The November 14th Government Contractor Breakfast, where Tom Marcinko and Donna Dominguez of Aronson LLC will present the topic “Cost Reimbursable Contracting - Managing Cost Type Contracts." The session description follows:
Many government service contractors successfully enter the government market with relatively straightforward T&M (Labor Hour) contracts. Eventually an opportunity to bid and perform larger and more complex cost reimbursement contracts will present itself. The skills required to manage T&M contracts differ markedly from the skills required to manage a cost type contract. While the statements of work may be very similar, the administrative requirements associated with managing a cost type contract greatly exceed those required for T&M work.
Managing cost type contracts is a sophisticated undertaking. The contractor must understand what a “cost” is, have an adequate accounting system, establish both direct and indirect budgets (and actively manage them), manage on an accrual basis, and with actual (not billing) rates.
Failure to comply with these requirements can have serious ramifications, including incurring a loss, a poor cash flow, inaccurate cost reporting, an inadequate accounting system, and possible false claims violations. An understanding of your obligations is essential to mitigating your risks, maximizing your cost recovery, and maintaining your bottom line.
• What an "adequate" accounting system must include
• Which costs can — and can't — be reimbursed
• How direct costs are reimbursed
• How indirect costs are reimbursed
• How to handle invoicing on cost-type contracts
• The "Paid-to Cost" rule
• The limitation of Cost-and-Funds clauses
• Practical tips.
Registration & Price: $30 prepaid or $35 cash or check at the door. Either way, please preregister.
Your advance registration helps us to ensure that the room size is adequate.
Benefits: 1 hour of CPE, along with a breakfast buffet.
Tom Marcinko is a Principal Consultant in Aronson’s Government Contract Services Group. He is responsible for providing clients with a broad variety of both pre- and post-award support. With over 30 years of government contracting experience, he specializes in proposal development, contract and subcontract administration, FAR compliance, small business programs, and government audits. Tom is a featured speaker at Aronson events and a frequent guest speaker for numerous organizations, including the GWSCPA, VSCPA, the Northern Virginia Technology Council, the Washington Board of Trade and the NCMA. Tom presents training classes on a variety of subjects, including several courses in the fundamentals of government contracting for the University of Virginia’s government contracting certificate program. He has also written articles on government contracting for the NCMA Contract Management magazine, as well as other periodicals. Tom earned his Bachelor of Science Degree in Accounting from the University of Central Florida and his law degree from the University of Florida. He is a member of the Florida Bar and the National Contract Management Association (NCMA).
Donna Dominguez is a director in Aronson LLC’s Government Contract Services Group, where she provides a wide range of financial compliance advisory services for government contractors. She is experienced in matters related to Federal Acquisition Regulations (FAR), cost accounting standards (CAS), incurred cost submissions, DCAA/cognizant audit support, provisional billing rates, establishing/revising indirect rate structures and cost proposal support. Donna works with contractors to help them grow their business while keeping their accounting systems adequate in the eyes of the government and their billing systems current and relevant. She is also involved in supporting the government contracting community as a frequent guest speaker on a variety of compliance topics. Donna earned her bachelor’s degree in accounting from the University of Maryland and has completed additional coursework in contracts administration. She is a contributor to Aronson’s Fed Point blog and has co-authored articles for NCMA Contract Management Magazine.
IMA Government Contractor Breakfast Yahoo Group:
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Please mark your calendars for these upcoming breakfasts as well. Please let me know what topics you would like to see in the next season, or if you have a speaker recommendation.