An Incurred Cost Proposal reconciles actual costs incurred with amounts billed against each contract. Contractors performing work on flexibly priced contracts (T&M and cost-type) must submit an incurred cost proposal (ICP) within 6 months of the close of their fiscal year. A completed ICP provides the contractor with their claimed rates which, when approved, become final indirect rates for the period in question.
This course focuses on the requirements for submitting an ICP and the importance of timely reconciliation. We will also review the strategies and best practices for the successful preparation and completion of your ICP.
Target Audience: Small business owners, accountants, contract managers