What Are Incurred Cost Submission Schedules? Incurred Cost Submission Schedules are the schedules utilized in the Incurred Cost Proposal for government contractors. These schedules provide a detailed breakdown of labor, costs, and indirect rates to demonstrate compliance with FAR requirements and audit readiness for DCAA. For contractors, these schedules are not just a reporting requirement—they […]
Indirect Cost Rate Preparation
An Incurred Cost Proposal, also known as an Incurred Cost Submission (ICS), or Indirect Cost Rate Proposal (ICRP), takes all the cost accounting data from a contractor’s expense accounts to calculate the actual indirect rates for the cost accounting period (the fiscal year).
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Simplify Your Indirect Cost Rate for Government Contracts
Under cost-type contracts, contractors rely on provisional billing rates to estimate indirect costs throughout the year. These rates influence everything from how you bill the government to how competitive your proposals are. When indirect cost rates are poorly designed or outdated, they can lead to under-recovery of costs, cash flow issues, or compliance problems during audits.
Our team of Goverment contract consultants helps you develop and maintain indirect cost rate structures that not only meet regulatory requirements but also serve your organization’s strategic goals. We translate complex accounting data into rates that are easy to understand, apply, and defend, so you can focus on performance, not paperwork.
Why Accurate Indirect Cost Rates Matter
Ensure Compliance: Rates must align with Federal Acquisition Regulation (FAR) and Cost Accounting Standards (CAS) to withstand government audits.
Maximize Cost Recovery: Well-structured rates help you recover all allowable costs without leaving money on the table.
Improve Competitiveness: Strategic rates can make your proposals more attractive in competitive bidding.
Support Cash Flow: Proper provisional billing rates help avoid overbilling or underbilling that can disrupt operations.
ICRP Services
Preparing indirect cost rates for government contractors requires precision and a clear understanding of compliance standards. RKI Accounting collaborates with firms like yours to support a structured and consistent ICRP process that aligns with DCAA and FAR guidelines. Our team brings experience navigating the complexities of indirect rate development and the potential challenges that can arise during submission and review.
Incurred Cost Proposals
All flexibly-priced (including cost-reimbursement and Time & Material) contracts require the preparation and submission of an annual Indirect Cost Rate Proposal (ICRP). ICRPs are used to settle indirect costs under flexibly-priced contracts and are a major audit focus of the U.S. Government historically, and more recently have received an increased focus due to the aging backlog of the Defense Contract Audit Agency (DCAA).
Indirect Cost Rate Structuring & Evaluation
The cost accounting methods used in your indirect rate structure drive forward pricing rates, provisional billing rates, and have the potential to impact contractor recovery of costs on all contracts. We can help you design a new indirect cost rate structure or evaluate your existing indirect cost rate structure with a focus on optimal cost recovery and compliance with applicable U.S. Government regulations including Federal Acquisition Regulation (FAR) and Cost Accounting Standards (CAS).
Provisional Billing Rates
Establishing Provisional Billing Rates is important for cost-type contracting. We will work with you to translate your accounting data into logical forecasts to develop both reasonable and strategic rates. Our goal is to develop rates that minimize potential over/under billings on your cost-type contracts, but that meet your organizational objectives.
Negotiated Indirect Cost Rate Agreement (NICRA)
Whether you are a nonprofit or for-profit organization we can help you to develop or review your NICRA for existing or upcoming grants and cooperative agreements. We understand the compliance requirements that come with establishing indirect rates under 2 CFR 200, and grant programs under a multitude of Government Agency.
AASHTO Overhead Rates
If your organization is required to calculate and submit AASHTO Overhead Rates, RKI can guide you in meeting AASHTO requirements, and help you navigate any subsequent audits.
ICRP Frequently Asked Questions
Our team is skilled and experienced in navigating ICRP awards and the potential pitfalls that come with them.
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Lorem Ipsum is simply dummy text of the printing and typesetting industry. Lorem Ipsum has been the industry's standard dummy text ever since the 1500s, when an unknown printer took a galley of type and scrambled it to make a type specimen book. It has survived not only five centuries
Lorem Ipsum is simply dummy text of the printing and typesetting industry. Lorem Ipsum has been the industry's standard dummy text ever since the 1500s, when an unknown printer took a galley of type and scrambled it to make a type specimen book. It has survived not only five centuries
STEPS TO SUCCESS
Accurate, Compliant, and Strategic Indirect Cost Rates
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Call our team and establish your business's unique needs.
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We collaborate with you to help maintain compliance with your contracts, establishing a strong foundation for a long-term, profitable partnership with the U.S. government.