Redstone Government Consulting Blog (43)

A Little Background

FAR Part 31, Cost Principles, is the regulation that government contractors must follow in order to account for cost on most government contracts. Within FAR Part 31 is FAR 31.205, Selected Costs. This part of the cost principles regulation specifically spells out unallowable cost that the government will not pay for under a government contract. This section starts at FAR 31.205-1 and goes all the way up to FAR 31.205-52. However, it should be noted that FAR 31.205-2, 5, 9, 24, 45, and 50 are “Reserved” – These reserved cost areas went the way of the dinosaur over time, hopefully not to return. For example, FAR 31.204-2, Automatic Data Processing Equipment Leasing Costs, required an annual demonstration that leasing computer equipment was cost-effective, i.e., lowest cost to the Federal Government.

What is a Contract Brief?

A contract brief is a document which identifies information about the contract, contract administration representatives and significant contract terms and conditions.

Our latest video and article provide answers to a few questions your organization should answer if you are interested in moving to a prime contractor role. This change will affect your business operations, so your staff should consider it and plan for the future. From proposal development to subcontract management, your organization may experience some growing pains.

As year-end approaches, you may be wondering if there is anything you can do ahead of time to prepare. Here we’ve outlined some quarter 4 checks and processing steps so you don’t land in jail! Find an issue on your FICA recon report or have trouble getting your 1099s to align? Redstone Costpoint consultants are here to assist and support you all the way through the year end process.

Thanksgiving is one of our favorite holidays because it is not about what we can receive, but what we can give. It is an opportunity to reflect on the positive and not focus on the negative that seems to surround us daily.   Thanksgiving should be a state of mind we live in daily, and not confined to one day per year. Redstone GCI has a lot to be thankful for this year, we all do. We must dig deep within ourselves to see the blessing placed upon us each day and give thanks for those blessings each and every day. Above all, we are most thankful for God and His constant presence in our lives as we navigate each day and every occasion.

Problems with timesheet corrections or payroll variances? Follow the road to skillfully detour around these frequent People Module issues.

Here are the Details

DoD issued DFARs Final Rule D2019-D029 – Treatment of Commingled Items Under $10K, effective October 1, 2020, to implement several sections of the National Defense Authorization Act for Fiscal Year 2017 that addresses treatment of commingled items purchased by contractors and services provided by nontraditional defense contractors as commercial items. This blog only addresses the DFARS change relative to the treatment of commingled items purchased by a contractor. The final rule is applicable to all solicitations and contracts, including solicitations and contracts using FAR Part 12 procedures for the acquisition of commercial items and solicitations and contracts valued at or below the simplified acquisition threshold.