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The Incurred Cost Submission (ICS) is an administrative hurdle and something that government contractors do not look forward to putting together every year. However, it is required to be submitted six months after the end of a company’s fiscal year for any contractor who has cost-type and T&M contracts that contain the Allowable Cost and Payment Clause.
Listen to Eric Poppe, Senior Manager in Cherry Bekaert’s Government Contracting practice and Rich Wilkinson, Director of Product Marketing at Unanet discuss the importance of the calculation of a Company’s indirect rates and Incurred Cost Submissions and the consequences for not having final rates or late submissions, as it is more than just an administrative exercise.
Don’t put it off and don’t ignore the ICS. If you think you don’t have to submit, confirm with your contracts manager to identify all your active contracts containing Federal Acquisition Regulation (FAR) 52.216-7, Allowable Cost & Payment.
If you haven’t already, catch up on part one, part two and part three of our four-part series:
- Indirect Rates – More than Just a Math Exercise: Part One
- Indirect Rates – Monitoring and Best Practices in Calculating Your Rates: Part Two
- Indirect Rates – The Close Out Process: Part Three
