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COVID-19 and Updates on FPS Courses and Events
Some previously scheduled classroom courses and weeklong events from mid-March through May 31 are being offered as Virtual Courses beginning in April. Check our schedule often; we’re constantly adding more.

FPS is planning to move forward with all FPS classroom courses and weeklong events scheduled for June, 2020 and beyond - see website. We want to emphasize that our future plans are incumbent upon the safety and well-being of our customers, staff, and vendors.

Government contractors subject to an Allowable Cost and Payment contract clause must submit an adequate incurred cost proposal together with supporting data for each fiscal year within six months after the end of those fiscal years. To establish final indirect rates and direct contract costs consistent with these important procurement provisions, contractors must understand all components of an adequate incurred cost proposal and the costs that must be included within these submissions.

This course focuses on what contractors must know about the Incurred Cost Submission, ICS, including analysis of ICS Model Schedules, Contract Costs, and Rate Structures.

This workshop is designed to show contractors how to identify and capture all allowable costs that may be claimed for reimbursement in the prescribed format consistent with FAR Part 42 requirements, and mitigate the risk of audit problems and issues.

The instructors will provide a detailed, step by step guide to the preparation and development of the Incurred Cost Submission ICS. It begins with an explanation of accounting requirements such as the rules for allowability and allocability required to facilitate the successful completion of an ICS. The workshop also analyzes the different types of indirect rate structures used by contractors and delineates how companies should develop and present indirect rate structures and claimed costs as a part of these submissions.

Through the use of a case study and exercise, workshop attendees will prepare and develop a company ICS. Students will learn critical data points, supporting documentation, and how to reduce audit risks when these submissions are reviewed. In addition, the workshop will cover the Incurred Cost Electronic model ICE, the electronic version of the model incurred cost proposal, and learn how it should be filed.

Whether you have been doing business with the Federal Government for many years or have just won your first contract award, you will be provided with the skills and tools that will help to ensure that your submission is accurate, adequate, and complete.

Who should attend:
CFOs, Directors, Managers in functional areas of Contract Administration, Accounting, Finance, Compliance and Consulting. Any organization who are required to submit their incurred costs to the Federal Government

Learning Objectives:
Upon completion of the program you should be able to:

  • Prepare an Incurred Cost statement
  • Understand and apply the rules around allowability
  • Understand and apply the rules with allocability
  • Correctly identify data points to complete an ICS
  • Effectively use the Incurred Cost Electronic model correctly
Dates and Locations

This course will be scheduled soon. Please enter your information below to receive a notification when the class is scheduled.

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DAILY SCHEDULE
8:00 AM - 3:00 PM
La Jolla, Hilton Head and Las Vegas September Weeklong Conference Locations
8:00 AM - 3:00 PM
Orlando, FL
9:00 AM - 4:00 PM
Schedule for All Other Locations

Workshop Curriculum

  1. Introduction and Overview: the Incurred Cost Submission (ICS)
    a. Purpose of the ICS
    b. When it is Required
    c. ICS Schedule Overview
    d. Understanding the Requirements of Different
    Contract Types
    e. Data Requirements for Different Functional Areas
  2. Understanding & Establishing an Indirect Rate Structure
    a. Direct & Indirect Costs
    b. Indirect Cost Pools & Allocation Bases
    c. Causal / Beneficial Relationships
    d. Examples / Indirect Cost Pools
    • Fringe
    • Overhead
    • G&A
    • Material / Subcontractor Handling.
    e. Intermediate Cost Pools & Service Centers
  3. Managing Indirect Rates
    a. Budgeting / Estimating for Growth
    b. Rate Monitoring and Management
    c. Modifying Provisional Rates
    d. Common Pitfalls to Avoid
    e. Changing your Rate Structure
  4. Cost Allowability and Allocability
    a. Understanding Unallowable Costs
    b. FAR Part 31
    c. Overview of Allocability
    d. Reasonable Tests
    e. Consistent Treatment of Costs
  5. ICS Schedule Analysis
    a. Schedules H, K & I – the Critical Schedules
    • Actual Incurred Costs by Contract
    • Hours Incurred by Labor Category for T&M Contracts
    • Billed Costs vs. Incurred Costs
    b. Schedules B, C & D – Final & Intermediate
    Cost Pools
    c. Schedule E – Establishing the Allocation Bases
    d. Schedule F – Facilities Capital Cost of Money
    e. Schedule J – Finalizing Subcontractor Cost Data
    f. Schedule L – Validating Labor
    g. Schedule O – Contract Closeouts
    h. Schedule T – Executive Compensation
    i. Additional / Supplemental Schedules
  6. The ICS Case Study
    a. Reviewing Incurred Costs by Contract
    b. Data from your Accounting System
    c. Additional Job Cost Records
    d. Establishing Cost Pools and Bases
    e. Excluding Unallowable Costs
    f. Setting Up Schedules H&K
    g. Schedule I
    h. Review of Additional Data Points to Support all
    Remaining Schedules
  7. Preparing & Submitting the ICS
    a. Step by Step Guide
    b. Schedule Analysis
  8. Preparing & Submitting the ICE
    a. Electronic Version
    b. User-Friendly Submission Package
    c. An Adequate Submission
  9. Relevant Historical Data
    a. When No Data Exists
    b. Contracting Officer Authority
    c. Penalties for Mischarging
  10. ICS Audits
    a. Audit Evaluation
    b. Contract Costs
    c. Direct Costs
    d. Indirect Costs
    e. Overhead Costs
    f. G&A Expenses
    g. Facilities Capital Cost of Money
  • Chad Braley
    CEO and Founder, Capital Edge Consulting
    Chad Braley is the Chief Executive Officer and Founder of Capital Edge Consulting, Inc. Since its inception, Capital Edge has grown into the country’s leading firm, focusing solely on serving both foreign and domestic contractors who do business with the US Government.

    Chad’s areas of expertise include the Cost Accounting Standards (CAS), Federal Acquisition Regulations (FAR), agency supplement regulations, Contractor Accounting, Purchasing, Estimating, MMAS, and EVM Business Systems, Truth in Negotiations Act, government accounting requirements Incurred Cost Submissions (ICS), DCAA Audits support and preparation, other regulatory non-compliance support, Terminations, Requests for Equitable Adjustment (REA), ERP systems and risk mitigation.
    Chad graduated from the Williams School of Commerce at Washington and Lee University with a Bachelor of Science in Commerce, with a major in Business Administration.
  • Michelle Massarini
    VP of Finance
    Michelle Massarini is the VP of Finance for Capital Edge Consulting, Inc. Her focus is on providing full contract lifecycle professional support to government contractors and government agencies in the areas of compliance, accounting, contracts, and training. Michelle’s areas of expertise include Federal Acquisition Regulations (FAR), Cost Accounting Standards (CAS), DCAA compliance and audit support, government cost accounting requirements, and Deltek Costpoint.

    Since joining Capital Edge in 2010, Michelle has provided guidance to companies in a variety of areas including, but not limited to, the creation and preparation of incurred cost submissions, forward pricing models, the development and maintenance of CAS Disclosure Statements, cost impact studies as required for making changes to cost accounting practices, booked to billed reconciliations, contract closeouts, and contractor business system reviews, including but not limited to Accounting, Estimating, & Purchasing. Michelle has designed reports in Deltek Cognos and Impromptu to support booked to billed reconciliations, incurred cost submissions and related audits as required by DCAA. She has initiated and assisted in the implementation of policies and procedures, and provided recommendations that allow for efficiency and precision in day-to-day activities for various levels of accounting, purchasing, estimating, and contracting personnel. Michelle has also served as a subject matter expert in the design and implementation of Deltek Costpoint.

    Prior to joining Capital Edge Consulting, Michelle spent 12 years in government contracting in both the environmental engineering and software development/IT support industries. She has experience in a wide range of roles including cost accounting manager, financial (project-level) manager, and procurement specialist. Michelle has extensive knowledge in the compilation of incurred cost submissions, analysis of various financial margins and metrics, designing indirect rate structures, and end-user functionality of Deltek Costpoint.
    Michelle graduated from the University of Colorado, Boulder with a Bachelor of Science Degree in Accounting.
  • Anthony Kim
    Partner, Capital Edge Consulting
    Anthony Kim has more than 20 years of experience in various cost accounting and compliance issues related to government contracts. Specifically, he is knowledgeable in the areas of government contract procurement regulations, Cost Accounting Standards, OMB Uniform Guidance, Generally Accepted Government Auditing Standards and Generally Accepted Auditing Standards.

    Anthony’s industry experience includes architecture and engineering, aerospace and defense, construction, manufacturing, information technology, not-for-profits, and higher education. He has assisted clients with complex cost accounting matters, cost representations, business system implementations, expert testimonials, proposal assistance, audit support, and other regulatory compliance matters.

    Prior to joining Capital Edge, Mr. Kim was a director at BDO USA, Baker Tilly Virchow Krause, and Navigant Consulting. He has also worked for KPMG as a manager for over seven years. Recently, he assisted in developing an annual DCAA conference seminar, conducted numerous training for Federal Publication Seminars, held webinars with clients and prospects on various government contract compliance matters, and served as a member of the National Defense Industry Association Contract Finance Committee in charge of regulatory and legislative updates.

    He has assisted contractors and their outside counsel to resolve disputes arising under the Federal Acquisition Regulation, Cost Accounting Standards, Truth in Negotiations Act, and other accounting-related rules and regulations, and conducted independent forensic accounting investigations to evaluate allegations of fraud, accounting errors and irregularities, cost mischarging and defective pricing.

    In addition, Anthony is a nationally recognized speaker who teaches classes through Federal Publication Seminars, National Contract Management Association, Virginia Society of CPAs. He has lectured on a number of topics, including Government Contract Accounting, Federal Acquisition Regulations, Cost Accounting Standards, Cost & Price Analysis, Incurred Cost Submissions, Introduction to Government Contracting, and Government Contractor Business Systems Compliance. He is a member of the National Contract Management Association (NCMA) and the National Defense Industrial Association (NDIA).
    Anthony Kim holds a Bachelor of Science degree in Accounting from George Mason University.
  • Eric Hayman
    Manager, Capital Edge Consulting
    Eric Hayman has over 10 years of experience providing professional support to government contractors and government agencies in the areas of compliance, accounting and training. He specializes in the Federal Acquisitions Regulations, Cost Accounting Standards, Government Audits and Contract’s Finance Management. He has worked closely with Chief Financial Officers, Controllers, Vice Presidents, and General Counsels among others, and brings experience from a wide range of engagements.

    Eric has provided Government Contracting Services to a wide range of Industries, including Aerospace and Defense, Pharmaceuticals and Biotech Sectors, Manufacturing and Professional Services. His clients range from small start-ups to large, publicly-held, multi-national organizations.
    Education
    B.A. Accounting and Business Administration
    Eric graduated from Flagler College, Magna Cum, with a Bachelor of Arts Degree in both Accounting & Business Administration.
MEET YOUR CONTINUING EDUCATION CREDIT REQUIREMENTS
SEE INDIVIDUAL COURSES FOR AVAILABLE CREDITS
Certificates of Completion are provided to all seminar participants who attend Federal Publications Seminars courses following the event, upon request.
NCMA: CONTRACT MANAGER CERTIFICATION
All Federal Publications Seminars courses meet the course requirements of the National Contract Management Association’s certification programs. We are a proud Education Partner of the NCMA.
CPE: CONTINUING PROFESSIONAL EDUCATION
Field of Study: Specialized Knowledge
Delivery Method: Group-Live Classroom
Federal Publications Seminars is affiliated with West Professional Development and is registered with the National Association of State Boards of Accountancy (NASBA) as a sponsor of continuing professional education on the National Registry of CPE Sponsors. State boards of accountancy have final authority on the acceptance of individual courses for CPE credit. Complaints regarding registered sponsors may be submitted to the National Registry of CPE Sponsors through its website: www.nasbaregistry.org.
For more information regarding administrative policies such as refunds, cancellations and complaints, please contact Federal Publications Seminars at 888.494.3696.
CPE HOURS
This Program is eligible for: 13.0 (CPE) hours of credit
Program Level: Basic
Program Prerequisite: None
Advance Preparation: None
Method: Group-Live
R
CLP: CONTINUOUS LEARNING POINTS
APPROVED FOR CLP BY
DEFENSE ACQUISITION UNIVERSITY
Defense Acquisition Workforce members must acquire 80 Continuous Learning Points (CLP) every two years from the date of entry into the acquisition workforce for as long as the member remains in an acquisition position per DoD Instruction 5000.66. We will provide you with documentation of points awarded for completing the event.
CLP HOURS
This Program is eligible for: 11.0 (CLP) hours of credit
CLE: CONTINUING LEGAL EDUCATION
States have widely varying regulations regarding MCLE credit. LegalEdcenter is an approved provider in AL, AK, AR, CA, GA, IL, ME, MO, MS, NC, ND, NE, NH, NJ, NM, NV, NY, OH, OK, PA, RI, SC, TN, TX, UT, VA, VI, VT, WA, WI, and WV. Credit may be applied for in other jurisdictions on request and in accordance with state MCLE rules.
** Please note that because some states are changing their policy on CLE reporting, you will need to fill out the request for credit from Federal Publications Seminars within 10 business days, or we may not be able to issue credits for the program.
CLE HOURS
This Program is eligible for: 11.0 (60 minutes), 13.0 (50 minutes)
100
Basic or fundamental subject matter is covered. Courses are geared to general knowledge or can be taken as a refresher.
200
Specific topics or issues within a topic area are covered. Students should be familiar with terms of art and general concepts concerning the course topic.
300
Workshops and class discussions cover specific subject matter in-depth, and participation is strongly encouraged. Attendees should have at least 2-3 years' experience in the area of study.
400
Courses build upon students' knowledge and experience, and cover complex issues within the subject matter. Should have 4-5 years' mastery of subject for in-depth analysis.
500
Masters-level programs designed for professionals with 5+ years' experience. Courses cover in-depth and technical analysis on specific subjects and updates on current issues.
A Practical Guide to the Incurred Cost Submission (ICS)
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(888) 494-3696