Get the free PREPARATION OF INDIRECT COST ALLOCATION PLANS FOR THE COUNTY OF BROOME

This document serves as a Request for Proposal (RFP) issued by Broome County for the preparation of Indirect Cost Allocation Plans. It outlines the instructions, qualifications, and expectations for

How to fill out preparation of indirect cost

How to fill out PREPARATION OF INDIRECT COST ALLOCATION PLANS FOR THE COUNTY OF BROOME

1. Gather all necessary financial documentation and data applicable to the indirect costs.
2. Identify the indirect costs that need to be allocated, including overhead, administrative expenses, and facility costs.
3. Determine the allocation base, which can be direct labor hours, direct costs, or any other relevant measure.
4. Develop a method for allocating the indirect costs to various departments or programs based on the chosen allocation base.
5. Prepare a draft of the indirect cost allocation plan, ensuring compliance with any relevant guidelines or regulations.
6. Review the draft plan with stakeholders for feedback and necessary revisions.
7. Finalize the indirect cost allocation plan, incorporating any feedback received.
8. Submit the plan to the appropriate authority for approval.

Who needs PREPARATION OF INDIRECT COST ALLOCATION PLANS FOR THE COUNTY OF BROOME?

1. County government officials who manage budgets and financial planning.
2. Departments within the County of Broome that incur indirect costs and require allocation plans.
3. Grant recipients who need to report indirect costs in compliance with funding requirements.
4. Financial auditors and oversight bodies that require documentation of cost allocation processes.

People Also Ask about

What is the allocation base for indirect costs?

Understanding Allocation Bases For example, if the indirect costs are based on salaries, an appropriate allocation base would be direct labor dollars or hours. Other common pools include: Machine hours for costs of machinery maintenance. Direct material costs when materials contribute to indirect costs.

How do you allocate indirect costs?

Below are three of the most common methods of distributing indirect costs. Method A distributes indirect costs using a rate that includes personal services or total costs. Method B distributes indirect costs by a rate calculated by hours. Method C distributes indirect costs by a rate calculated by usage.

How to create a cost allocation plan?

Basic Steps of Cost Allocation Identify shared facilities or support services. Identify the costs to be allocated. Determine the allocation factors/methodology to distribute the costs equitably. Allocate the costs. Update and monitor the data and methodology to ensure the allocation remains fair and equitable over time.

What are the methods for estimating indirect costs?

Indirect cost rate calculations rely on cost pools, a value representing total indirect costs broken out and allocated based on percentages calculated in various ways. This is done by dividing the cost pool by a cost object (i.e., a variable such as usage, physical dimensions, project category, department, etc.).

What is a cost allocation plan for local government?

Cost Allocation Plan – document that identifies, accumulates, and distributes allowable direct and indirect costs to cost objectives. The plan also identifies the allocation methods used for distribution to cost objectives, on the basis of relative benefits received.

Are indirect costs always allocated?

Indirect costs are, but not necessarily, not directly attributable to a cost object. It should be financially infeasible to do so. Indirect costs are typically allocated to a cost object on some basis.

How should indirect costs be allocated?

Below are three of the most common methods of distributing indirect costs. Method A distributes indirect costs using a rate that includes personal services or total costs. Method B distributes indirect costs by a rate calculated by hours. Method C distributes indirect costs by a rate calculated by usage.

What is the allocation of indirect expenses?

Indirect cost allocation is an accounting function by which estimates are made to distribute indirect costs to programs or functions, in order to approximate their full cost.

For pdfFiller’s FAQs

What is PREPARATION OF INDIRECT COST ALLOCATION PLANS FOR THE COUNTY OF BROOME?

The PREPARATION OF INDIRECT COST ALLOCATION PLANS FOR THE COUNTY OF BROOME is a systematic process used to determine and allocate indirect costs to various programs and departments within the county in a fair and equitable manner.

Who is required to file PREPARATION OF INDIRECT COST ALLOCATION PLANS FOR THE COUNTY OF BROOME?

Organizations and departments that receive federal or state funding, as well as any entities that manage or oversee programs under county jurisdiction, are typically required to file these plans.

How to fill out PREPARATION OF INDIRECT COST ALLOCATION PLANS FOR THE COUNTY OF BROOME?

To fill out the plan, agencies are required to gather financial data, identify indirect costs, define allocation bases, and complete the necessary forms as specified by county guidelines, ensuring all calculations and justifications are well documented.

What is the purpose of PREPARATION OF INDIRECT COST ALLOCATION PLANS FOR THE COUNTY OF BROOME?

The purpose is to ensure that indirect costs are appropriately and fairly distributed among various programs to accurately reflect the true cost of service delivery and compliance with funding requirements.

What information must be reported on PREPARATION OF INDIRECT COST ALLOCATION PLANS FOR THE COUNTY OF BROOME?

The report must include details such as the total amount of indirect costs, allocation methods, calculations supporting the allocation bases, and documentation of cost categories as per county regulations.