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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 is to provide guidance to agencies about important dates involved in the payment process as well as the payment … determining the later of invoice or merchandise received dates. However, there may be instances where the agency must … section is to provide guidance to agencies about important dates involved in the payment process as well as the payment …
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 …
https://www.osc.ny.gov/state-agencies/gfo/chapter-xix/xix1d-project-costing-terminologyXI.4 Overview – XI. Procurement and Contract Management
… for Grant Contracts Legislative Initiatives Indirect Cost Allocations Not-for-Profit Short-Term Loans Guide to …
https://www.osc.ny.gov/state-agencies/gfo/chapter-xi/xi4-overviewAccounts Payable Advisory No. 61
… may include, but are not limited to, emergencies (e.g., public health and safety), vendor cash flow concerns, or …
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 … Description of goods or services requesting payment for (may be in narrative or code values format); Quantity of … the above information, or return the invoice to the vendor for correction. When an agency determines it will return the …
https://www.osc.ny.gov/state-agencies/gfo/chapter-xii/xii4f-proper-invoiceX.4.A Identifying Information – X. Guide to Vendor/Customer Management
… SECTION OVERVIEW AND POLICIES The “Identifying Information” section of the Vendor Record contains useful … These designations can aid State agencies in executing and reporting on procurement and payment activities. Vendor … request should include the criteria (e.g., Law, Rules and Regulations, Guidelines) for the program related to the …
https://www.osc.ny.gov/state-agencies/gfo/chapter-x/x4a-identifying-informationAccounts Payable Advisory No. 74
… Authorization and Purchase Order Dispatch Update : The State of New York will end its agreement with Proactis as of October 19 th …
https://www.osc.ny.gov/state-agencies/advisories/accounts-payable-advisory/74-emarketplace-decommissionedContract Advisory No. 27
… bank accounts, thus eliminating the delay of check clearance policies and traditional mail lead time. Some …
https://www.osc.ny.gov/state-agencies/advisories/contract-advisory/27-electronic-payments-ach-agency-specific-contractsVI.3.A Overview – VI. Budgets
… DOB will identify any balances which are to be moved to the reserve segregation. Budget Transfers and … journals are advised to deny any Budget Transfer journal IF either the improper Budget Entry type is chosen or the type is not consistently used in both fields. Since combination edits do not exist related to this field, …
https://www.osc.ny.gov/state-agencies/gfo/chapter-vi/vi3a-overviewMcLean Fire District - Financial Operations (2017M-296)
… The Treasurer did not adequately secure unused check stock. Key Recommendations The Board should ensure the annual … of our audit. The Treasurer should secure District check stock. District officials agreed with our recommendations and …
https://www.osc.ny.gov/local-government/audits/fire-district/2018/10/05/mclean-fire-district-financial-operations-2017m-296Vendor File Advisory No. 7
… Subject : Changes to Supplier registration and forms and Supplier Self-Serve Portal … Section 4.A - Vendor Classification Guidance : The Office of the New York State Comptroller will be updating our policy … also be able to use the Portal to self-certify as a small business as defined in the 15-day prompt payment legislation …
https://www.osc.ny.gov/state-agencies/advisories/vendor-file-advisory/7-supplier-updatesXIV.13.B Error Identification and Resolution – XIV. Special Procedures
… Interest is paid to the vendor at the same time the voucher is paid. … System to get the reclassification journal entries posted. It is extremely important for these entries to be posted … 51 or 93 of SFL should be followed first. If it is not possible to do an interchange in accordance with these …
https://www.osc.ny.gov/state-agencies/gfo/chapter-xiv/xiv13b-error-identification-and-resolutionAccounts Payable Advisory No. 52
… Subject: The purpose of this section is to provide guidance to ensure that agencies receive the … must complete the receiving processes timely to establish what was received, the quantity or amount received, the date … of any discounts vendors may offer. Prior to certifying a claim for payment for goods and services, agency staff must …
https://www.osc.ny.gov/state-agencies/advisories/accounts-payable-advisory/52-gfo-receiving-section-xi-a9XII.7.D Expedite Requests – XII. Expenditures
… may include, but are not limited to, emergencies (e.g., public health and safety), vendor cash flow concerns, or …
https://www.osc.ny.gov/state-agencies/gfo/chapter-xii/xii7d-expedite-requestsOpinion 2005-7
… that bear on the issues discussed in the opinion. WATER DISTRICTS -- Water Supply (service to users located outside a water district) WATER RENTS -- Collection (by bank or trust … in the account or accounts designated by the municipal corporation, (5) the maintenance of appropriate records of …
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