Blog | Webinars

April 2022

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, or
• Flexibly Priced (FP) Contract/Task (This is a Fixed Price Contract/Task with reimbursable CLINs)

It does not matter if your company is a prime contractor or a subcontractor, nor does it matter how small the Contracts/Tasks are. This is an annual requirement that 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, which can be a recipe for failure. This intermediate webinar is designed for accounting and contracts personnel who will prepare and submit the Incurred Cost Submission, as well as small business owners and managers who are trying to decide if, and when they should submit.

In this webinar we walk-through each component of the submission including a list of required information, explanation of what the auditors are looking for, and an appreciation for how to ensure a fully-compliant submission.