(Type Vendor's Name Here)

1. After entering Vendor Name and Date, tab to columns A, B, C, E, G and H. (Fill-in only cells in RED.)

2. This worksheet can calculate interest over several quarters with different interest rates. Enter the End of Period date in

Column E and the interest rate for that period in Column H.

3. Document Number - if you are calculating interest for one document that has more than one separate partial payments, use the original document

number in the first row, and then make that document number unique in each row thereafter, e.g., 123456, 123456a, 123456b, etc

* Number of Days of Interest is equal to the Number of days beginning from the

a) Aging Start Date (Date of Satisfactory delivery of Goods/Performance of Services or the

Date Invoice received, whichever is later) plus the 30 days allowed for processing

(calculation of interest commencing on the 30th day), and ending on the

b) Date the payment check prepared

** Interest Due is equal to the Number of Days of Interest X Principal Amount Unpaid X (.12/365).

In this example, using 12% interest rate.

Note: Interest may be paid only if payment of the principal was withheld arbitrarily or erroneously; not if the delay resulted

from a dispute between the University and the vendor with respect to the goods/services concerned or any

circumstances beyond the control of the University (e.g. power or mechanical failure, fire, Acts of God, etc.).