Get the free Sharing of indirect cost recovery form - University of Rochester - rochester

University of Rochester Sharing of Indirect Cost Recovery Form Purpose: Please note that this form is to be used when sharing of indirect cost (F&A) recovery is proposed for collaborative interschool/college

How to fill out sharing of indirect cost

How to fill out sharing of indirect cost:

1. Understand the concept: Before filling out the sharing of indirect cost, it is important to understand what it means. Indirect costs refer to expenses that are not directly tied to a specific project or activity but still contribute to the organization as a whole. Sharing of indirect costs involves allocating these expenses among different projects or departments based on specific criteria.
2. Identify the indirect costs: Make a list of all the indirect costs incurred by the organization. This could include items such as rent, utilities, administrative salaries, or maintenance expenses. It is important to have a clear understanding of all the indirect costs before proceeding.
3. Determine the allocation base: The next step is to identify an allocation base that can be used to distribute the indirect costs. This could be the number of employees, the square footage of space used, or the total project budget. The allocation base should be a fair and logical representation of how the indirect costs are incurred.
4. Calculate the allocation rate: Once the allocation base is determined, calculate the allocation rate by dividing the total indirect costs by the total value of the allocation base. For example, if the total indirect costs are $10,000 and the allocation base is the number of employees, and there are 50 employees, the allocation rate would be $200 per employee.
5. Apply the allocation rate: To allocate the indirect costs to different projects or departments, multiply the allocation rate by the corresponding value of the allocation base for each project or department. For example, if a project has 10 employees, the allocated indirect cost for that project would be $2,000 (10 employees x $200 per employee).

Who needs sharing of indirect cost?

1. Organizations with multiple projects: Sharing of indirect costs is particularly relevant for organizations that have multiple projects or departments. It ensures that each project or department bears a fair share of the overhead costs based on their contribution or usage.
2. Grant-funded projects: Organizations that receive grants or funding from external sources often need to demonstrate how they allocate indirect costs to different projects. Sharing of indirect costs helps in ensuring transparency and accountability in the use of grant funds.
3. Cost accounting purposes: Sharing of indirect costs is important for cost accounting purposes. It allows organizations to accurately determine the true costs of each project or department, enabling effective budgeting and financial planning.

In conclusion, understanding how to fill out sharing of indirect costs involves identifying indirect costs, determining an allocation base, calculating an allocation rate, and applying the rate to allocate costs. Organizations with multiple projects, grant-funded projects, and those focusing on cost accounting find sharing of indirect costs relevant in their financial management processes.

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What is sharing of indirect cost?

Sharing of indirect cost refers to the process of distributing indirect costs among different projects or activities based on a predefined allocation method.

Who is required to file sharing of indirect cost?

Organizations that receive federal funding for projects or activities are required to file sharing of indirect cost as part of their grant compliance.

How to fill out sharing of indirect cost?

Sharing of indirect cost is typically filled out using a standard form provided by the granting agency. The form requires detailed information on the organization's indirect costs and the allocation method used.

What is the purpose of sharing of indirect cost?

The purpose of sharing of indirect cost is to ensure that indirect costs are distributed fairly and accurately among different projects or activities, in accordance with federal regulations.

What information must be reported on sharing of indirect cost?

Information that must be reported on sharing of indirect cost includes the organization's total indirect costs, the allocation base used, the total direct costs, and the calculated indirect cost rate.