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Since 1977, our unique CPA firm has helped government grantees and contractors navigate the complexities of the Federal Acquisition Regulation (FAR). We’ve helped our clients obtain and manage more than a billion dollars in federal grants and contracts from virtually every government agency. Our clients trust us to save them time, hassle and money.
We enjoy an outstanding reputation and work on a first-name basis with most senior officials at the NIH’s Division of Financial Advisory Services (DFAS) as well as DoD auditors.
We are expert in all of the government’s nuanced financial terms and conditions, and have developed a national reputation for negotiating indirect rates. We make the audit and negotiation process simple, and in the process, we safeguard your resources and your reputation.
The allowable cost clause and the audit process
Most Phase 2 grants and contracts contain terms and conditions that include the “allowable cost” clause (FAR 52.216-7). As a result, your financial information (including direct and indirect costs) and the adequacy of your accounting system will be audited annually by either the Division of Financial Advisory Services (DFAS) or Defense Contract Audit Agency (DCAA), depending on the funding vehicle.
Our core services include preparing all the necessary documents, as well as representing you during these audits.
In addition to the annual incurred cost audit, the National Institutes of Health (NIH) and several other agencies may require a program-specific audit — an OMB A-133 or “Yellow Book” audit — if the grantee expends more than $500,000 per year.
Depending on how our relationship is structured, Jameson & Company can either perform these program-specific audits for you, or represent you in an audit performed by another firm.
“Jameson & Company is a very good accounting firm for any business that is funded by federal grants. I trust what they tell me because they’re very knowledgeable, they understand our business, and they do an excellent job with auditing and rate negotiations. They know that things aren’t always black and white and work with us to find creative solutions to our accounting issues.”
— Deborah Buffington
VP of Business and
Ann Arbor, MI