Terms Used In New York Laws > State Finance > Article 11-B - Prompt Contracting and Interest Payments For Not-for-profit Organizations

• Advance payment: means a payment or payments made by a state agency to a not-for-profit organization for services rendered pursuant to a written directive or as the result of exercising an advance payment provision included in a contract or renewal contract. See N.Y. State Finance Law 179-Q
• Appropriation: The provision of funds, through an annual appropriations act or a permanent law, for federal agencies to make payments out of the Treasury for specified purposes. The formal federal spending process consists of two sequential steps: authorization
• Certificate of approval: means the document approved by the director of the budget that authorizes an agency to expend funds in accordance with section forty-nine of this chapter. See N.Y. State Finance Law 179-Q
• Contract: A legal written agreement that becomes binding when signed.
• Contract: means an enforceable agreement entered into by a not-for-profit organization and a state agency or any agent acting for such state agency in the procurement process. See N.Y. State Finance Law 179-Q
• Corporation: A legal entity owned by the holders of shares of stock that have been issued, and that can own, receive, and transfer property, and carry on business in its own name.
• Ex officio: Literally, by virtue of one's office.
• Fiscal year: The fiscal year is the accounting period for the government. For the federal government, this begins on October 1 and ends on September 30. The fiscal year is designated by the calendar year in which it ends; for example, fiscal year 2006 begins on October 1, 2005 and ends on September 30, 2006.
• Interest rate: The amount paid by a borrower to a lender in exchange for the use of the lender's money for a certain period of time. Interest is paid on loans or on debt instruments, such as notes or bonds, either at regular intervals or as part of a lump sum payment when the issue matures. ^{Source: OCC}
• Jurisdiction: (1) The legal authority of a court to hear and decide a case. Concurrent jurisdiction exists when two courts have simultaneous responsibility for the same case. (2) The geographic area over which the court has authority to decide cases.
• Liabilities: The aggregate of all debts and other legal obligations of a particular person or legal entity.
• Minority leader: See Floor Leaders
• organization: means a domestic corporation incorporated pursuant to or otherwise subject to the not-for-profit corporation law, a charitable organization registered with the secretary of state, a special act corporation created pursuant to chapter four hundred sixty-eight of the laws of eighteen hundred ninety-nine, as amended, a special act corporation formed pursuant to chapter two hundred fifty-six of the laws of nineteen hundred seventeen, as amended, a corporation authorized pursuant to an act of congress approved January fifth, nineteen hundred five, (33 stat. See N.Y. State Finance Law 179-Q
• Program: means a provision of law authorizing a state agency to undertake activities that are to be accomplished in whole or in part through contracts with not-for-profit organizations. See N.Y. State Finance Law 179-Q
• Program plan: means the document developed by a state agency, which shall include for each program: (a) the amounts to be allocated for renewal of contracts; (b) the amounts to be allocated for new contracts; (c) the method by which all contracts will be awarded, such methods shall include, but not be limited to, requests for proposals, preferred provider, and sole source; (d) the timetable for the selection of providers and contract development, including but not limited to, timetables for RFP development and response and provider notification; and (e) the timetable for promulgation of regulations as may be required for implementation. See N.Y. State Finance Law 179-Q
• Remainder: An interest in property that takes effect in the future at a specified time or after the occurrence of some event, such as the death of a life tenant.
• Renewal contract: means the documents necessary to continue in effect an existing contract between a state agency and not-for-profit organization, including any simplified contract documents in a form approved by the office of the state comptroller. See N.Y. State Finance Law 179-Q
• RFP: means a request for proposals issued by a state agency for the purpose of soliciting not-for-profit organizations to operate a program or perform a service through a contract with a state agency. See N.Y. State Finance Law 179-Q
• Scheduled commencement date: means the beginning date of the term of a contract as stated in the contract or in a written directive. See N.Y. State Finance Law 179-Q
• State agency: means any department, board, bureau, commission, division, office, council, institution or committee in the executive branch of government, the urban development corporation or the natural heritage trust to which an appropriation is made for the purposes of carrying out a program as defined herein. See N.Y. State Finance Law 179-Q
• Written directive: means a written request by a state agency to a not-for-profit organization authorizing such organization either to begin providing services during the negotiation of a contract or to continue providing services during the negotiation of a renewal contract. See N.Y. State Finance Law 179-Q