On October 20, 2016, our Aronson LLC government contracting specialists Donna Dominguez and Aisha Mian hosted “Decoding Budgeted Indirect Rates,” where they provided tips, guidance, and best practices to help government contractors efficiently build their budgeted indirect rates for the upcoming year. As a follow up to this webinar, Donna and Aisha have prepared answers to a large number of attendee questions that we wanted to share. To watch the webinar, please visit this link.
When you’re working with the Virginia Department of Transportation, or a department of transportation in any other state, the indirect rates you are charging have to comply with certain rules and regulations. According to FAR Part 31.201-2, a cost is only allowable when it is reasonable, allocable, follows generally accepted accounting principles and practices appropriate to the circumstances, and is complaint with contract terms.
Budgeting indirect rates is a process that goes well beyond dumping last year’s data into an old Excel spreadsheet in order to “guesstimate” next year’s expenses. For the savvy government contractor, it’s an analytical process that looks at various aspects of your company’s historical and future points of view in order to remain competitive and profitable.
Fiscally responsible government contractors should prepare their Fiscal Year budgets for submission to the government by December or early January but it is never too soon to begin preparing. Whether you have time and materials, firm fixed price or cost reimbursement contracts, this informative webinar will provide you both an overview of the general requirements and practical tips for meeting them. Reserve your spot today!
Aronson’s experts are helping companies expand their approach to government contracting. Join Aronson as we speak at the following events in October: