Clarifies the definition of “grant” to mean a legal instrument of financial assistance between a state grantmaking entity and a private nonprofit use for specific purposes; clarifies the definition of “proper invoice” to mean a bill, a request for reimbursement, a written document or electronic submission readable by the state grantmaking entity that is provided by a private nonprofit corporation and includes certain requirements; declares the policy to make payments within 30 calendar days; applies interest at the rate agreed upon in the grant agreement or the prime rate; accrues interest on the 31st day after receipt of a proper invoice; provides exceptions and limitations for interest accrual; clarifies receiving and review requirements of a proper invoice; permits requests for an advance by a private nonprofit corporation and requires approval to the greatest extent practicable by the grantmaking entity; clarifies requirements to receive or approve an advance. UPDATE - AMENDED - Deletes provisions requiring interest for late payments of state grants, and allowing advance payments; now requires the state to notify a nonprofit of the reason for late payment if a proper invoice is unpaid for more than 30 days, and requires an annual report to the state Finance Director and Director of the Legislative Counsel Bureau; removes receiving and review requirements for invoices; allows the Office of Federal Assistance to coordinate and collaborate with state grant-making entities on certain topics related to grants, to identify advanced payment policies, best practices for monitoring and assessment of the risks of advance payments, and methods for state grantmakers to comply with the OMB Uniform Guidance, and requires the state to identify methods for the effective administration of grants, including the administration of advance grant payments to nonprofits. UPDATE - new status.