The Soapbox and Toolbox for New York State's Nonprofits

November 24, 2014

Gov. Still Wants Nonprofits to Pay Interest on Late Contracts & Payments

Cuomo Vetoes Prompt Contracting Legislation:

Veto #518 
S6482 DEFRANCISCO — Establishes that not-for-profit organizations and public benefit corporations shall be entitled to all prompt contracting interest due from a state agency at the time of the first payment.
Same as A 8964 Englebright
 

Excerpt from the Governor’s Veto #518 Letter

“Contract processing speeds are increasing so that on-time contracts will be the norm, not the exception, and the need for the payment of prompt contracting interest will be significantly reduced. This legislation, however, unnecessarily diverts resources that are now being better applied to solving the problem of late contracts and eliminating the need for prompt contracting interest payments in the first place.”

Full Memo


 

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