Finance

NYS' $100M program to publicly finance campaigns prompts an emergency fix

Published

2 years ago

July 6, 2024

NYS' 0M program to publicly finance campaigns prompts an emergency fix

ALBANY — New York State has issued an emergency order to better verify contributors to campaigns before the state matches cash contributions under the new public campaign financing program.

The order was made two days after the June primary and in the midst of the program’s biggest rollout leading to the November legislative elections. It followed a media report that claimed the system was abused by an Assembly candidate who secured nearly $163,000 in taxpayer funds under the program, some of it with cash donations without a way to verify or contact the contributor.

The emergency amendment approved by the New York State Public Campaign Finance Board on June 27 requires that “contribution cards” that were already required for cash donations must include a phone number or email address so contributors can be verified.

The State Legislature created the program to limit the influence of wealthy donors. This election year, the first major use of the program, has drawn 316 candidates vying for 213 state legislative races. They have qualified to receive part of $100 million in state-funded matches to encourage small donations, $5 to $250, from individuals.

WHAT TO KNOW

The state has issued an emergency order to better verify contributors to campaigns before the state matches cash contri butions under the new public campaign financing program.
The amendment, which came after a media report of abuse of the system, requires that “contribution cards” for cash donations include a phone number or email address so contributors can be verified.
This election year is the first major use of the program and has drawn 316 candidates vying for 213 state legislative races. They have qualified to receive part of $100 million in state-funded matches.

The response to the program by challengers and incumbents has exceeded the predictions of even the program’s most ardent supporters, but hasn’t come without problems.

The amendment came after The New York Times reported on fundraising by Assembly candidate Dao Yin in the June 25 primary. The Times said the Queens Democrat used “fake donations and forged signatures” in a campaign that received almost $163,000 in taxpayer money under the new public finance system.

Yin denied he faked contributions. “Everything we say is distorted” in the news media, Yin told Newsday.

In a written statement, he said his campaign workers “adhered to all the necessary procedures to meet the matching funds requirements. In the event of any inadvertent errors, they are actively collaborating with the New York State Public Campaign Finance Board to rectify them.”

The amendment resolution approved by the campaign finance board said, “Mandating that the contributor’s phone number or email address be provided on a contribution card would greatly assist in the audit and process of contributions in order to pay matchable funds, but are not currently required to be provided.”

“The matching claim would be denied until that information is supplied,” said William J. McCann, co-program manager of the public campaign finance unit, at the June 27 meeting.

The amendment also ends the use of “good-faith letters” that campaigns can attach to donations with too little information to verify the identity of the contributor. Campaigns could provide the letter to say they tried but failed to get the information. Before the amendment, that could have allowed a campaign to receive a matching fund from the state.

“The implementation of the policy of accepting good-faith letters was not a regulation, but rather adopted during program development by bipartisan staff,” said Kathleen McGrath, spokeswoman for the state Board of Elections. “The good-faith letters were to capture a phone number or email address of a cash contributor if not included on the associated contribution card. These data points were not required to be submitted by a committee under the statute for public funds matching, but were an effort by the [state Public Campaign Finance Board] to go above and beyond in auditing submissions. “

With the amendment, “The policy of accepting good-faith letters has been rendered moot,” McGrath said.

The state Board of Elections didn’t immediately release data on the number of letters of good faith that have been accepted. Newsday has requested the data under the Freedom of Information Law.

Two other complaints were handled this year as part of the public campaign financing program, according to Public Campaign Finance Board records.

In April, the board received a complaint that Democrat Gabi Madden’s campaign violated state election law by using a prohibited “game of chance” as a fundraiser in her unsuccessful race to represent parts of Dutchess and Ulster counties in the Assembly. In June, the board dismissed the case without further enforcement action after the campaign refunded the contributions.

In May, the board investigated a complaint that Madden’s campaign failed to report expenditures or in-kind contributions for use of the campaign office. In June, the board dismissed the case without further enforcement action after the campaign amended its required financial disclosures.

At the same June 27 meeting in which the state Public Campaign Finance Board approved the emergency amendment, the board also authorized a referral to law enforcement in another case without saying who or which campaign was the subject of the referral.

McGrath wouldn’t comment.

Board vice chairman Brian Kolb, a Republican who when he served in the Assembly opposed public financing of campaigns, defended the rollout.

“We have a very solid process in place,” Kolb told Newsday. “With any new program, you might find some things that we probably should do a little bit differently … but if there are any issues, we fix them and that’s the whole approach.”

Blair Horner of the New York Public Interest Research Group, which supported public financing of campaigns, said “it’s not surprising there are hiccups the first time through.”

He said the Legislature should review this first year’s performance to determine if any changes are needed to improve accountable and thwart “people who are looking to game the system.”

Michael Gormley has worked for Newsday since 2013, covering state government, politics and issues. He has covered Albany since 2001.

Related Topics:Government local elections NY state legislature State and local legislation

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Finance

How Applied Materials Is Driving Transformation of the Finance Function with SAP Taulia

Published

11 hours ago

June 4, 2026

Press Room

How Applied Materials Is Driving Transformation of the Finance Function with SAP Taulia

Within the global manufacturing industry, maintaining a competitive edge requires a delicate balance between driving internal efficiency and fostering strong external relationships. For Applied Materials, a leader in materials engineering solutions for the semiconductor industry, this challenge became the foundation for a strategic finance transformation program, with an SAP Taulia solution emerging as a key enabler.

The journey began in early 2019 with the launch of Agile Finance, an end-to-end transformation initiative designed to support the company’s aggressive growth trajectory, which included a goal to double in size. The initiative was built around three strategic pillars: enhancing the efficiency and effectiveness of the finance organization, promoting career fulfillment, and establishing a robust digital operating model. The impact was significant, with the finance function achieving approximately 35% productivity gains in its labor force.

The third pillar—the move to a digital operating model—is where the partnership with SAP Taulia began.

“The SAP Taulia Dynamic Discounting solution was introduced not merely as a cost-cutting measure, but as a strategic tool to transform and digitize the interaction with Applied’s extensive, global supplier base,” Junaid Ahmed, corporate VP, Finance at Applied Materials, says. “We understood that to reap the benefits of digitization, we had to ensure the suppliers were on board. It needed to be a win-win outcome.”

Unprecedented flexibility for suppliers

The program empowers suppliers—thousands of them worldwide—to self-select which approved invoices they wish to discount for early payment. This is not a continuous, all-or-nothing commitment but rather a decision made on an invoice-by-invoice basis. This flexibility allows suppliers to manage their working capital needs with greater precision, taking advantage of early payment during their own critical periods, such as quarter-end or year-end, to help meet their own financial targets.

The system also drastically improves transactional efficiency. Suppliers no longer have to call Applied to track invoice status, approval, or payment date. All this information is available 24/7 in the SAP Taulia solution, reducing resource allocation on both sides and ensuring both reap the benefits of moving to an integrated, digital system.

Strategic benefits for Applied Materials

For Applied, the program is a testament to its focus on balancing efficiency with strong supplier relationships. The philosophy is a “win-win” built on a crucial spread: Applied Materials, as a Fortune 500 company with strong cash flow, has a significantly lower cost of capital than many of its suppliers. By funding the discounts, Applied captures a return—the discount income—while offering its suppliers funding at a rate close to their cost of capital, but with greater convenience.

This relationship-focused approach is critical. Applied’s supplier account managers actively support the program because they recognize its mutual benefit, not viewing it as a finance mandate to push costs onto the supply base.

Furthermore, the “dynamic” nature of the discount rates is a powerful risk mitigation tool. Unlike fixed contractual discounts, the rates can be adjusted in response to global economic changes, such as shifts in interest rates. When interest rates rose after the pandemic, Applied was able to adjust the discount rates accordingly with minimal pushback, as the core proposition remains the valuable spread between the parties’ cost of capital.

The SAP Taulia Dynamic Discounting solution has been rolled out globally, giving all suppliers the opportunity to use it. This has been critical over the last 12 months as many businesses around the globe have been subject to new and often unexpected tariff costs impacting their margin and their liquidity.

“The flexibility of the solution means suppliers can access funds when they need them, which helps them navigate some of the economic uncertainty that many businesses are facing,” Dirk Holoubek, managing director, Finance Shared Services, explains. “2025 saw a 23% increase in usage of the discounts, reflecting the pressures that suppliers are feeling right now on their cash flow.”

The solution’s capability to drive sophisticated analytics is also a major strategic asset. It helps provide insights into the different costs of capital between Applied and its supplier base. This data allows for targeted outreach and communication, ensuring that the offer of capital support is proactively extended to the suppliers that need it most.

The strategic value of the solution is further cemented by its ownership. The acquisition of Taulia by SAP brings several advantages.

“Trust is really important to both us and our suppliers,” Ahmed says. “For our suppliers to adopt a new solution, they need to know its technology they can rely on in the long term. Being part of SAP creates that assurance in the long-term future of the program.”

Looking forward, Applied Materials is already focused on the next stage of the transformation project: Agile Finance 3.0, which is focused on enabling the organization to become AI-first. The company is deploying a global, organization-wide AI assistant to drive personal productivity, but the strategic application of AI in the supplier management space is even more profound.

AI is expected to transform decision-making enablement by analyzing critical information and communicating effective options. In the future, AI will be able to proactively assess the specific needs and attributes of the supplier base, enabling Applied to address issues more quickly and resolve them earlier. The benefits are already tangible in e-invoicing: AI has made the solution more flexible and “human-like,” capable of reading minor changes in invoice format that would have previously caused electronic errors. This reduced rigidity and increased flexibility are directly contributing to the overall efficiency of the digital operating model.

By leveraging the SAP Taulia Dynamic Discounting solution, Applied Materials has not only digitized a process but also strategically transformed its financial operations, creating a system that is agile, resilient, and focused on maintaining mutually beneficial relationships with its global supplier ecosystem.

Cedric Bru is CEO of SAP Taulia.

Finance

Houston budget amendment would give financial assistance to help those impacted by a trash fee

Published

22 hours ago

June 3, 2026

Press Room

Houston budget amendment would give financial assistance to help those impacted by a trash fee

HOUSTON, Texas (KTRK) — Houston City Council could soon consider whether to offer financial assistance to help those who may struggle to afford a proposed trash fee.

This month, council will approve a budget. In it, Mayor John Whitmire doesn’t increase taxes.

However, he does want to charge a $5 monthly fee to cover trash services. A plan to help close the city’s nearly $200 million deficit that doesn’t add up to some.

Speaking in front of council on Wednesday, Super Neighborhood 64 president Lindsay Williams brought more than concerns, she had numbers surrounding the mayor’s proposed $5 monthly trash fee.

A plan his team says could climb to $25 a month by 2032. If it does, Williams told council that $300 annual cost would be just .15% of a $200,000 income.

For someone making $15,000, it’s two percent. “More than 13 times the burden for the same trash, same truck and same fee, but not the same pay,” Williams explained.

However, Controller Chris Hollins said the mayor’s not being truthful about the real cost.

“Houstonians are not stupid,” Hollins said. “We should not treat Houstonians like they’re stupid.”

Hollins said the cost may need to be $40 a month. Whitmire didn’t respond to Hollins during the meeting when he asked if he plans to increase the fee.

No matter the cost, some council members want to offer financial relief. Right now, there are no exceptions.

However, an amendment council will consider from Council Member Alejandra Salinas next week would change that.

“If they for whatever reason met the threshold and need an additional need because of the administrative fee, our amendment would allow them to apply for funds through the water fund,” Salinas said.

The trash fee wasn’t the only item from the mayor’s seven and a half billion dollar budget proposal that sparked debate. Hollins said a plan to divert money away from water utilities could drain a billion over the next five years from infrastructure money.

Whitmire disagrees saying there’s more than enough funds to handle the change, and continue with projects.

“We’ve all admitted the budget’s not perfect, but certainly it’s a first start that Houstonians understand and it’s a shame it’s being so politicized because it’s literally people’s lives and death,” Whitmire said.

Council will vote on amendments next week. It has to have a new budget in place by the end of the month.

Finance

How can I illustrate our financial position to a spouse who shows little interest?

Published

1 day ago

June 3, 2026

Press Room

How can I illustrate our financial position to a spouse who shows little interest?

Reader question: My spouse has little interest in our financial position. As we age, this concerns me. I try to share some basic information (income, spending, account balances, debt, and so on) each month but rarely get a response. I think graphs or charts might be of more interest to her than a bunch of numbers. What recommendations would you have for illustrating our financial position so that I am not the only person aware of how we are situated? Thanks!

Answer: Your situation is pretty common. Most couples I know develop a division of labor over time, where one person is in charge of financial matters and the other person is less involved. That’s definitely the case for my husband and me. He’s in charge of paying all the monthly bills and preparing our tax returns, but the financial planning and investment decisions are up to me. This type of arrangement might work well for a long time, but can become less sustainable with age, particularly if the “finance person” in the relationship dies or develops a major health issue.

Online tools and mind maps

Illustrating your financial situation with charts and graphs is a great idea that might help your spouse become a little more involved. Morningstar’s  Portfolio X-Ray  tool includes a variety of images that help illustrate your financial situation. Websites for most major brokerage firms also include some visual tools. Schwab, for example, offers a Portfolio Checkup and a bar graph illustrating your account’s monthly income from dividends and interest income. Vanguard has a Portfolio Watch tool and a variety of performance illustrations, tools, and calculators.

A  mind map, which we used with clients when I worked for a financial advisory firm, can be another way to picture your entire financial situation on one page. There are various  softwaretemplates  for drawing a mind map, or you can simply sketch it out with a large sheet of paper and a pencil. Start with your names at the center of the page. Then draw spokes connecting to various categories, such as names of other family members; investment accounts; real estate and other assets, insurance policies, estate plans, key goals and values, and contact information for accountants, estate planners, and other professionals. It can be helpful to go through the mind map together and make any updates needed at least once a year.

Other ways to communicate about money

A few other ideas—though not related to charts and graphs—might also be useful.

I like the idea of putting together a  net worth statement  that itemizes cash, taxable accounts, real estate, retirement accounts, and debt for each member of the couple as well as items owned jointly. It’s a good idea to update this document at least once a year and  discuss it as a couple. If you set up the document as a spreadsheet, you can include columns with additional information such as account numbers, what each account is used for, which accounts are subject to required minimum distributions, or tax issues like potential capital gains.

Many couples also put together a  binder  (sometimes humorously called a “Doomsday Book”) that contains information about where to find important paperwork, insurance policies, how bills are paid, what each account is for, steps the surviving spouse will need to take, final wishes, and any other critical information.

A well-qualified financial adviser can bridge the information gap

Finally, you could consider working with a good  financial adviser,  who can help involve your spouse in financial matters while you’re still living and step in to fully manage investments and personal finance decisions if you pass away before your spouse. Make sure the adviser holds the Certified Financial Planner designation and charges fees that are reasonable. Although a 1% fee is still the industry standard for accounts of $1 million or less, it’s possible to find advisers who charge significantly less, including a few who price their services based on hours worked instead of a percentage of assets under management.

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This article was provided to The Associated Press by Morningstar. For more personal finance content, go to https://www.morningstar.com/personal-finance.

Amy C. Arnott, CFA, is a portfolio strategist for Morningstar and co-host of The Long View podcast.