For an introduction to incurred cost proposals, please read What is an Incurred Cost Proposal? There are six main steps to an incurred cost proposal: Gather input data from contractor accounting system, and project files Input data into the rate model Ensure reconciliation of the model to cost data Analyze resulting over/under billings by contract […]
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Under cost-type contracts, contractors utilize a provisional billing rate throughout the year. The intention of the Incurred Cost Proposal is to true-up a contractor’s provisional billing rate to actual under its cost-type contracts. The actual rate is compared to what was billed and the calculated over/underbill is either credited back to the government or invoiced, respectively.
As required by the Federal Acquisition Regulation (FAR), Incurred Cost Submissions must be submitted within 6-months of the contractor’s fiscal year end. For example, a contractor who’s fiscal year is the calendar year, must submit its Incurred Cost Proposal by June 30th of the following year. While it is not recommended, contractors may request an extension for submission of their rates, which may or may not be honored by DCAA.
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