An Incurred Cost Submission is REQUIRED for ALL Federal Government Contractors with at least one of the following:
- Cost Plus (CP) Contract/Task
- Time and Material (T&M) Contract/Task
- Flexibly Priced (FP) Contract/Task (This a Fixed Price Contract/Task with reimbursable CLINs)
It does not matter if your company is a Prime contractor or a Subcontractor. It does not matter how small the Contracts/Tasks are. This is an annual requirement. It should be part of your annual Accounting Close process.
Most contractors find out about Incurred Cost Submissions when their Cognizant Auditor (CA) contacts them asking for status. The CA may ask for information about submissions from five or more years ago. Thus begins a scramble for the contractor to go back in history and handle multiple submissions in a short time frame.
Scrambling to complete submissions in a short time frame is a recipe for failure.
What Does this Webinar Provide?
This three-hour webinar will help attendees better understand what Incurred Cost Submissions are. Attendees will learn the answers to the following questions:
- What exactly is an Incurred Cost Submission?
- Why are they required?
- When must a Federal Contractor submit one?
- What is required for a complete submission?
This hands-on webinar will provide a discussion about the Who, What, Why, and When. But most importantly, attendees will get a walk-through of each component of the submission. This walk-through will provide them with a list of required information, an explanation of what the auditors are looking for, and an appreciation for how to ensure a fully-compliant submission.
* At this time, the Incurred Cost Submissions Seminar does not qualify for CPE Credits
Who Should Attend
This webinar will benefit the accounting and contracts personnel who prepare and submit Incurred Cost Submissions. This course is also available for small business owners and managers who are trying to decide when and if they should submit.
Prerequisites: Basic understanding of Excel and Word
Advanced Preparation: None
Program Level: Basic
Delivery Method: Group-Live