Index

A

accelerated payment, 17, 41

acceptance, 17-18, 32-33, 51, 60

ACH. See Automated Clearing

House

ADA. See Antideficiency Act

Administrative Procedures Act, 11-12, 18

agency, 18

agency-specific payment rules, 10, 28

Agriculture Act of 1949, 13, 19, 93

Antideficiency Act (ADA), 82

applicability, Prompt Payment Act, 11-15

appropriations, 52, 58, 80-82

Assignment of Claims Act, 14

Automated Clearing House (ACH), 18, 22

B

banking information, 19, 36, 56-57, 84

banks, 14, 18-19, 23, 78, 87

C

calendar day, 20

CCC. See Commodity Credit

Corporation

CCC Charter Act of 1948, 13, 93

CG. See Comptroller General

Chief Financial Officers (CFO) Act, 28

commodities, 37, 55, 60, 64-66, 73-74

Commodity Credit Corporation

(CCC), 13, 93

Comprehensive Environmental

Response, Compensation, and

Liability Act of 1980, 42

Comptroller General (CG), 92

construction contracts, 94-97

constructive acceptance, 33, 60, 97

contract, 19

Contract Disputes Act of 1978, 4, 18, 83, 86-87, 93

contract financing payments, 19

contracting office, 20

contractor, 20

current value of funds rate (CVFR), 46-48

D

Dairy Product Stabilization Act of 1983, 66

date of receipt

definition, 67-68

determining, 68-69

examples, 69-72

Debt Collection Improvement Act, 56

defective invoices, 37, 73

delivery tickets, 20, 59

designated agency office, 20

discount

date, 21

due dates, 65

economically justified, 46

interest penalty, 83

lost, 50

period, 21, 37, 45, 48–49

rate, 45

rebates, 51-52

taken late, 51

threshold, 49

disputed line items, 92

documentation

delivery tickets, 59

evaluated receipts, 59

identifying defects, 58

incomplete contracts, 55-56

interest payments, 55-56

modifications, 56-57

proper, 58

receiving reports, 59-60

supporting invoices, 55-56

DoD Appropriations Act, 53

due dates

accelerated payment methods, 65

calculating, 63-67

commodities, 65-66

defective invoice, 73

discounts, 65

Fast Payment contracts, 65

holidays and weekends, 74-75

importance of, 21, 37-38

improper invoice, 73

proof of acceptance, 64

specified, 64

E

early payments, 5-6, 38, 41-43

EDI. See electronic data interchange

effective annual interest rate (EAIR), 46-47

EFT. See electronic funds transfer

EIN. See Employee Identification

Number

Electronic Code of Federal

Regulations, 9

electronic commerce, 21

electronic data interchange (EDI), 21-22

electronic funds transfer (EFT), 19, 21-22

emergency payment, 22

Employee Identification Number

(EIN), 24

evaluated receipts, 22, 59

F

Fast Payment, 22, 65

Federal Acquisition Regulation

(FAR), 2, 22-23

Federal Managers Financial Integrity

Act (FMFIA), 27

Federal Reports Elimination Act of 1998, 28

Final Rule on Prompt Payment

agency-specific payment rules, 10

Circular A-125, 9

codification of, 9

importance of, 2-3, 7

Financial Management Service

(FMS), 99

Fish and Seafood Promotion Act of 1986, 55, 66

FMFIA. See Federal Managers

Financial Integrity Act

FMS. See Financial Management

Service

foreign governments, 13

G

General Accountability Office

(GAO), 3

General Services Administration

(GSA), 92

Government Printing Office (GPO), 9

governmentwide commercial

purchase cards, 23, 91-92

GPO. See Government Printing

Office

grants

assistance, 97

interest penalty, 87-88

money, 14

GSA. See General Services

Administration

H

history, Prompt Payment Act, 3-7

I

improper invoice, 73

inquiries, 99-100

interest payments, 4, 94-96

interest penalty

accrual, 82-83

additional, 85

anticipated, 82

applicability, 87

appropriations, 80-81

bank delays, 78

calculating, 78, 79, 88-89

consolidated invoices, 86

definition, 77

determining payment date, 78

discounts, 83

failure to pay, 85

failure to receive payment, 78-79

grant recipients, 87-88

interest rates, 79-80

lack of funds, 84

late payments, 77

minimum threshold, 83

notice, 84

old invoices, 82

rejected EFT payments, 84

selling versus acquiring goods, 13

timing, 84

underestimating, 82

underpaid, 86-87

utility payments, 86

interest rates, 99

invoices

definition, 23

low-dollar, 41

proper versus improper, 35-37, 57

received date, 31-35

L

late payments, impact, 5

laws, codification of Prompt Payment

Act, 6-7

local governments, 13

M

major provisions, Prompt Payment

Act, 7

military members, payments to, 15

Miscellaneous Receipts Statute, 95

N

Net 30, 45

no-interest rule, 4

not-for-profit organizations, 14

O

Office of Federal Procurement Policy, 6

Office of Management and Budget

(OMB), 3, 6

Office of Small and Disadvantaged

Business Utilization, 100

opportunity cost, 5

P

Packers and Stockyards Act of 1921, 55, 66

partial deliveries, 38

pay and confirm, 43

payees, 13-15

payment date, 23, 74

Perishable Agricultural

Commodities Act of 1930, 55, 66

proof of acceptance, 60

proper invoice, 35-36

Q

quantum meruit principle, 12

R

rebates, 24, 51-53

receipt, 17-18

receiving office, 24

receiving reports, 24, 59-60

recurring payments, 24

reporting requirements, 28

Robert T. Stafford Disaster Relief Act

and Emergency Assistance, 42

S

settlement date, 24

seven-day rule, 37

sovereign immunity, 4

state governments, 13

T

Taxpayer Identification Number

(TIN), 24, 35, 57

time value of money, 5

Treasury Financial Manual, 49

T

United States Postal Service (USPS), 11

utilities, 12, 25, 86

V

vendors, 20, 25

W

Working Capital Fund, 81