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The McKelvey Group is hosting a LIVE WEBINAR covering all the basics on May 18!
Did you know?
- Incurred Cost Submissions (ICS) can also be called an Incurred Cost Proposal (ICP) or an Incurred Cost Electronically (ICE) Submission. ICE refers to the electronically submitted model.
- Incurred Cost Submissions are REQUIRED for ANY contractor performing on at least one contract or task with reimbursable costs. This includes Contracts/Tasks which are Cost Plus as well as Time & Material or Fixed Price with reimbursable CLINs. The size of the Contract/Task does not matter. There is no threshold.
- It doesn’t matter if your company is the Prime or a Subcontractor.
- The Submission is due annually within six months of the end of the company’s fiscal year, and the Government does NOT initiate the process. They rely on the Contractor.
- The Government can go back 5 or more years asking for delinquent submissions.
- Submissions can take weeks to complete, depending on the complexity of the indirect rates, financials, and/or contracts/tasks.
- Payment of Invoices by the Government can be suspended until the submission is accepted.
Our one-hour webinar will cover each component of the submission including a list of the required information, an explanation of what the auditors are looking for, and an appreciation for how to ensure a fully compliant submission. Please join us!
Incurred Cost Submissions (Virtual Course/Live Webinar)
Tue May 18, 2021 @ 12pm – 1pm EDT