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This memorandum outlines the recommendations to modernize and strengthen the hospital cost principles for federally sponsored research activities, specifically addressing the inadequacies of the OASC-3

How to fill out hospital cost principles for

How to fill out Hospital Cost Principles for Federally Sponsored Research Activities

1. Gather necessary documentation related to hospital costs.
2. Identify the specific federally sponsored research projects that require cost principles.
3. Review federal regulations and guidelines pertaining to cost accounting for research activities.
4. Complete the cost allocation plan, ensuring that all direct and indirect costs are accurately represented.
5. List all eligible costs related to the research activities, including salaries, equipment, and overhead costs.
6. Apply the appropriate cost principles as outlined in the Uniform Guidance (2 CFR Part 200).
7. Submit the completed Hospital Cost Principles form along with any required supporting documentation to the appropriate federal agency.

Who needs Hospital Cost Principles for Federally Sponsored Research Activities?

1. Researchers conducting federally sponsored projects at hospitals.
2. Hospital administration personnel responsible for financial management.
3. Compliance officers ensuring adherence to federal cost principles.
4. Grant managers overseeing funding and budget allocations.

People Also Ask about

What are the 4 types of cost?

Costs are broadly classified into four types: fixed cost, variable cost, direct cost, and indirect cost.

What are the cost principles?

The cost principle is an accounting principle that records assets at their respective cash amounts at the time the asset was purchased or acquired. The amount of the asset that is recorded may not be increased for improvements in market value or inflation , nor can it be updated to reflect any depreciation.

What are the 4 methods of costing?

Answer: The most common costing methods are process costing, job costing, direct costing, and Throughput costing. Each of these approaches can be used in various production and decision-making situations.

What are the 4 cost principles?

The four primary cost principles applicable to sponsored awards are that costs must be: reasonable, allocable, allowable, and consistently treated. These cost principles apply to not only the sponsored funds but also any related cost share or in-kind cost associated with the award.

What are the 4 elements of cost?

Elements of cost 1: Materials. Materials are a very important part of business. 2: Equipment. This represents the mechanical equipment. 3: Labor. 4: Overhead (Fixed/ Variable)

What are the three cost principles?

(1) Reasonableness. (2) Allocability. (3) Standards promulgated by the CAS Board, if applicable, otherwise, generally accepted accounting principles and practices appropriate to the circumstances.

Does NIH allow indirect costs?

CHANGE: For any new grants issued by NIH, recipients will be subject to a standardized 15% indirect cost rate regardless of any existing negotiated indirect cost rate agreement (NICRA).

What are US federal cost principles?

Federal cost principles are regulations that help recipients and subrecipients determine eligible costs for specific activities identified in grant agreements and contracts and outlines financial management requirements including audits.

For pdfFiller’s FAQs

What is Hospital Cost Principles for Federally Sponsored Research Activities?

Hospital Cost Principles for Federally Sponsored Research Activities refer to guidelines established to ensure that hospitals allocate costs associated with federally sponsored research correctly. These principles help in determining the allowable costs that can be charged to federal research grants and contracts.

Who is required to file Hospital Cost Principles for Federally Sponsored Research Activities?

Hospitals and healthcare organizations that receive federal funding for research activities are required to file Hospital Cost Principles. This includes those seeking reimbursement for costs associated with federally sponsored research.

How to fill out Hospital Cost Principles for Federally Sponsored Research Activities?

To fill out the Hospital Cost Principles, entities must gather financial data related to research activities, categorize costs according to federal guidelines, and ensure proper documentation is provided. Each section of the forms must be completed accurately, reflecting the costs incurred within the approved budget.

What is the purpose of Hospital Cost Principles for Federally Sponsored Research Activities?

The purpose of Hospital Cost Principles is to ensure proper accounting and reporting of costs associated with federally sponsored research. This helps in maintaining compliance with federal regulations and ensures that funds are used appropriately.

What information must be reported on Hospital Cost Principles for Federally Sponsored Research Activities?

Information that must be reported includes direct and indirect costs, cost allocation methods, justification for expenses, and details related to the nature of the research activities supported by federal funding.