N.Y. Comp. Codes R. & Regs. tit. 9 § 1646-5.7

Current through Register Vol. 46, No. 25, June 18, 2024

Section 1646-5.7 - Final payments

(a) Before making any final payment on a contract included in the scope of this Subpart, the local agency shall submit for division approval its recommendation for the release of such final payment along with the following documents [see Exhibits 18 through 20 of Appendix S-11]:

Final Certificate of Completion (form DH-64389A) 4 copies Certificate and Release (forms DH-64398B) 2 copies Final Statement of Account (form DH-64398C) 1 copy

(b) The certificate and release must be prepared by the contractor. The final certificate of completion and final statement of account are prepared by the local agency. The written approval of the State's construction adviser to the final certificate of completion shall be obtained by the local agency prior to transmittal to the division, but no payment shall be made until the final certificate of completion is returned by the division with the signature of the commissioner or his authorized representative thereon.

(c) The accounts payable voucher for a final payment shall be supported by the final certificate of completion approved by the commissioner, the certificate and release, and the final statement of account, together with the division's letter transmitting the approved documents. The accounting entry, as reflected in the accounts payable voucher for a typical case, would be:

Debit: Account 1460.2, Plumbing $15,000.00

Debit: Account 2112, Contract Retentions 8,500.00

Credit: Account 1111, Development Fund $23,500.00

Debit: Account 2400, Contract Awards $15,000.00

Credit: Account 1500, Incompleted Contracts $15,000.00

N.Y. Comp. Codes R. & Regs. Tit. 9 § 1646-5.7