When you receive a Phase II SBIR, STTR, RO1, APRA-E, BARDA or BAA grant or contract, you need to comply with the Federal Acquisition Regulation (FAR) Part 31, and specifically FAR 52.216-7. Of course, there are pitfalls along the way. One is not understanding agency-specific rules and regulations.
After more than 30 years of specializing in government award accounting, we know the mistakes government awardees make, and how to prevent them. Our “Top 10 Accounting Mistakes Government Awardees Make” blog series is designed to help you avoid trouble and protect your business.
As a government grant or contract awardee, hopefully, you’re aware of the FAR, and are performing the ongoing steps necessary to maintain a FAR part 31 compliant accounting system.
But don’t stop there. Every major agency has their own supplementary regulations to the FAR. For example:
If you have multiple awards with multiple agencies, you can’t assume that what works for the DoD will work for the DoE. Sometimes an agency uses its supplements to provide greater allowability than the FAR provides. Usually, they create unique agency limitations. For example:
There are constant tweaks to the rules and it’s your responsibility to be aware of them. Your funding agency isn’t going to call to make sure you’re paying attention.
In government grant or contract accounting, what you don’t know can hurt you. So how do you stay on top of all the latest info?
Trust us, staying on top of all the changes to the FAR and supplemental regulations takes time. It’s highly possible your time would be better spent working on growing your business!
As government grant and contract accounting specialists, it’s our job to keep up with all the agency supplemental regulations. If you’re concerned with avoiding trouble, we’re here to help.
Ready to Learn More? Speak With A Government Funding Award Expert! Call Now: 781-862-5170 – or – Schedule A Call
Not all government contracts and grants are the same. Your funding agency, type of award, and funding stage require unique accounting requirements. Provide your information below to schedule a time to speak with one of our government funding experts!
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SBIR/STTR Phase I
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R01, U01, Carb-X, HEAL or Pioneer Grant
EERE or ARPA-E Award
One of our government funding experts will contact you within 48 hours to schedule a phone call.