2016 Q3 ISSUE COSTTREE CAPTURE. 13
ROLL CALL
Compliance is a term that has a potential for subjective interpretation. Make sure you know that you can question auditors and feel comfortable in your reasoning as long as you know you are complying with guidelines. By keeping these things in mind, your cost recovery documentation will comply with the requirements of the OMB and your funder. Additionally, these steps will help to achieve faster reimbursements. Happy complying!
Update departmental staff
Update the staff for new hires/terminations, update salaries, and direct versus indirect versus unallowable time.
Verify unallowable costs and employee time
Double-check all unallowable costs to make sure all proper exclusions are made in accordance with the 2-CFR Part 200.
Double-check your expenditure totals
Make sure your total expenditures tie to your CAFR. A bottom-line total should match, and any reductions should be included and reconciled.
Communicate with your cognizant agency
Ask questions—get ahead of any potential problems.
Make source documentation clean and available
Have source material for all expenditures being charged, direct employee times, adjustments, and revenues with dates and with the human source and the system that generated them.
Make sure the cost plan allocation is final
You will get an indirect charge from the cost allocation plan to include in your ICRP. Make sure this is the final version of the cost plan.
Indirect Cost Rate Proposal Checklist:
For a Step-by-Step Guide, Click Here
Update employee labor schedules
Include a reconciliation schedule to describe all incoming revenues and costs applied to the expenditures. This will streamline your audit.
Include thorough reconciliation of revenues and adjustments to CSD expenditures
Don’t use negative allocation units
Never include a negative allocation; this skews the bases, and it does not make sense to allocate a “negative” service. Make negative allocations zero.