATION … the General Municipal Law, for the collection, either by payment in person or payment by electronic funds transfer, of … during which payments may be collected, (2) any authorized prompt payment discounts, penalties and interest and the …
https://www.osc.ny.gov/legal-opinions/opinion-2005-7Prompt 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 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 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.pdf