Why is Allocating Costs So Important for Nonprofits? What is the true cost of conducting a program? It is obvious that there is more to it than the total spent directly on the program. There are expenses that typically benefit multiple cost objectives that need to be captured. As defined by the Code of Federal Regulations (CFR) Section 200.56: “Indirect costs mean those costs incurred for a common or joint purpose benefitting more than one cost objective, and not readily assignable to the cost objectives specifically benefitted, without effort disproportionate to the results achieved.”
In this 15-minute video our speaker, Carol E. Barnard, CPA, CFE, reviews definitions of cost objective, direct costs, indirect costs, and indirect cost rates. She also reviews terminology of shared costs, overhead costs, general and administrative costs, and facilities and administrative costs. Ms. Barnard discusses different methods for allocating, and how to compute and apply simple indirect rates.
Carol E. Barnard, CPA, CFE is a senior manager in the Nonprofit Services Group at Aronson LLC. She concentrates in accounting, auditing, and internal control systems for nonprofit organizations. Ms. Barnard has extensive experience with and has conducted webinars on multiple topics including federal grant compliance and fraud.
Agenda
Faculty
Carol Barnard, CPA, CFE
Aronson LLC
- Senior manager in the nonprofit services group at Aronson LLC
- Has extensive experience with federal funding and Uniform Guidance audit requirements, making her well versed in cost principles and compliance issues
- Obtained her Certified Fraud Examiner designation in January 2012
- Member of the Association of Certified Fraud Examiners and a member of the American Institute of Certified Public Accountants
- Was contributing author and editor of The Financial Management Handbook for Associations and Nonprofits, published by ASAE
- Licensed in the state of Maryland and Virginia and has been working in public accounting for fifteen years specializing in nonprofit organizations
- M.B.A. degree in accounting
- Can be contacted at 301-222-8214 or [email protected]
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