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Government Contract Accounting

Understanding NIST 800-171 and what it means for Government Contractors

What is NIST 800-171? The NIST (National Institute of Standards and Technology) 800-171 is a federal regulation that was issued Dec 1, 2016 to help control the safety and security of CUI that resides in nonfederal systems.   What is CUI? Controlled unclassified information, also known as CUI, is federally released, non-military data including personally…

The Impact of Lease Changes on Government Contractors

The Financial Accounting Standards Board (FASB) identified leases as an item of concern on financial statements. Until recently, companies were not required to report most leases on their balance sheet which resulted in “off-balance sheet financing.” The long-term nature of leases and their use as a financing tool meant that companies have long-term commitments (liabilities),…

Allowable Rental Costs

We often receive questions regarding the amount of allowable rental costs between related parties. Rental costs are normally allowable to the extent they are reasonable and allocable. In an effort to reduce operating costs, small business owners often purchase a building under a separate entity and lease it back to the government contracting entity at…

SF1408 Accounting System Review

Has your prime or contracting officer told you that you need an approved or adequate accounting system before your next award? What exactly is an approved or adequate accounting system? In the world of government contracting, most people think of DCAA-approved accounting systems. There are a few misnomers in that statement: DCAA does not approve…

Increased Profit Margins On Government Contracts

What are your current profit margins on government contracts? Are you still bidding a fee of 6% to 10%? Many contractors think they must accept low profit margins on government contracts. Not true! FAR 15.404-4(a)(3) clearly states, “Both the Government and contractors should be concerned with profit as a motivator of efficient and effective contract…

Indirect Rate Calculator

Do you want to know how to calculate indirect rates for government contracts? Are you looking for an indirect rate calculator to verify your current rate structure? Check out our indirect rate calculator – an Excel tool designed for ease of use. Simply enter totals from your existing GL reports (Income Statement or Statement of…