Question 1

What is a Fiscal Agent?

Accepted Answer

A Fiscal Agent is an organization authorized by DYCD to manage the financial administration of your contract. Instead of receiving reimbursement payments directly from DYCD, your Fiscal Agent manages payments and financial reporting on your behalf.

Question 2

Who is required to use a Fiscal Agent?

Accepted Answer

Providers may use Fiscal Agent services in three ways: certain City Council discretionary contracts are assigned to a Fiscal Agent, organizations may voluntarily choose Fiscal Agent services, or DYCD may require it.

Question 3

Will our organization receive payments directly from DYCD?

Accepted Answer

No. When your contract is managed through a Fiscal Agent, DYCD funds are administered through the Fiscal Agent. YMS processes approved payments directly to employees, vendors, consultants, and subcontractors.

Question 4

What services does YMS provide?

Accepted Answer

YMS provides comprehensive fiscal management services, including budget monitoring, accounts payable, payroll processing, employment tax filings, vendor and subcontractor payments, and expense reimbursement.

Question 5

How do we submit expenses for payment or reimbursement?

Accepted Answer

Submit invoices, payroll information, payment requests, or reimbursement requests to YMS along with all required supporting documentation. For expenses your organization has already paid, include proof of payment.

Question 6

How long does payment or reimbursement processing take?

Accepted Answer

Processing time depends on the completeness of the submission, required approvals, available funding, and DYCD requirements. Requests with complete documentation are processed more quickly.

Question 7

What happens if we need to move money between budget categories?

Accepted Answer

Budget changes require DYCD approval. YMS assists providers by reviewing proposed changes, preparing supporting documentation, and helping submit budget modifications.

DYCD Fiscal Agent Services for CBOs

The process at a glance.

1. Award

Your DYCD contract and budget are approved.

4. Pay / Reimburse

YMS pays approved expenses or reimburses your organization for eligible costs already paid.

2. Submit

Send YMS payroll, invoices, or payment requests with documentation.

5. Report

YMS monitors your budget and submits required financial reports to DYCD.

3. Review

YMS verifies compliance, documentation, and available funding.

Fiscal Agent FAQs