Reply To: Managing and using cash reserves

Nancy D

    Thank goodness for organizations like Human Services Council, (for nonprofits), LiveOn NY (for aging network services) and United Neighborhood Houses (for settlement houses.) They are champions of the nonprofit sector. Both NYC and NYS are notoriously late payers on contracted services. Interestingly there are some contracts that do it right. We have one NYS contract that pays quarterly based on the previous quarter billing and it gets reconciled in the last quarter. Until this year they were giving us 40% up front as an advance until an agency went bankrupt and couldn’t pay back what they owed the state. Still getting paid each quarter is a blessing! I don’t think NYC or NYS will get it right on their contracts during my lifetime. But we have won a NYC “salary enhancements” (they won’t call it a COLA) and a NYS health care worker COLA.

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