Incremental Economic Benefits Reporting

Sellers of Tier 1 projects awarded since 2017 must submit a report prepared by a New York State independent certified public accountant (CPA), generally within one hundred twenty (120) days of the third anniversary of the commencement of the Contract Delivery Term, demonstrating the actual Incremental Economic Benefits that resulted from the construction and operation of the Bid Facility. To fulfill this requirement, Seller’s independent CPA is required to prepare an "agreed upon procedures" report in accordance with the procedures outlined in the Incremental Economic Benefits Reporting Standards and Agreed Upon Procedures Report released with the applicable RFP. 

The reporting standards serve as a requirements document to guide the independent review, allowing CPAs to understand the process they are asked to perform. The reporting standards also define valid expense claims, and standardize submission and documentation processes and best practices. The economic benefits report provides a verification of the incremental economic benefits created by the Bid Facility under the categories and within the eligibility requirements listed in the applicable RFP. The economic benefits report is funded at Seller’s expense.

Where a revised guidance document is available, Seller may choose to follow the original guidance or the revised guidance.

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