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:August 17, 2009
Re:Late Penalty Interest Rate

Comptroller Memo
FY#2010-06


Executive Summary

The purpose of this memo is to advise departments as to the late penalty interest rate for July 1, 2009 - December 31, 2009.








The late penalty interest rate effective for July 1, 2009 - December 31, 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 Regulation 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. Please see Late Penalty Interest Rate Calculator xls format of late_penalty_int_calc.xls
to assist in making calculations.

cc:MMARS Liaisons
Payroll Directors
General Counsels
Internal Distribution