Part 31 - Contract Cost Principles and Procedures
(a) A cost is allowable only when the cost complies with all of the following requirements: (1) Reasonableness. (2) Allocability. (3) Standards promulgated by the CAS Board, if applicable, otherwise, generally accepted accounting principles and practices appropriate to the circumstances. (4) Terms of the contract.
31.201-2 Determining allowability. - Acquisition.GOV
Jan 3, 2025 · (a) A cost is allowable only when the cost complies with all of the following requirements: (1) Reasonableness. (2) Allocability. (3) Standards promulgated by the CAS Board, if applicable, otherwise, generally accepted accounting principles and practices appropriate to the circumstances. (4) Terms of the contract.
eCFR :: 2 CFR Part 200 Subpart E -- Cost Principles
Costs incurred or paid by a State or local government on behalf of and in direct benefit to its IHEs are allowable. These costs include but are not limited to fringe benefit programs such as pension costs and Federal Insurance Contributions Act (FICA) costs.
52.216-7 Allowable Cost and Payment. - Acquisition.GOV
Jan 3, 2025 · Reasonable expenses incurred by the Contractor for securing refunds, rebates, credits, or other amounts shall be allowable costs if approved by the Contracting Officer. Before final payment under this contract, the Contractor and each assignee whose assignment is in effect at the time of final payment shall execute and deliver-
Basic financial management cost principles define any charges incurred by the federal grant as either allowable or unallowable. Allowable costs are charges incurred by a program that can be covered with your Office of Justice Programs (OJP) grant. Unallowable costs are charges incurred by a program that cannot
Understanding Allowable Costs: Categories, Criteria, and Industry ...
Jun 26, 2024 · Explore the nuances of allowable costs, their criteria, and industry variations, and understand their impact on financial statements and budgeting. Navigating the complexities of financial management often involves a deep understanding of allowable costs.
Allowable Costs: Rules and Strategies for Government …
In the world of government contracting, an allowable cost is an expense that is considered reasonable, allocable and compliant with the terms and conditions of a contract, as well as relevant regulations and cost principles.
The table below lists categories, examples, and conditions of allowable and unallowable costs. In the Notes & Restrictions column, indicates an allowable cost; , unallowable.
Oct 2, 2023 · Cost-reimbursement contracts allow for payment of “allowable incurred costs.” FAR 16.301-1. Limitations set forth in FAR subpart 31.2. What is a “Reasonable” Cost? (FAR 31.201-3) A cost is reasonable if, in its nature and amount, it does not exceed that which would be incurred by a prudent person in the conduct of competitive business.
Allocable -- Expenses can be allocated to the government activity based on benefit derived, cause and effect, or other equitable relationship. Consistently Treated -- Like expenses must be treated the same in like circumstances at the University.