If FAR 52.216-7 is embedded in the terms and conditions of your award, it means you’ve received a cost-reimbursable award. As a result, award recipients are obligated to maintain project cost accounting records for billing and reporting purposes in accordance with FAR Part 31, as well as the unique supplemental regulations published by each agency. Recipients will be subject to government audit after the money is spent.
The National Institutes of Health (NIH) and its parent, the Department of Health and Human Services (HHS) sole mission is to protect and improve our nation’s health. They do this by funding, conducting and supporting research through SBIR/STTR, BARDA, BAA, R21, R01 and U01 awards.
The Department of Defense (DoD) is an executive branch of the federal government charged with coordinating and supervising all functions of the government concerned with national security and the U.S. Armed Forces. There are three subordinate military departments and four national intelligence services.
The Department of Energy (DoE) is concerned with policies regarding energy and safety in handling nuclear materials. It sponsors more research in the physical sciences than any other U.S. federal agency, largely through its system of National Laboratories.
Our clients trust us to act as their government accounting department because we see their business activity in three dimensions, understanding the financial impact as it relates to:
FINANCIAL STATEMENTS The true economic effect and the effect on cash flow.
INCOME TAX RETURNS The real overall cost including the tax impact.
GOVERNMENT COST RECOVERY The ability to recover your expenses in accordance with the FAR, CAS and specific Agency supplemental regulations.