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Incurred Cost Electronically (ICE) Workshop
September 25, 2017 @ 9:00 am - September 26, 2017 @ 4:00 pm$995
This two day workshop provides hands-on experience in turning the Incurred Cost Electronically (ICE) model into a company submission. Participants will walk step-by-step through the process of preparing an incurred cost submission for a company with multiple contract types and burden rates. The class case study begins with an exercise for identifying data requirements and reconciliation to accounting records. The case study continues with the setup features contained in the ICE model. Participants will prepare the direct cost schedule, the pool schedules and the allocation base schedules. Participants will prepare the Cumulative Direct and Indirect Costs Claimed and Billed by Contract and Subcontract. Participants will also prepare other required schedules and review content for the optional schedules. Each step in the process will be accompanied by discussion of the various methods that can be used to complete the step and different tips and pitfalls for alternative rate structures. After participants have gained a strong working knowledge of the ICE model through the primary case study, we will walk through the setup for a series of different rate structures. Participants will also learn how to modify the ICE model beyond the basic setup features to fit their company’s structure – and more importantly – how NOT to modify the ICE model so as to maintain the integrity of the model’s integrative features. A discussion session regarding advanced challenges will conclude the workshop.
Basic MS Excel skills are needed including ability to navigate among multiple worksheets, understanding of distinction between inserting rows or columns and inserting cells, and interpreting cell references, e.g. ‘worksheet name’!CR.
Please bring your laptop with MS Excel to participate in the interactive aspects of this class.
- What is an ICS and why do I have to prepare one?
- Data requirements by contract type
- Importance of reconciling to accounting records
- Case Study: Data requirements
- Indirect rate structures
- When should I use ICE to create an ICS model for my company?
- Setup features in the ICE model
- Case Study: Setup ICE model for sample company
- Common issues encountered preparing the direct cost schedule
- Case Study: Schedule H-Direct costs for cost type contracts with task orders, work orders and CLINs
- Case Study: Schedule H-Direct costs for Time & Materials contracts by task order
- Case Study: Schedule H-Direct costs for other contract types and commercial business
- Case Study: Schedule Ds-Intermediate pool costs
- Choosing an allocation basis
- Supporting an allocation basis
- Case Study: Schedule Ds-Intermediate allocation bases
- Case Study: Schedule Fringe-Fringe pool and allocation base
- Case Study: Schedule B&Cs-Final indirect pool costs
- Case Study: Schedule E-Allocation bases for final indirect pools
- Requirements for Schedule Ks (Summary of Hours and Amounts on Time and Material/Labor Hour Contracts)
- Common issues encountered preparing Schedule Ks
- Case Study: Schedule K
- Prior years costs, settled and unsettled
- Common issues encountered preparing the Cumulative Cost and Billings schedule
- Case Study: Schedule I-Cumulative Cost and Billings Schedule
- Case Study: Schedule O-Contract Closing Information
- Case Study: Schedule J-Subcontracts under flexibly priced government contracts/task orders
- Reconciling Labor Distribution to reported payroll costs
- Common issues encountered in the reconciliation
- Case Study: Schedule L-Reconciliation of Total Payroll per IRS form 941 to Total Labor Costs Distribution
- Unallowable Cost identification and segregation
- Supplemental supporting schedules and explanatory notes
- Case Study: Identifying and reporting unallowable direct costs (Schedules H, G & I)
- When are unallowable costs part of the Total Cost Input base?
- Case Study: Segregating unallowable indirect costs (Schedules B, C, D & Fringe)
- Facilities Capital Cost of Money
- Schedules M & N
- Performing an adequacy review before submission
- Case Study: Adequacy Review
- Alternative rate structures
- Practical Exercise: Setup ICE for alternate rate structures
- Adding Schedules in the ICE
- Altering the pool schedule formats to accommodate accounting adjustments
- Practical Exercise: Add GL Adjustments to Schedule B
- Other advanced model modifications
- ICS preparation challenges
- Missing data
- Data does not reconcile
- Project data and GL data out of synch
- Mid-year conversions to new system(s)
- Internal rate structure changes
- Cuff systems used for billing
- Open discussion
Continuing Education Credits
11 CLE/ 1.1 CEU/ 13 CPE (Finance) credits may be earned for this course. This course is recommended for 16 CLP credits.
This course has been approved for CLE in CA, PA, VA and TX. Because this activity has been approved in another CLE jurisdiction, you may also receive credit for participation in AK, AZ, AR, CO, FL, HI, IL, ME, MT, NJ, NY, ND, and WI (additional state requirements may apply). If you are seeking CLE credits for a jurisdiction other than the ones listed above, please contact us for additional information.
This course can be submitted to Project Management Institute (PMI) for PDU. Upon their approval, it may be worth 11 PDU credits.
The Public Contracting Institute is registered with the National Association of State Boards of Accountancy (NASBA) as a sponsor of continuing professional education on the National Registry of CPE Sponsors. State boards of accountancy have final authority on the acceptance of individual courses for CPE credit. Complaints regarding registered sponsors may be submitted to the National Registry of CPE Sponsors through its website: www.nasbaregistry.org.