Get the free Federal Cost Principles Side-by-Side - Texas Education Agency

FEDERAL COST PRINCIPLES SIDEBYSIDE OMB CIRCULARS A87, A122, AND A21 TEXAS EDUCATION AGENCY Federal Cost Principles SidebySide For OMB Circulars A87, A122, and A21 For general information purposes

How to fill out federal cost principles side-by-side

1. Begin by gathering all the necessary information and documentation related to the federal cost principles. This may include financial records, expense reports, and any relevant contracts or agreements.
2. Review the federal cost principles guidelines to familiarize yourself with the specific requirements and regulations. The federal cost principles outline the proper allocation and justification of costs for federally funded projects or programs.
3. Create a side-by-side comparison document or spreadsheet where you can list the federal cost principles on one side and your organization's expenses on the other side. This will allow you to easily compare and ensure compliance with the guidelines.
4. Evaluate each expense item against the corresponding federal cost principle. This involves determining whether the cost is allowable, reasonable, and allocable to the federally funded project or program.
5. Provide adequate justification for each expense item that may be questioned or require further explanation. This can be done by providing supporting documentation, such as receipts, invoices, or written justifications for the necessity of the expense.
6. Calculate any applicable indirect costs or overhead expenses and allocate them appropriately. These costs may include administrative expenses, facilities costs, or similar expenses that are incurred by the organization as a whole.
7. Double-check all calculations and ensure that the allocated costs are accurate and correctly assigned to the federal project or program.
8. Seek approval or review from the appropriate authority within your organization, such as a finance department or compliance officer, to ensure that the side-by-side comparison accurately reflects compliance with the federal cost principles.

Who needs federal cost principles side-by-side?

1. Organizations or institutions that receive federal funding for projects, programs, or research.
2. Grant recipients and contractors who are required to comply with federal cost principles by the funding agency or contract terms.
3. Financial managers, accountants, or compliance officers responsible for ensuring adherence to federal regulations in allocating and justifying costs for federally funded activities.

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What is federal cost principles side-by-side?

Federal cost principles side-by-side are regulations that outline the guidelines for determining the allowable costs that can be charged to federally funded grants and contracts.

Who is required to file federal cost principles side-by-side?

Any organization or individual that receives federal funding and is subject to federal cost principles must file the side-by-side.

How to fill out federal cost principles side-by-side?

To fill out federal cost principles side-by-side, you must accurately report all allowable costs incurred during the grant period in accordance with the federal regulations.

What is the purpose of federal cost principles side-by-side?

The purpose of federal cost principles side-by-side is to ensure that federal funds are used in an efficient, effective, and accountable manner.

What information must be reported on federal cost principles side-by-side?

On federal cost principles side-by-side, you must report all costs incurred during the grant period, including direct costs, indirect costs, and any other allowable expenditures.