Comptroller Fiscal Year Memo Letter Head

M E M O R A N D U M

To:Cheif Fiscal Officers 
From:Martin J. Benison, Comptroller 
Date:July 7, 2011
Re:Late Penalty Interest RateComptroller Memo
FY#2012-03

Executive Summary

The purpose of this memo is to advise departments as to the late penalty interest rate for July 1, 2011 - December 31, 2011.


The late penalty interest rate effective for July 1, 2011 - December 31, 2011 is 0.75%. 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.

See attached table for .