New York Codes, Rules and Regulations
Title 2 - DEPARTMENT OF AUDIT AND CONTROL
Chapter I - Audit Of Revenues And Accounts Payable From State Funds And Funds Under Its Control
Part 23 - Not-for-profit Short-term Revolving Loan Fund
Section 23.4 - Criteria for loan eligibility

Universal Citation: 2 NY Comp Codes Rules and Regs ยง 23.4

Current through Register Vol. 46, No. 12, March 20, 2024

In order to determine whether a not-for-profit organization is eligible for a loan from the fund, the not-for-profit organization shall provide a State agency with information demonstrating to the State agency that:

(a) The not-for-profit organization is capable of providing the services contemplated by the proposed contract.

(b) The not-for-profit organization would not be able to provide services without a loan. Indicia of the not-for-profit organization's inability may include the following factors:

(1) insufficient cash to meet the next payroll, benefits or payroll taxes;

(2) insufficient cash to make its next rental, utilities or insurance payment(s);

(3) vendors provide goods and services to the not-for-profit organization on a cash-on-delivery basis only;

(4) accounts payable exceeds 45 days due to inadequate cash flow; and

(5) any other information deemed by the State agency or the State Comptroller to indicate that the not-for-profit organization is unable to provide the services contemplated by the proposed contract without a loan from the fund.

(c) The not-for-profit organization can provide, and the State agency can confirm, that the not-for-profit organization did not receive an advance payment from the State for the proposed contract.

(d) The State agency may only make a determination recommending a loan to a not-for-profit organization upon a finding that such organization cannot provide or continue to provide services without a loan from the fund.

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