Join Us for our "Incurred Cost Proposal Adequacy Requirements" Training Webinar on
March 30, 2017
Government contractors subject to reimbursable contract payment clauses, such as the FAR 52.216-7, “Allowable Cost and Payment” provision must submit an adequate incurred cost submission (ICS) together with supporting data for each fiscal year within six months after the completion of those fiscal years. To establish final indirect rates and direct contract costs consistent with these important procurement provisions, contractors must understand all components of an adequate incurred cost proposal and the costs that must be included within these submissions. The daunting task of assembling necessary general and project ledger cost data and populating required schedules requires precision and due diligence, knowledge of the regulations, and a full understanding of the DCAA expectations to ensure the first submission is fully “adequate”. Failure to produce an adequate ICS could not only delay the audit process, but also be deemed indicative of a systemic problem with your billing process. Our one hour webinar provides a detailed overview of the Incurred Cost Submission (ICS) Adequacy Checklist and is designed to show contractors how mitigate the risk of audit problems and issues.
l e a r n i n g o b j e c t i v e s
At the completion of this one hour seminar, participants will be able to:
- Identify relevant schedules that are necessary for inclusion in an adequate ICP
- Understand the general process for populating ICS schedules
- Learn how cost data inserted in various schedules is interrelated with other schedule data
- Anticipate DCAA audit expectations in its initial adequacy review
p r o g r a m c o n t e n t
Topics that will be discussed include:
Introduction and Overview: the Incurred Cost Submission (ICS) to include:
- Purpose of the ICS & originating regulations b. Submission timing requirements c. ICS schedule overview d. Impact on the ICS due to different contract types
- Data requirements for various ICS components
- Schedules required for adequacy vs. supplemental data
Incurred Cost Proposal Adequacy Checklist
- Understanding and using the adequacy checklist
- Required schedules vs Supplemental schedules
- Common ICP mistakes rendering ICP inadequate
About Redstone Government Consulting, Inc.
Our Company’s Mission Statement: RGCI enables contractors doing business with the U.S. government to comply with the complex and challenging procurement regulatory provisions and contract requirements by providing superior cost, pricing, accounting, and contracts administration consulting expertise to clients expeditiously, efficiently, and within customer expectations. Our consulting expertise and experience is unparalleled in understanding unique challenges of government contractors, our operating procedures are crafted and monitored to ensure rock-solid compliance, and our company’s charter and implementing policies are designed to continuously meet needs of clients while fostering a long-term partnership with each client through pro-active communication with our clients.
In achieving government contractor goals, all consulting services are planned and executed utilizing a quality control system to ensure client objectives and goals are fully understood; the right mix of experts with the proper experience are assigned to the requested task; clients are kept abreast of work progress; continuous communication is maintained during the engagement; work is managed and reviewed during the engagement; deliverables are consistent with and tailored to the original agreed-to scope of work, and; follow-up communication to determine the effectiveness of solutions and guidance provided by our experts.Please visit Redstone Government Consulting, Inc. on the web at www.redstonegci.com.
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