In this 42-minute video our speaker, Carol E. Barnard, CPA, CFE, reviews allowable vs. unallowable costs from 2 CFR § 200.420. She explains that different agencies have different requirements for what is allowable and unallowable. Exceptions and restrictions may be detailed in the grant award document, the compliance supplement, or referenced on the agency website. These guidelines are not just for federal grant environments, any organization calculating direct rates needs to consider this guidance.
Federal agencies with the largest dollar value of federal awards with an organization will be designated as the cognizant agency for the negotiation and approval of indirect cost rate. Organizations that have previously established indirect cost rates must submit a new indirect cost proposal to the cognizant agency within six months after the close of each fiscal year. The results of each negotiation must be formalized in a written agreement between the cognizant agency for indirect costs and the nonprofit organization. Ms. Barnard also discusses applying for a NICRA and suggested preliminary steps.
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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