Common use of Payment Types Clause in Contracts

Payment Types. The State shall categorize all Federal-aid participating expenditures recorded in the NYSDOT Integrated Accounting System into three payment types: 1) Construction and Consultant Contracts and Regular Vouchers, 2) Payroll, and 3) Reallocated Costs, Indirect Costs, Leave and Fringe Benefits. The State shall calculate the percentage of total Federal-aid expenditures for each payment type (PT%), after excluding Reallocated Costs, Indirect Costs, Leave and Fringe Benefits. Composite Pre-Disbursement Days. For each payment type, the State shall calculate the average number of days between the date expenditures are recorded in the Statewide Financial System (SFS) and the date checks are issued (pre-disbursement days) by comparing the date of each expenditure transaction with the related check issue date. The State shall dollar-weight the pre-disbursement days by multiplying the pre-disbursement days by the PT% for each payment type. The State shall add the products for each payment type to arrive at the composite pre-disbursement days. (Not applicable to Reallocated Costs, Indirect Costs, Leave and Fringe Benefits.)