Comptroller Fiscal Year Memo Letter Head

MEMORANDUM

 

To:        Chief Fiscal Officers 

From:   Martin J. Benison, Comptroller 

Date:    January 10, 2012 

Re:        Late Penalty Interest Rate 

                                                                Comptroller Memo FY#2012-17


Executive Summary

The purpose of this memo is to advise departments as to the late penalty interest rate for January 1, 2012 – June 30, 2012.


The late penalty interest rate effective for January 1, 2012 – June 30, 2012 is 0.75%.  This rate is applicable to invoices which are not paid on time in accordance with the Comptroller Regulations and  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 history of rates and instructions for late penalty interest calculations doc format of Late Penalty Interest Rate
. And Federal Reserve Discount Window  for current interest rates.

cc: 

MMARS Liaisons

Payroll Directors

General Counsels