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Understanding The Financial Strings Attached To Your Government Funding Award

Learn How To Comply With The Unique Requirements That Come With Your Government Grant or Contract

1:00 – 4:00 PM Eastern Standard Time (EST) Wednesday, July 21, 2021.

When you receive a cost-reimbursable award, you are allowing the government complete visibility into your accounting system and all costs, whether billed to the government or not.

Webinar Overview:

Topic # 1:
How to Set Up Your Books For Government Awards

If your company has received a government grant or contract, you need to be familiar with the Federal Acquisition Regulation (FAR) Part 31 and must maintain your books accordingly.  We roll up our sleeves and share details on how to set up your accounting system to capture direct, indirect and unallowable costs.

Topic # 2:
How Indirect Cost Rates Affect Your Cash Flow 

We’ll dive into a discussion on the indirect cost rate “cycle” and explain the critical events that you need to monitor as your business evolves over time.

We’ll show you how to project the best indirect cost rate for your business, which will have a massive impact on your cash flow.

If you negotiate an indirect cost rate, you’ll be required to prepare an annual “True-Up Report” (also known as an Incurred Cost Submission).  This report is used to negotiate final and future provisional (billing) rates.  We’ll give you an overview of the critical schedules in this report you’ll need to send to the government for audit.

Topic # 3:
How to Survive the Audits Embedded in your Federal Funding Award

All federal funding awards contain audit requirements.  In this section of the webinar, we discuss what gets examined during a Uniform Guidance Audit (UGA) as well as Defense Contract Agency Audits (DCAA).  We will examine common audit findings and discuss how to avoid them.

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