Incurred Cost Submission
Our service ensures compliance with government contract requirements by preparing and submitting Incurred Cost Submissions (ICS), accurately reconciling indirect expenses and incurred costs.
ICS OVERVIEW
This is an overview of Incurred Cost Submissions, outlining key schedules and supplemental reports required for financial reporting and compliance. It categorizes various components, including cost pools, billings, payroll reconciliation, accounting policy changes, and contract closures. The schedules cover different aspects such as direct and indirect cost allocations, over/under billings, contract funding, payroll reconciliation, and subcontractor reporting. This structured framework ensures accurate financial tracking, regulatory compliance, and effective cost management.
SCHEDULES A TO H
Pools, bases, rates, & allocation to direct contracts A - Summary + B - G&A C - Overhead & Material Handling, D - Facilities & other service centers, + Fringe E - Bases + G - Tie back to GL G - Tie back job cost ledger H - Indirect cost allocations to contracts at level billed
SCHEDULE M & N
M – Changes to accounting policy or organization N – Certification / signature
SUPPLEMENTAL B
Highest paid employees
SCHEDULE I TO K
I – Over / under billings with respect to allowable contract costs & funding for cost plus contracts from schedule H and billings & funding for T&M from schedule K K – T&M contract billing and funding detail
SCHEDULE O
Information on contracts that are ready to close
SUPPLEMENTAL C
Contracts performed as a subcontractor
SCHEDULE L
Payroll reconciled to general ledger & IRS 941 submissions
SUPPLEMENTAL SCHEDULES A1 – A4
Pools and direct costs this year vs prior year
