Get the free Indirect Cost Plan - Illinois State Board of Education

ILLINOIS STATE BOARD OF EDUCATION School Business Services Division 100 North First Street, Springfield, Illinois 627770001 217/7858779Due to ROE on Friday, October 14th Due to ISBN on Tuesday, November

How to fill out indirect cost plan

How to fill out indirect cost plan

1. To fill out an indirect cost plan, follow these steps:
2. Gather all the financial data related to your organization's indirect costs.
3. Identify the various cost pools and the allocation bases for each pool.
4. Determine the indirect cost rate by dividing the total indirect costs by the total allocation base.
5. Allocate the indirect costs to the appropriate cost objects or activities.
6. Ensure that your indirect cost plan is compliant with any applicable regulations or guidelines.
7. Review and double-check all the calculations and allocations in your indirect cost plan.
8. Keep track of any changes or updates to your indirect costs and adjust the plan accordingly.
9. Provide a detailed summary of your indirect cost plan, including the methodology and assumptions used.
10. Obtain any necessary approvals or certifications for your indirect cost plan.
11. Periodically review and update your indirect cost plan to reflect any changes in your organization's operations or financial structure.

Who needs indirect cost plan?

1. Any organization that incurs indirect costs needs an indirect cost plan. This includes nonprofit organizations, government agencies, and for-profit businesses.
2. Indirect costs are expenses that cannot be directly attributed to a specific project or activity but are necessary for the overall operation of the organization. Having an indirect cost plan helps these organizations properly allocate and account for these costs, ensuring that they are adequately covered and accounted for in their financial reports.

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What is indirect cost plan?

An indirect cost plan is a document that outlines how an organization allocates its indirect costs to various projects or programs it undertakes, providing a basis for reimbursement of those costs.

Who is required to file indirect cost plan?

Organizations that receive federal funding or grants are typically required to file an indirect cost plan to properly allocate indirect costs and seek reimbursement.

How to fill out indirect cost plan?

To fill out an indirect cost plan, organizations must gather financial data, determine their total indirect costs, and allocate those costs based on a systematic method that reflects the relationship between indirect costs and direct costs.

What is the purpose of indirect cost plan?

The purpose of an indirect cost plan is to ensure that an organization can recover indirect costs from federal funding sources while maintaining compliance with federal regulations.

What information must be reported on indirect cost plan?

An indirect cost plan must report total indirect costs, allocation bases, proposed indirect cost rates, and the methodologies used to develop these figures.