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PAYEE INFORMATION PORTAL (PIP) GUIDELINES FOR VENDOR REFERRALS NEW W9 REQUIREMENTS.
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Transcript of PAYEE INFORMATION PORTAL (PIP) GUIDELINES FOR VENDOR REFERRALS NEW W9 REQUIREMENTS.
PAYEE INFORMATION PORTAL (PIP) GUIDELINES FOR
VENDOR REFERRALS
NEW W9 REQUIREMENTS
PIP AND NEW CITY VENDORS
New vendors that have not conducted business with the City can activate in PIP
PIP will enable vendors to manage their contact information Vendors are validated between 5-10 business days by the PIP/Tax
Reporting UnitVendors can review payments and agreements once they
conduct business with City agencies
PIP AND ESTABLISHED FMS VENDORS
Established Vendors can be referred to PIP if there are no FMS issues, including: IRS Name/Taxpayer Identification Number (TIN) Mismatches IRS Backup Withholding FlagsPrevent Automatic Payments (PAP)Duplicated FMS Vendor Codes
Note: Once the issues are cleared established FMS vendors can be referred to PIP Vendors with existing agreements that have name and/or TIN changes should be
processed through FMS Agency Vendor Modification documents (VCMA1) documentsThis will enable City Agencies to request vendor information updates to their
contracts
PIP AND FOREIGN VENDORS
Foreign Vendors should not be referred to PIPPIP does not meet tax reporting compliance requirements
Necessary document found on Comptroller’s website W8 Form (BEN, BEN-E, ECI, EXP)Foreign Vendor Questionnaire
City agencies should forward Foreign Vendor validation requests to:[email protected]
PIP AND CITY EMPLOYEES
City Employees should not be referred to PIPThe PIP Unit cannot confirm that PIP validation requests are coming
from City EmployeesCity employees should be entered in FMS through the Agency
Vendor Creation documents (VCCA1)
PIP WEBSITES
City Agency Usershttps://pip.fisa.nycnet/webapp/PRDPCWAdm/AdvantagePIP
Users PIP Users
https://a127-pip.nyc.gov/webapp/PRDPCW/SelfService
NEW W9 REQUIREMENTS
New Exemption Codes required on W9 to meet IRS Compliance Foreign Account Tax Compliance Act (FATCA) Backup Withholding Exemption Codes
FATCA Exemptions box includes entry for global tax reporting Domestic Vendors will not be affected, but the W9 form has included the Exemption
Codes to meet IRS compliance Backup Withholding Exemption Codes
No longer a checkbox Exemption code now required for Backup Withholding
City’s Substitute W9 and Instructions are available at www.comptroller.nyc.gov
DIRECTIVE 29 UPDATES
Updates expected for Fall 2015 Will include topics mentioned in this presentation
VENDOR SUPPORT DIVISION CONTACTS
Vendor Issues Vendor Validation Unit: [email protected]. PIP/ Tax Reporting Unit: [email protected].
Foreign Vendor Requests PIP/ Tax Reporting Unit: [email protected].
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Comptroller Office’s FY2015 Annual Closing Instructions Seminar
NYC Vendor PaymentsJune 3, 2015
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Growth of EFT Vendor Payments
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Estimated Cost of Paper Checks• Studies Estimate All-In Costs of Checks Range
from $7 to $36 Per Check• City Issues Approximately 18,000 Vendor Checks
Per Month• Monthly Cost of Checks: $125K to $630K• Annual Cost of Checks: $1.5 MM to $7.5 MM• No Cost for EFT Vendor Payments
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City Vendor Checks• FISA Sends Approximately 2,000 of the 18,000
Checks Issued each Month to Treasury (100/day)• Undeliverable Vendor Checks Also Returned to
Treasury (30/day)• Treasury Staff Spends 35 Hours per Week Sorting
and Distributing Checks• Agencies Send Vendor Checks to Themselves
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FY2016 Vendor Payment Goals• Mandate EFT Vendors Payments• Link EFT Enrollment with Vendex Approval• Increase $3.50 Check Fee• Reduce/Eliminate Checks on Hold in FMS• Change Agency Self-Payments to ACH• Reduce Monthly Check Volume from 18,000 to
8,000 by FY2016 Year-End• Estimated Annual Savings of Approximately $850K
to $4.2 MM
TOPICS Agency Bank Accounts Revenues Expenditures Single Audit Capital Assets Accounting Lease Expense Lease Income Imprest Funds Inventory of Supplies Fiduciary Accounts
CLOSING INSTRUCTIONS WALK THROUGH
• Note: The Letters on the slides correspond to the appropriate sections in the Fiscal Year-End Closing Instructions
AGENCY BANK ACCOUNTS (SECTION A.) CONTACT: KATRINA STAUFFER 212-669-7861
New policies for the reconciliations of the Citywide Payments and Receivables Services (CPRS) accounts
Creation of FMS Bank Codes for CPRS Accounts Send Monthly CPRS Bank Reconciliations to the Banking Unit at
Submit items electronically by the stated deadlines Make changes legibly on the Active Bank Account report Supervisor must initial/sign each reconciliation FMS level 3 approvals should be applied to J2I documents prior to
submission to the Comptroller’s Office for review Open & Close accounts through Department of Finance Timely Responses to Audit Requests are imperative
GENERAL REMINDERS-REVENUE
Updated Revenue Monitors List: Page 37 Attach Supporting Documentation for FMS transactions FMS level 3 approvals should be applied to revenue
documents prior to requesting Comptroller’s Office approval
Review of “No Good” Checks Revenue Source 00845 Capital Fund Revenue should be monitored with the same
effort as the General Fund Revenue.
GENERAL FUND & CAPITAL FUND REVENUE (SECTIONS C., D., E.)CONTACT: AGENCY REVENUE MONITOR
Recording Grant Revenue Receivables For Both General and Capital Fund
Process FY 2015 revenue realizations in Month 13 NOT current Fiscal Year (FY 2016)
Prepare RE and URE with Record Date (6/30/15), FY (2015), BFY (2015) and Period 13 on the Header
When invoicing New York State use the RE document ID in the reference line so that when the funds come in they are not put into the miscellaneous holding code.
If Agency is expecting Funds: notify Revenue Monitor
REVENUE (SECTIONS C., D., E.) CONTINUEDCONTACT: AGENCY REVENUE MONITOR
Recording Cash Basis Revenue CRE’s prepared for monies received 6/30/15, prepare CRE in
Month 12 (July 1st - July 10th) Deposit date on CREs should be the date the money is
deposited in the bank A J2D is required for cash basis revenue received by June 30,
2015 but deposited July 1, 2015. Prepare the J2D in the current Fiscal Year (FY 2016).
REVENUE (SECTIONS C., D., E.) CONTINUEDCONTACT: AGENCY REVENUE MONITOR
Capital Fund Revenue Review Open Items reports distributed weekly Ensure Capital Fund expenditures and revenues are being
applied to the correct reporting categories Book Capital Fund accrual receivables UREs in FMS On September 4th Revenue Monitors will be distributing the
Audit Report of Outyear Realizations for verification of the Capital Fund receivables Status
GENERAL REMINDERS - ACCRUALS
All communications should be sent to the Accrued Expenditures email address [email protected]
Notify the Accrued Expenditures Unit via email immediately after uploading documentation to the file sharing portal FTP
The Accrued Expenditures Unit must be informed of revised spreadsheets as it affects the sample population.
The title of the revised spreadsheet should include the version number. For example, version 2, 3…
ACCRUALS (SECTIONS F.,G.,H.)CONTACT: I YAN FUNG 212-669-8020
Processing accrual documents in FMS Service from and to dates drive the generation of the two-sided
accrual and clearing documents in FMS Helpful accrual reports available on InfoAdvantage
MYACRL-001 Automated Multi Year Accrual Report PRQACC-004 Payment Requests With Service Dates in Prior FY AGOACR-001 Aged Open Multi Year Accrued Expense
Submit manual accrual documents August 24th through September 11th
ACL document IDs should end with the letter G
SINGLE AUDIT (SECTION I.)CONTACT: I YAN FUNG 212-669-8020
New federal guidance issued; Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards
Subrecipient information required Implementation of new Certification letter
New Policy regarding the certification of CFDA 97.036 expenditures FMS InfoAdvantage Report FEDAST-001 is available for review
Provide documentation for adjustments made to the Federal Report for your agency
Verify CFDA numbers, provide pass-through grantor information
October 15, 2015 is the deadline for the return of the FMS Accounting Report of Federal Awards, Subrecipient information, and Certification letter
CAPTIAL PROJECTS EXPENDITURE ACCRUALS (SECTION K.) CONTACT: MAN HON CHEUNG 212-669-3710
Payment Request processed during Period 12 Must be approved by July 10, 2015 Record Date: June 30, 2015 and Accounting Period 12
Payment Request processed during Fiscal Year 2016 using service from and to dates prior to June 30, 2015
Must be approved by September 4, 2015
CAPITAL ACCOUNTING RECORDS RECONCILIATION (SECTION L.)CONTACT: MAN HON CHEUNG 212-669-3710
The Capital Reconciliation Representation Certification must be submitted by July 17, 2015
Reconciliation items: Unencumbered balance for each Unit of Appropriation Contract Liability Reconciliation Capital Asset Inventory Reconciliation
Reports: CWA-CASINV-001 and CWA-CASINV-002
CAPITAL ASSETS CUTOFF DATESContact: Man Hon Cheung 212-669-3710
The last run of FAIR for FY2015 is on July 11, 2015
Pending Documents: The approvals should ideally be done by June 30, 2015; for documents other than FN’s and FM’s
Any pending or rejected documents (except FM or FN) that reference existing assets will cause those assets to NOT be depreciated or revaluatedThe mass depreciation and revaluation event is scheduled
on August 8, 2015
CAPITAL ASSETS ACCOUNTING (SECTION M.)CONTACT: MAN HON CHEUNG 212-669-3710
General Contract Information:
Requirements Contracts - $1 Capital registration are no longer being approved
Required Attachments: Certificate to Proceed (CP), Fixed Asset Waiver Letter, Itemized list
of Equipment
Contract Discrepancies: Detail Objects: Pollution Remediation Mixed Fund Contract Commodity Lines Response time to BOA Inquiries
CAPITAL ASSETS ACCOUNTING (SECTION M.) CONTINUED..CONTACT: MAN HON CHEUNG 212-669-3710
Fixed Asset Disposition (FD): Timeliness of large value Dispositions
Attachments (example: Demolition CP)
Fixed Asset Impairment (Dispositions and Asset Reductions) Directive 30
REQUIREMENTS AND UPDATES TO THE CAPITAL PROCESS
Condemnations Contacts: Capital Projects Fund mailbox-
[email protected] [email protected] [email protected] [email protected]
DEP FN Documents – [email protected]
End of Year Contract Procedures (FMS Bulletin)
FUTURE PROJECTS AND AGENCY INVOLVEMENT – STATUS UPDATE
2013 Deloitte - Management Letter Comment :
During the fiscal year 2013 audit, one selection was noted where an item from the current year building additions population was related to a capital asset that should have been reported as an addition in 1996. The asset had been misclassified as work-in-progress (“WIP”) and was not subject to depreciation.
2016 BOA – Capital InitiativeInfrastructure Fund – Merger:
Preliminary Infrastructure Discussions
LEASE EXPENSE (SECTION O).CONTACT: TAMMY TRUONG 212-669-8039 AND ADETUTU LONGE 212-669-4285
Report was sent via e-mail on June 2, 2015. Agencies must review the Lease Expense report for the following:
1-Missing leases 4-Landlord Name
2-Terminations 5-Expirations
3-Amendments 6-Minimum annual base rents and balances
Please pay special attention to the instructions on the top of the report.
The “Terminated” or “Inactive” check boxes should be marked if the lease was terminated or inactive in the current or past fiscal years.
LEASE EXPENSE (SECTION O) CONTINUEDCONTACT: TAMMY TRUONG 212-669-8039 AND ADETUTU LONGE 212-669-4285
The reviewed report along with documentation supporting all changes and corrections must be returned to the Fixed Assets and Capital Projects Division by July 6, 2015
Hardcopy submissions of the report must be signed and dated by the preparer
E-mail or fax submission is also permissible
LEASE INCOME (SECTION P.)CONTACT: KAREN BORNSTEIN-MOHR 212-669-8016
Lease Income Certification
Lease Income Certification instructions and form was e-mailed to your agency on May 29, 2015.
All Agencies must return the Lease Income certification form indicating the number of agreements held by the Agency no later than July 6, 2015.
This certification form is required even if the Agency has no agreements.
LEASE INCOME (SECTION P) CONTINUED
CONTACT: KAREN BORNSTEIN-MOHR 212-669-8016
Lease Income Report On June 2, 2015 Lease Income Report was emailed to your
agency. Supporting documentation MUST accompany all
modifications to existing leases. New leases MUST be accompanied by a copy of the full
lease. Each page of the report must be signed and dated by the
reviewer. July 13th : Return Lease Income Report
GOVERNMENTAL ACCOUNTING STANDARDS BOARD: LEASE ACCOUNTING PROPOSAL
GASB Preliminary Views on Leases – Statement 13 and 62 Affects both Lease Expense and Lease Income One Lease Model
No longer identifying Leases as Operating or Capital Exception for Short Term Leases – Less than 12 month
Estimated Time of Issuance- TBD
IMPREST FUNDS (SECTION B.)CONTACT: STEPHEN MESSING 212-669-8044
Submit Accountability Report via email to [email protected] by July 24th
No hardcopy will be accepted.Required attachments for Accountability Report;
please refer to checklist in the booklet J2I and PRR1’s documents submitted by the agency must
include your contact information and detailed description.No FY 2016 PRR1’s can be processed before Bureau of
Accountancy has approved your FY 2015 Accountability Report.
INVENTORY OF SUPPLIES (SECTION Q.)CONTACT: NATASHA WALKER 212-669-7405
Agencies must submit an inventory report as of June 30, 2015
Submit Inventory Report via email to [email protected] by July 13th
Cost of supplies and materials including stamps and postage meters
Based on physical count - NOT an estimate Inventory detail supported by documentation must be retained by Agencies
Two Inventory Systems are Allowed:
Periodic - Total count at June 30, 2015 Perpetual - Portions of inventory can be counted during the year
Agencies with less than $5,000 in Inventory valuation are not required to file a report. However, they must notify us via e-mail they did not meet the threshold to file.
Separate forms should be submitted for:
Capital Budget Inventory Expense Budget Inventory
FIDUCIARY ACCOUNTS (SECTION R.)CONTACT: ELVIS CLARKE 212-669-8034
Directive #27, Fiduciary Accounts-Procedures for Requesting, Controlling and Monitoring, is a Directive on the overall accountability, control, and reporting requirements for fiduciary accounts.
Agencies that maintain Fiduciary Accounts must submit the certification signed by the Agency head (or authorized designee) by August 14, 2015; This includes accounts with zero balances.
CLOSING REMARKS & QUESTIONS
Reminder - Importance of Critical Dates Closing Comments Questions can be addressed at the Inquiry Tables