Comptroller Fiscal Year Memo Letter Head


M E M O R A N D U M

To:Chief Fiscal Officers
From:Martin J. Benison, Comptroller
Date:February 2, 2009
Re:Late Penalty Interest RateComptroller Memo
FY#2009-21

Executive Summary


The purpose of this memo is to advise departments as to the late penalty interest rate for January 1, 2009 - June 30, 2009.


The late penalty interest rate effective for January 1, 2009 - June 30, 2009 is 0.50%. This rate is applicable to invoices which are not paid on time in accordance with the Commonwealth's Bill Paying Policy - and General Payment Policies doc format of po_ap_commonwealth_bill_paying.doc
and Comptroller Regulations 815 CMR 4.00. Interest for late payments is available to all vendors of the Commonwealth. Interest on late payments is not available to employees, contract employees, recipients of public assistance, cities and towns and other public instrumentalities designated as public agencies on the Commonwealth's vendor file. For instructions on how to calculate late penalty interest payments see the link " " located with 815 CMR 4.00.



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