Get the free Allowable and Unallowable Costs in LSTA Grants

Allowable and Unallowable Costs in LST Grants Source Documents: 2 CFR 200 Uniform administrative requirements, cost principles, and audit requirements for federal awards. Allowable and Unallowable

How to fill out allowable and unallowable costs

How to fill out allowable and unallowable costs

1. To fill out allowable costs:
2. Review the project's funding source guidelines to determine what costs are considered allowable.
3. Separate the costs into applicable categories such as supplies, equipment, personnel, and travel.
4. Record the details of each allowable cost, including the date, description, quantity, and cost.
5. Ensure that each cost aligns with the eligible activities and purposes of the project.
6. Keep thorough documentation and supporting evidence for each allowable cost.
7. To fill out unallowable costs:
8. Identify the expenses that are specifically stated as unallowable in the funding source guidelines.
9. Separate these costs from the allowable costs and clearly label them as unallowable.
10. Exclude unallowable costs from any calculations or reports related to the project's budget or reimbursements.
11. Maintain transparency by clearly documenting and justifying any unallowable costs if required by the funder.
12. Regularly review the funding source guidelines to stay updated on any changes to allowable and unallowable costs.

Who needs allowable and unallowable costs?

1. Anyone involved in managing or administering funded projects needs to understand allowable and unallowable costs.
2. This includes project managers, finance officers, grant administrators, and researchers.
3. It is crucial for these individuals to accurately identify and allocate costs properly to ensure compliance
4. with the funding source requirements and maximize the utilization of funds.

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What is allowable and unallowable costs?

Allowable costs are expenses that can be charged to a project or grant, while unallowable costs are expenses that cannot be charged.

Who is required to file allowable and unallowable costs?

Organizations receiving funding or grants are typically required to file allowable and unallowable costs.

How to fill out allowable and unallowable costs?

Allowable and unallowable costs are typically filled out using a budget template provided by the funding organization.

What is the purpose of allowable and unallowable costs?

The purpose of allowable and unallowable costs is to ensure that funds are used appropriately and in accordance with the terms of the funding agreement.

What information must be reported on allowable and unallowable costs?

Information such as the amount of each expense, the purpose of the expense, and any supporting documentation must be reported on allowable and unallowable costs.