Expands and clarifies the definition of “renewal contract” for nonprofit contractors; requires work orders to include a schedule for submission of invoices for completed work, payment by the state agency, instructions for accessing the Not-for-Profit Short-term Revolving Loan Fund, and an outline payment procedures; requires the state to pay interest on late payments at the current prime interest rate, except when a nonprofit has secured a loan from the Not-for-Profit Short-Term Revolving Loan Fund; requires automatic advance payments of 25% of the total award to cover startup expenses within 30 days of an executed work order; requires advance payments of 25% of the total award upon request when the agency informs a nonprofit of its intent to extend the contract, even if the contract has not been signed yet, and provides for additional quarterly advances while contract is pending; requires 25% advance payments when contract execution is delayed by more than 30 calendar days; requires the Commissioner of Taxation and Finance to post the current prime interest rate; allows nonprofits to borrow the full contract amount from the Short-Term Revolving Loan Fund; requires the state to publicize the program; imposes reporting requirements on the Not-for-Profit Contracting Advisory Committee, broadens its remit, and provides for public access to reports; provides timelines, dollar thresholds, and streamlined review procedures for contract modifications; requires all contracts to include the federally approved indirect cost rate of 15% or the nonprofit’s actual indirect cost ratio, whichever is higher; defines as direct costs the purchase of furniture, technology, and equipment, expenses related to necessary, program-related office space, and training and certification needed to maintain credentials required under the grant; defines interest on loans needed to provide contracted services as a direct reimbursable cost; companion to A.7616. UPDATE - new status; SUBSTITUTED for companion to A.7616.