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Procurement and Disbursement Guidelines

Bulletin Number: A-437 r1
Date Issued: 5/1/1998 Date Last Updated: 9/21/1999
Bulletin Name: Check Exchanges - Revised Form and Mailing Requirements
Revised Form:

Please begin using the attached, revised Report of Check Exchange form, AC1476 (Rev. 9/97). Replace Exhibit H in Volume XI, Section 7.0100 (page 14) of the Accounting User Procedure Manuals with a copy of the enclosed form, and make additional copies for your use or order forms from OSC. Since this form is substantially revised, please destroy any unused inventory.

 

Revised Mailing of Checks:

Occasionally checks are returned to the State because the amount of the check is excessive. In these cases, two exchange checks are produced - one payable to the payee for the amount due and the second to the Commissioner of Taxation and Finance for the amount of the overpayment. The latter check is then deposited into the NYS General Checking Account and a Refund of Appropriation Expenditure (AC1286) is processed.
In order to strengthen the internal controls over the handling of reissued checks and to reduce the special handling of checks that are produced through the exchange process, all future checks drawn on the Exchange Account will be mailed directly to the payee. Where applicable, these checks will be delivered to the Division of the Treasury with the Refund of Appropriation Expenditure (AC1286) document that the agency completes and submits with the Report of Check Exchange (AC1476). OSC will no longer return exchanged checks to the originating agency for mailing either to the payee or the Division of the Treasury.

 

Questions: Direct questions on this bulletin to the Revenue Processing Section (518) 474-4018.