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Indirect Cost Rate Proposal Submission Procedures Overview of Submission Requirements Federal award recipients that recover administrative overhead costs through the use of an indirect cost rate (ICR)

How to fill out indirect cost rate proposal

How to fill out the indirect cost rate proposal:

1. Start by gathering all the necessary financial information and documents. This includes your organization's financial statements, budget, and records of expenses.
2. Familiarize yourself with the requirements and guidelines for the indirect cost rate proposal. These can vary depending on the funding agency or organization you are submitting the proposal to. Read through the instructions carefully to understand what information needs to be included.
3. Begin by providing a clear and concise summary of your organization's activities and purpose. This should give an overview of the services or programs you offer and explain why the indirect cost rate proposal is necessary for your organization.
4. Next, calculate your organization's indirect costs. Indirect costs are expenses that are not directly attributable to a specific project or program but are necessary for the overall operation of the organization. Examples include administrative salaries, rent, utilities, and office supplies. Be sure to include all relevant indirect costs in your proposal.
5. Once you have calculated the indirect costs, determine the base to which these costs will be applied. The base is typically a specific cost element, such as the direct labor hours or direct labor dollars. Calculate the indirect cost rate by dividing the total indirect costs by the chosen base.
6. Provide a detailed breakdown of the components that make up the indirect cost rate. This may include a breakdown of each cost element and how it contributes to the overall rate.
7. Include any supporting documentation that may be required, such as audited financial statements or documentation of past indirect cost rates.

Who needs an indirect cost rate proposal:

1. Organizations that receive funding from government agencies or other funding sources often need to submit an indirect cost rate proposal. This is because these funding sources want to ensure that their funds are being used efficiently and that all costs associated with a project or program are accounted for.
2. Nonprofit organizations that rely on grants and contracts may also need to submit an indirect cost rate proposal. This allows them to recover the necessary overhead costs for implementing their programs and services.
3. Research institutions and universities that conduct federally funded research often need to submit an indirect cost rate proposal. This is because research grants and contracts typically include provisions for the recovery of indirect costs.

In summary, filling out an indirect cost rate proposal involves gathering financial information, understanding the guidelines, calculating indirect costs, determining the base, providing a breakdown of components, and submitting supporting documentation. Organizations that receive funding from government agencies, nonprofits relying on grants, and research institutions are among those who need to submit an indirect cost rate proposal.

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What is indirect cost rate proposal?

An indirect cost rate proposal is a document submitted by a company or organization to establish the overhead costs that will be charged to contracts and grants.

Who is required to file indirect cost rate proposal?

Entities receiving federal funding, such as government contractors and grantees, are required to file an indirect cost rate proposal.

How to fill out indirect cost rate proposal?

Indirect cost rate proposals are typically filled out using a standard form provided by the funding agency, with detailed information on the organization's overhead costs.

What is the purpose of indirect cost rate proposal?

The purpose of an indirect cost rate proposal is to establish a predetermined rate for allocating overhead costs to government contracts and grants.

What information must be reported on indirect cost rate proposal?

Indirect cost rate proposals typically include details on the organization's indirect costs, allocation methodologies, and supporting documentation.