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 23.5 - General terms applicable to all loans

Universal Citation: 2 NY Comp Codes Rules and Regs ยง 23.5

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

(a) Loans from the Not-for-Profit Short-Term Revolving Loan Fund shall not bear interest.

(b) The amount of each such loan shall not exceed one-half of the first quarter payment of the proposed contract.

(c) Repayment of such loan shall be made by reducing the first payment(s) due under the fully executed contract from the State. Provided however with the approval of the State Comptroller repayment of such loans may be prorated over the term of the fully executed new or renewal contract. The not-for-profit organization must demonstrate to the State agency and State Comptroller that it is financially unable to repay the loan obtained from the fund from first moneys to be received pursuant to the fully executed contract to receive an extended term for repayment. In no event shall the term of the loan exceed one year.

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