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This document is used to propose indirect cost rates for projects requiring budget approval, outlining predefined rates and options for variances based on the type of project, and includes a justification

How to fill out indirect cost rate proposal

How to fill out Indirect Cost Rate Proposal Form

1. Gather necessary financial documents for the prior year, including records of indirect costs.
2. Download the Indirect Cost Rate Proposal Form from the appropriate governmental agency's website.
3. Fill out the organization’s name, address, and contact information at the top of the form.
4. Provide information about the fiscal year for which the proposal is being submitted.
5. Complete the section detailing the indirect cost rate, including calculations and supporting documentation.
6. Attach a list of all indirect cost categories and justify each one.
7. Include a copy of the organization's financial statements for the previous year.
8. Review the completed form for accuracy and completeness.
9. Submit the form by the deadline, following the instructions provided by the agency.

Who needs Indirect Cost Rate Proposal Form?

1. Organizations seeking federal funding or reimbursement for project costs.
2. Nonprofit organizations that are involved in government contracts.
3. Educational institutions that apply for federal grants.

People Also Ask about

What are indirect costs in a NIH grant?

These include: Facilities Costs: Depreciation of buildings, equipment, and capital improvements; utilities; maintenance; security. Administrative Costs: Salaries for grant administrators, compliance staff, HR, IT, and legal services.

How do you get a federally approved indirect cost rate?

Indirect costs are allocated using an indirect cost rate (ICR). An organization can either use the de minimis ICR or establish a negotiated ICR with a cognizant federal agency, such as the U.S. Department of Justice. The ICR will then apply across all federal grant programs that an organization operates.

What is the indirect cost rate proposal Icrp?

ICRP rate is the ratio, expressed as a percentage, of total indirect costs to a direct cost base. Any non-federal entity that has never received a negotiated indirect cost rate may elect to charge a de minimis rate of 10% of modified total direct costs which may be used indefinitely.

What are indirect costs in grant proposal?

(Indirect costs are sometimes referred to as “overhead costs” and more recently as “facilities and administrative costs.”) Examples include executive oversight, accounting, grants management, legal expenses, utilities, technology support, and facility maintenance.

What is a reasonable indirect cost rate for nonprofits?

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 are examples of indirect costs in a grant?

The costs of operating and maintaining facilities, depreciation, and administrative salaries are examples of the types of costs that are usually treated as indirect costs. In theory, all such costs might be charged directly.

What are examples of indirect cost?

Indirect costs include costs which are frequently referred to as overhead expenses (for example, rent and utilities) and general and administrative expenses (for example, officers' salaries, accounting department costs and personnel department costs).

What are examples of indirect expenses?

Indirect expenses are those that a company must pay to keep its business running smoothly. Examples of indirect expenses are salary, legal charges, utility bills and rent. Is salary a direct or indirect expense? A company must pay salaries to its employees regardless of the production or sale of products or services.

For pdfFiller’s FAQs

What is Indirect Cost Rate Proposal Form?

The Indirect Cost Rate Proposal Form is a document used by organizations to propose their indirect cost rates to federal agencies. It includes the necessary financial data to demonstrate how the indirect costs are calculated and allocated.

Who is required to file Indirect Cost Rate Proposal Form?

Entities that receive federal funding and wish to receive reimbursement for indirect costs must file the Indirect Cost Rate Proposal Form. This includes nonprofit organizations, educational institutions, and state and local governments.

How to fill out Indirect Cost Rate Proposal Form?

To fill out the Indirect Cost Rate Proposal Form, organizations need to gather relevant financial data, including direct costs, indirect costs, and allocation bases. They must then follow the specific sections of the form, providing detailed calculations and supporting documentation as required.

What is the purpose of Indirect Cost Rate Proposal Form?

The purpose of the Indirect Cost Rate Proposal Form is to establish a negotiated rate that can be used to allocate indirect costs to federal awards, ensuring that organizations are reimbursed for their legitimate indirect costs incurred while executing funded projects.

What information must be reported on Indirect Cost Rate Proposal Form?

The Indirect Cost Rate Proposal Form must report information such as the organization's total indirect costs, base for allocation, direct costs, supporting schedules, and any relevant financial statements that justify the reported figures.