Incurred Cost Report Workshop

Contractors subject to the "Allowable Cost and Payment" clause (FAR 52.216-7) are required to submit an incurred cost report together with supporting data within 6 months after the end of their fiscal year. In this workshop, attendees will receive an overview of each of the required schedules and then receive guidance and assistance on completion of their Incurred Cost Report. Attendees will be provided with an excel template to complete the workshop.

All contractors are welcome - use of QuickBooks or ICAT is NOT required to participate.

Attendees must bring a laptop computer and must have access to their accounting records during this workshop. At a minimum, attendees should bring the following information:

The final adjusted trial balance
The final contract cost detail for each contract
A listing of each contract by type and client
Invoice data for each contract (Year-to-Date and Inception-to-Date)
A listing of subcontractor information on each prime contract including

subcontractor name
address
point of contact
phone number
subcontract value
costs incurred in the current year
award type

Cumulative hours and amounts billed for each category of labor for Time and Material type contracts
Each quarterly 941 for the year, labor details for beginning and ending accrued labor balances, and any other reconciling items accounting for differences between labor costs and 941 reports filed with IRS.
Information on decisions, agreements and approvals by management affecting the Company’s procedures for accumulating and reporting accounting and contract cost data.
Information on contracts for which work effort was completed during the year. Details should include overall contract ceiling amount, before fee, for the type of contract; and the fee amount as provided by the contract.
Amount of capital deployed to provide facilities (for those wishing to compute the Facilities Capital Cost of Money)