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City of Spokane 808 W. Spokane Falls Blvd. Spokane, Washington 992013313 (509) 6256091 Jennifer Staple ton, CAMS Director, Grants Management & Financial Assistance INDIRECT COSTS COST POLICY STATEMENT

How to fill out indirect costs - cost

How to fill out indirect costs - cost:

1. Begin by gathering all relevant financial information. This includes any expenses or costs that are not directly attributed to a specific project, such as office rent, utilities, and administrative salaries.
2. Categorize your indirect costs into different cost pools. This will help you organize and allocate these costs properly. Common cost pools include overhead costs, facilities costs, and administrative costs.
3. Determine the cost allocation base for each cost pool. This refers to the measure that will be used to distribute the indirect costs among different projects or activities. It could be based on factors like revenue, direct labor hours, or square footage.
4. Calculate the indirect cost rates for each cost pool. Divide the total indirect costs in each pool by the cost allocation base to determine the rate. For example, if your facilities costs are $100,000 and your cost allocation base is 10,000 square feet, the rate would be $10 per square foot.
5. Allocate the indirect costs to specific projects or activities. Multiply the indirect cost rate by the relevant cost allocation base for each project to determine the allocated indirect costs. This will provide a more accurate reflection of the true cost of each project.

Who needs indirect costs - cost:

1. Organizations and companies: Indirect costs are essential for any organization or company to accurately determine the total cost of a project. By including indirect costs, they can make more informed decisions about pricing, profitability, and resource allocation.
2. Project managers: When planning and budgeting for a project, it is crucial for project managers to consider both direct and indirect costs. Ignoring indirect costs can lead to underestimating expenses and ultimately impacting the project's success.
3. Grant or contract recipients: For entities receiving grants or contracts, reporting indirect costs may be a requirement. These recipients need to accurately calculate and report their indirect costs to comply with funding agencies' guidelines and regulations.

In summary, filling out indirect costs - cost involves gathering financial information, categorizing costs, determining cost allocation bases, calculating indirect cost rates, and allocating costs to specific projects. This process is important for organizations, project managers, and grant or contract recipients to accurately assess project costs and make informed decisions.

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What is indirect costs - cost?

Indirect costs - cost refer to expenses that cannot be directly attributed to a specific project or activity, but are necessary for the overall operation of a business or organization.

Who is required to file indirect costs - cost?

Any organization or entity that receives funding from grants, contracts, or other sources that allow for reimbursement of indirect costs - cost is required to file and report their indirect costs - cost.

How to fill out indirect costs - cost?

Indirect costs - cost can be filled out by identifying all expenses that are not directly attributable to a specific project or activity, then allocating these costs based on a predetermined indirect cost rate.

What is the purpose of indirect costs - cost?

The purpose of indirect costs - cost is to fairly allocate shared expenses across multiple projects or activities, in order to accurately reflect the true cost of each project or activity.

What information must be reported on indirect costs - cost?

The information to be reported on indirect costs - cost includes a breakdown of all indirect expenses incurred, the indirect cost rate used for allocation, and a detailed justification for each cost.