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FLGOVCON72- Incurred Cost Submission for DCAA

 

In this episode Jenny Clark talks about Incurred Cost Submission For DCAA.

What is an Incurred Cost Submission For DCAA? FAR 52.216-7

Incurred Cost Submission (ICE = Incurred Cost Electronically)

Incurred Cost Submission for Federal Contractors

  • Allowable Cost and Payment Clause FAR 52.216-7
  • Check your Cost Reimbursable and Time & Materials Contracts

Why Do We Prepare an Incurred Cost Submission?

Purpose of the Incurred Cost Submission

  • Settle your Indirect Rates for the Fiscal Year
  • Prepare Incurred Cost Submission
  • Send to DCAA
  • DCAA Notified of Receipt
  • DCAA accepts as Adequate or Rejects (so you do it over)
  • Small Business – Low Risk Group – Rate Letter approval
  • If Audit will be performed – expect it 3-5 years from now

When Do We Prepare an Incurred Cost Submission?

Due 6 Months after the End of the Contractor Fiscal Year

  • Most Small Businesses – December Year End so June 30 Due Date
  • Profit and Loss Statements
  • Indirect Rate Calculations
  • 941 Federal Wage Reports (for Gross Wages Amounts)
  • Contract Briefs (Customer, Modifications, Contract Type, Values)
  • Contract Billings/Summaries for Year and Contract To Date
  • Time & Materials Hours by Labor Category, Direct Travel/ODC and Applied G&A
  • Subcontracting information

How do we prepare the Incurred Cost Submission?

Go to DCAA.Mil

  • Download the Incurred Cost Electronically spreadsheet and instructions
  • Fringe, Overhead, G&A, Facilities and other allocations (Detail of Pools, Allocations, Bases)
  • Costs by Contract – Direct Labor, Direct Travel, Subs, Materials
  • Indirect Rates at Actual, Provisional and the Rate Variance
  • Cumulative billed split out by Fiscal Year and computing Billable Variance compared to Contract Funding

Need Help??

There are about 30 schedules on the Incurred Cost Submission!

We can work with you to do your INCURRED COST SUBMISSION
so you learn to complete it yourself

Saving you lots of time, errors and headaches!

How can Solvability help you?

E-mail me: jwclark@solvability.com

 

To contact Jenny W Clark

CEO, Solvability, Inc

www.solvability.com

Phone256-882-6276
E-mailjwclark@solvability.com
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