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This document certifies the proposed indirect cost rate for schools, ensuring compliance with federal award requirements and OMB Circular A-87. It requires submission for each school and includes
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How to fill out certification for indirect cost
How to fill out CERTIFICATION FOR INDIRECT COST RATE
01
Gather all the necessary financial documents, including your organization's financial statements and cost allocation plans.
02
Determine your indirect cost rate by calculating the total indirect costs and dividing by an appropriate base (such as direct costs).
03
Complete the certification form by entering the calculated indirect cost rate and other required information.
04
Ensure that all necessary signatures are obtained from authorized individuals within your organization.
05
Submit the completed certification form to the relevant government agency or awarding body.
Who needs CERTIFICATION FOR INDIRECT COST RATE?
01
Organizations that receive federal funding or grants and need to establish an indirect cost rate for reimbursement purposes.
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People Also Ask about
How do you calculate the indirect cost rate?
What is the Average Indirect Cost Rate for Nonprofits? While no two nonprofit organizations will have identical needs, structures, or budgets, an indirect cost rate of between ten and fifteen percent has served as a longstanding rule of thumb.
What is a reasonable indirect cost rate for nonprofits?
On February 7, 2025, NIH issued Notice NOT-OD-25-068 (Notice), which imposes a 15% cap on indirect cost (IDC) recovery for all new NIH grants and, controversially, for existing grants awarded to institutions of higher education (IHEs) moving forward from Feb. 10.
How long does it take to get a nicra?
Be aware the process for establishing a Negotiated Indirect Cost Rate Agreement (NICRA) can take up to six months (180 days) from the time NIFA receives the ICP. Also, NIFA may issue the award, but withhold funds budgeted for indirect costs pending completion of the indirect cost rate negotiation process.
What is the average indirect cost rate for a nonprofit organization?
What is the Average Indirect Cost Rate for Nonprofits? While no two nonprofit organizations will have identical needs, structures, or budgets, an indirect cost rate of between ten and fifteen percent has served as a longstanding rule of thumb.
What is the standard indirect cost rate?
The de minimis rate is a simplified option set at 10% (15% effective for grants awarded on or after October 1, 2024) of modified total direct costs (MTDC). This rate is available to organizations that have never negotiated a federally approved indirect cost rate.
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What is CERTIFICATION FOR INDIRECT COST RATE?
CERTIFICATION FOR INDIRECT COST RATE is a formal declaration that verifies the accuracy of the indirect cost rate being proposed or used by an organization, often required for federal funding or contracts.
Who is required to file CERTIFICATION FOR INDIRECT COST RATE?
Organizations that receive federal funding or contracts and use indirect costs in their budgeting processes are typically required to file the CERTIFICATION FOR INDIRECT COST RATE.
How to fill out CERTIFICATION FOR INDIRECT COST RATE?
To fill out the CERTIFICATION FOR INDIRECT COST RATE, an organization should provide complete and accurate financial data, including the calculation of indirect costs, allocation bases, and supporting documentation as specified in the guidelines.
What is the purpose of CERTIFICATION FOR INDIRECT COST RATE?
The purpose of CERTIFICATION FOR INDIRECT COST RATE is to ensure that indirect costs are appropriately recognized and reimbursed in accordance with federal regulations, promoting accountability and transparency in the use of public funds.
What information must be reported on CERTIFICATION FOR INDIRECT COST RATE?
The information that must be reported on the CERTIFICATION FOR INDIRECT COST RATE includes the organization's indirect cost rate computation, the basis for the rate, any relevant documentation, and an assurance of compliance with applicable regulations.
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