Each year, Capital Edge works with various companies either developing, assisting with, or reviewing their final indirect cost rate proposals.
The requirement to submit a final indirect cost rate proposal, more commonly referred to as the “ Incurred Cost Proposal or Incurred Cost Submission (ICS) is contained in FAR clause 52.216-7(d)(2)(i) – Allowable Cost and Payment, which states, “The contractor shall submit an adequate final indirect cost rate proposal to the contracting officer (or cognizant federal agency official) and auditor within the 6-month period following the expiration of each of its fiscal years.”
Are you ready?
We can help you prepare Incurred Cost Proposals (also known as final indirect cost proposals), as well as prepare invoices, interpret invoicing requirements, and deal with government billing issues.
Preparing your final indirect cost rate proposal is very complex and requires completion of the DCAA ICE (Incurred Cost Electronic) model. This model requires a large amount of detailed information – much of which is normally maintained outside of the accounting system.
We have a great deal of experience in preparing these submissions and supporting the audit process. Don’t do this alone.
- Preparation or Revisions
- Audit Support
- Venerability Assessment
- Adequacy Review
Are you ready for your incurred cost audit?
One of the major historical audit challenges is the delay, sometimes many years, between timely submission under FAR 52.216-7 and the actual audit. DCAA is now required to audit adequate final indirect cost rate proposals within one year, but only time will tell if they can meet that lofty goal.
To help eliminate future audit risk, Capital Edge has identified five ways to start preparing for the audit.
1. Document, Document, Document!
2. Spread the Knowledge Wealth
3. Prepare all the Supplemental Schedules
4. Keep a “Working Copy” and a “Final Submission” version of the ICS
5. Understand Audit Expectations
- To the right-hand side, you will find the latest ICS thought leadership covering, in detail, all five areas of preparing for the audit, while preparing the current annual incurred cost submission.
- Or – click here to read the latest ICS Piece
If you’d like to learn more about our approach, experiences, and solutions, we hope to see you at one of the upcoming training sessions in the right-hand ICS calendar or contact us directly.
- To speak to one of our ICS experts, contact us:
T: 855-CAPEDGE (855-227-3343) – E: firstname.lastname@example.org