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This checklist outlines the requirements for submitting an indirect cost rate proposal for state and local governments as per OMB Circular A-87. It includes documentation needed such as organizational

How to fill out indirect cost rate proposal

How to fill out Indirect Cost Rate Proposal - Checklist 1

1. Gather all financial statements and documentation required for the proposal.
2. Review the guidelines provided by the funding agency or organization.
3. Identify the indirect costs that need to be included in the proposal.
4. Fill out the checklist by marking the completed items and ensuring compliance with each requirement.
5. Calculate the indirect cost rate based on the total costs and the appropriate base.
6. Prepare supporting documentation that justifies the indirect costs claimed in the proposal.
7. Review the entire proposal for accuracy and completeness before submission.

Who needs Indirect Cost Rate Proposal - Checklist 1?

1. Nonprofit organizations seeking federal funding.
2. Educational institutions applying for grants.
3. State and local governments requesting reimbursements.
4. Research organizations necessitating indirect cost recovery.

People Also Ask about

What is a good expense ratio for nonprofits?

Most watchdog groups recommend nonprofits allocate at least 65-75% of expenses to program services. Organizations that fall significantly below this standard may raise red flags with grantors, donors, and the public.

What are 4 indirect costs?

Examples of indirect costs include rent for office space, utilities, administrative salaries, accounting, legal services, general office supplies, and general office equipment.

What is the 10% minimis indirect cost?

What is the De Minimis Indirect Cost Rate? The de minimis indirect cost rate (de minimis ICR) is 10% of an organization's Modified Total Direct Costs (MTDC). First, an eligible organization may elect to use the de minimis ICR as their indirect cost method instead of a negotiated indirect cost rate agreement.

What is the average indirect cost rate for a nonprofit organization?

What is the Average Indirect Cost Rate for Nonprofits? While no two nonprofit organizations will have identical needs, structures, or budgets, an indirect cost rate of between ten and fifteen percent has served as a longstanding rule of thumb.

What is a reasonable indirect cost rate for nonprofits?

How do I know which federal agency is my cognizant agency? Your cognizant agency for negotiating indirect cost rates is the federal agency that provides the majority of your federal funding (2 CFR part 200, App VII, sec. F).

What is the standard indirect cost rate?

Yet the average indirect cost rate reported by NIH has averaged between 27% and 28% over time.[2] And many organizations are much higher—charging indirect rates of over 50% and in some cases over 60%.

What is an indirect cost rate proposal?

Indirect cost rate proposal means the documentation prepared by a non-Federal entity to substantiate its request for the establishment of an indirect cost rate as described in Appendix III to Part 200. Department direct costs are those which can be identified specifically with a particular cost objective.

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What is Indirect Cost Rate Proposal - Checklist 1?

Indirect Cost Rate Proposal - Checklist 1 is a document used by organizations to request approval for their indirect cost rates, which are used to allocate costs that cannot be directly attributed to specific projects or activities.

Who is required to file Indirect Cost Rate Proposal - Checklist 1?

Organizations that are seeking federal funding or reimbursement and have indirect costs that need to be allocated to their projects are required to file Indirect Cost Rate Proposal - Checklist 1.

How to fill out Indirect Cost Rate Proposal - Checklist 1?

To fill out Indirect Cost Rate Proposal - Checklist 1, organizations must provide detailed financial information, including indirect cost calculations, supporting documentation, and a summary of their indirect cost policies.

What is the purpose of Indirect Cost Rate Proposal - Checklist 1?

The purpose of Indirect Cost Rate Proposal - Checklist 1 is to establish a fair and reasonable rate for allocating indirect costs to federal awards, ensuring that organizations are reimbursed adequately for their overhead expenses.

What information must be reported on Indirect Cost Rate Proposal - Checklist 1?

The information to be reported includes the organization's indirect cost structure, calculation method, budget details, and any supporting documentation that justifies the proposed indirect cost rates.