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Below you will find information for setting up and paying an independent contractor. Please note that the process will vary based on the total amount the independent contractor will be paid in a fiscal year. 

It is critical that you follow the process based on the total amount for the fiscal year and not just the amount for a specific project. 

Based on the total amount for the fiscal year, please select the applicable range below for the specific steps to follow. 

1. Total services of $1,000 or less for the fiscal year

2. Total services of $1,000.01 - $6,500 for the fiscal year

3. Total services of $6,500.01 or more for the fiscal year 

 

Total services of $1,000 or less for the fiscal year

Before You Begin: This is a reminder that the below process is solely for independent contractors receiving a TOTAL of $1,000 or less in a Fiscal Year [September 1st - August 31st].

Documents needed to complete this process:

  • Quote from Independent Contractor on Company Letterhead 

Step 1: On-boarding of Independent Contractor in i-BUY

  • Independent contractors MUST be on-boarded in i-BUY before proceeding to the below steps.

Step 2: Obtaining a Quote

  • The independent contractor must provide a quote describing their services and the total dollar amount for the service BEFORE the work is performed. 

Step 3: PO Creation

Step 4: The work is completed

  • The independent contractor completes the work. 

Step 5: Invoicing 

  • The independent contractor will invoice NYU when the work is completed in accordance with the quote. 

Step 6: Payment

  • The non-catalog PO number for the services must be added to the top of the independent contractor`s invoice and sent to nyuinvoices@nyu.edu in order to begin the invoice payment process.  
  • In 48 to 72 hours, a voucher will be generated by the i-BUY system against the PO in the amount of the invoice and paid by Accounts Payable in accordance with NYU`s Payment Terms. 
  • Please reference the Managing Invoices Guidelines in order to determine the invoice payment status. 

IMPORTANT: 

  • The independent contractor will be deactivated in iBUY after the PO is completely paid out.
  • You are NOT allowed to submit change orders to increase the value of these non-catalog order POs in excess of $1,000 for the current Fiscal Year. 
  • Should you desire to use the same independent contractor the following Fiscal Year, please email Steinhardt.finance@nyu.edu and the team will reactivate the independent contractor in i-BUY.

Total services of $1,000.01 - $6,500 for the fiscal year

Before You Begin: This is a reminder that the below process is solely for independent contractors receiving a TOTAL of $1,000.01 - $6,500 in a fiscal year [September 1 - August 31st].

Documents needed to complete this process:

Step 1: On-boarding of Independent Contractor in i-BUY

  • Independent contractor MUST be on-boarded in i-BUY before proceeding to the below steps. 

Step 2: Filling out the Independent Contractor Agreement

  • Once the vendor is on-boarded in iBUY, please complete the University`s Master Independent Contractor Agreement unless the Contracts Office, Procurement, or the Office of General Counsel expressly approves the use of another agreement. 

IMPORTANT:

  • The completed Master Independent Contractor Agreement MUST NOT be signed by either party. 
  • NYU Steinhardt`s Fiscal Officer, Danielle Holley, MUST be listed as the signatory for New York University on the Master Independent Contractor Agreement (including the Statement of Work Section)

*For Research [Fund 24 & Fund 25]

  • The completed Master Independent Contractor Agreement MUST be uploaded to Steinhardt Research Independent Contractor Approval Form for review and approval by Steinhardt`s Research Team. 
  • Once you receive the signed Independent Contractor Approval Form from Steinhardt Research, please proceed to the next step. 

Step 3: Insurance Compliance

Independent Contractors Receiving Insurance Waivers 

  • If the independent contractor does not require insurance, in accordance with the Independent Contractor Insurance Matrix, please complete the Insurance Waiver Request Form in its entirety and email the form along with a copy of the master independent contractor agreement and the statement of work (SOW) to insurancecontractreview@nyu.edu using the following email template:

Hi Risk Management Team,

In accordance with the independent contractor insurance matrix, I`m requesting a waiver for [Enter name of Independent Contractor] who is an independent contractor providing [Enter type of service] service from [Enter contract start date] to [Enter contract end date] and is identified as [Enter subcategory from the matrix] subcategory on the independent contractor insurance matrix. The vendors name is [Enter independent contractor name in i-BUY] and the supplier ID is [Enter supplier ID for independent contractor from i-BUY]. 

IMPORTANT:

  • Please answer "Yes" to the question on the Insurance Waiver Request Form regarding whether the financial officer of your department has been informed that you are requesting a waiver for this vendor/supplier, if you have received the signed Independent Contractor Approval Form from Steinhardt Research. 
  • Risk Management will return a copy of the master independent contractor agreement to you with the insurance language removed, if a waiver is granted. 
  • If a waiver is granted, Risk Management will remove the Ebix insurance requirement in i-BUY until the contract end date. The independent contractor will not receive Ebix communications.
  • After the contract end date, the independent contractor will be deactivated in i-BUY and Ebix. Should you desire to use the same independent contractor the following Fiscal Year, please email Steinhardt.finance@nyu.edu and we will reactivate the independent contractor in i-BUY but they will need to granted another insurance waiver. 
  • If a contract amendment is processed to increase the dollar value of a contract which received an insurance waiver by Risk Management to exceed the total contract amount of $6,500 in a Fiscal Year, Risk Management will reactivate the Ebix requirement and Accounts Payable will not process any new payments without proof of insurance. 

Independent Contractors That Require Insurance

  • If the independent contractor DOES require insurance, in accordance with the insurance matrix, the independent contractor must provide proof of the required insurance in the amount listed on the insurance matrix. The insurance certificate must be sent to insurance.vendor.cert@nyu.edu. 
  • Once the insurance certificate is provided to insurance.vendor.cert@nyu.edu and is verified, the Ebix communications will be turned off and you may proceed to the next step. 

Step 4: Contract Creation via Total Contract Manager (TCM) in iBUY

  • Please follow the instructions on the TCM Contract Requester Tip Sheet in order to access TCM and upload the master independent contractor agreement for review and signing. 

IMPORTANT: 

  • You MUST upload the unsigned Microsoft Word copy of the master independent contractor agreement. If a waiver was granted, you MUST instead upload the copy of the Master Independent Contractor Agreement that was edited by Risk Management. 

*For Research [Fund 24 & Fund 25]

  • You MUST upload the unsigned Microsoft Word copy of the master independent contractor agreement. If a waiver was granted, you MUST instead upload the copy of the Master Independent Contractor Agreement that was edited by Risk Management. 
  • You MUST also upload the signed Independent Contractor Approval Form from Steinhardt Research. 

After you upload the required documents,  the master independent contractor agreement will be reviewed and signed in TCM. You will receive a notification that the contract was signed by all parties and is now complete. Once notified, you may proceed to the next step. 

Step 5: PO Creation

  • The signed master independent contractor agreement MUST be downloaded from TCM and used to create a Standing Order that covers the agreement period in the current Fiscal Year. 

For example, if I have an independent contractor agreement that starts on June 12, 2020 and ends on November 9, 2020 that states that the independent contractor is receiving $6,500 in FY20 and another $6,500 in FY21. Then I must setup a Standing Order to cover FY20 [June 12, 2020 to August 31st, 2020] now and in late august, reach out to steinhardt.finance@nyu.edu to make sure the vendor is reactivated in i-BUY for the remainder of the agreement in FY21 [September 1, 2020 to November 9, 2020] for $6,500. 

  • The standing order MUST be established BEFORE the independent contractor begins the work. 

Step 6: Invoicing 

  • The independent contractor will invoice NYU in accordance with the invoicing terms in the independent contractor agreement. 

Step 7: Payment

  • The standing order PO number MUST be added to the top of the independent contractor`s invoice and sent to nyuinvoices@nyu.edu in order to begin the invoice payment process.  
  • In 48 to 72 hours, a voucher will be generated by the i-BUY system against the PO in the amount of the invoice and paid by Accounts Payable in accordance with NYU`s Payment Terms. 
  • Please reference the Managing Invoices Guidelines in order to determine the invoice payment status. 

Total services of $6,500.01 or more for the fiscal year 

Before You Begin: This is a reminder that the below process is solely for independent contractors receiving a TOTAL of more than $6,500 in a fiscal year [September 1 - August 31st].

Documents needed to complete this process:

Step 1: On-boarding of Independent Contractor in i-BUY

  • Independent contractor MUST be on-boarded in i-BUY before proceeding to the below steps. 
  • The independent contractor MUST provide proof of insurance during the on-boarding process regardless of the type of services and/or the location of where the services will be rendered. This will be checked during the review process outlined in Step 3. 

Step 2: Filling out the Independent Contractor Agreement

  • Once the vendor is on-boarded in iBUY, please complete the University`s Master Independent Contractor Agreement unless the Contracts Office, Procurement, or the Office of General Counsel expressly approves the use of another agreement. 

IMPORTANT:

  • The completed Master Independent Contractor Agreement MUST NOT be signed by either party. 
  • NYU Steinhardt`s Fiscal Officer, Danielle Holley, MUST be listed as the signatory for New York University on the Master Independent Contractor Agreement (including the Statement of Work Section)

*For Research [Fund 24 & Fund 25]

  • The completed Master Independent Contractor Agreement MUST be uploaded to Steinhardt Research Independent Contractor Approval Form for review and approval by Steinhardt`s Research Team. 
  • Once you receive the signed Independent Contractor Approval Form from Steinhardt Research, please proceed to the next step. 

Step 3: Contract Creation via Total Contract Manager (TCM) in iBUY

  • Please follow the instructions on the TCM Contract Requester Tip Sheet in order to access TCM and upload the master independent contractor agreement for review and signing. 

IMPORTANT: 

  • You MUST upload the unsigned Microsoft Word copy of the master independent contractor agreement. 

*For Research [Fund 24 & Fund 25]

  • You MUST upload the unsigned Microsoft Word copy of the master independent contractor agreement.
  • You MUST also upload the signed Independent Contractor Approval Form from Steinhardt Research. 

After you upload the required documents,  the master independent contractor agreement will be reviewed and signed in TCM. You will receive a notification that the contract was signed by all parties and is now complete. Once notified, you may proceed to the next step.  

Step 4: PO Creation

  • The signed master independent contractor agreement MUST be downloaded from TCM and used to create a Standing Order that covers the agreement period in the current Fiscal Year. 

For example, if I have an independent contractor agreement that starts on June 12, 2020 and ends on November 9, 2020 that states that the independent contractor is receiving $15,000 in FY20 and another $15,000 in FY21. Then I must setup a Standing Order to cover FY20 [June 12, 2020 to August 31st, 2020] now and in late august, create a new PO for FY21 to cover the remainder of the agreement [September 1, 2020 to November 9, 2020] for $15,000. 

  • The standing order MUST be established BEFORE the independent contractor begins the work. 

Step 5: Invoicing 

  • The independent contractor will invoice NYU in accordance with the invoicing terms in the independent contractor agreement. 

Step 6: Payment

  • The standing order PO number MUST be added to the top of the independent contractor`s invoice and sent to nyuinvoices@nyu.edu in order to begin the invoice payment process.  
  • In 48 to 72 hours, a voucher will be generated by the i-BUY system against the PO in the amount of the invoice and paid by Accounts Payable in accordance with NYU`s Payment Terms. 
  • Please reference the Managing Invoices Guidelines in order to determine the invoice payment status.