Best Practices for Contract Closeout
This course will explore best practices in closing multiple types of contracts, covering such topics as indirect rates, flexibly priced contracts, audits, financial settlements, and record retention policies. | Self-Paced | Course | Beginner | 2 CPE/CLP | 2 Hours | $180 member/$230 non-member
Description:
This course will present government contractors and subcontractors with key financial elements of closing multiple types of contracts, including how final negotiated indirect rates affect flexibly priced contracts. The course will discuss the effects of untimely audits, settlement of multiple fiscal years, and record retention policies. Finally, participants will learn about specific audit risks related to a number of these factors, and recent government policy updates related to contract closeout.
Intended Audience: Contract managers, subcontractors
Level of Difficulty: Beginner
Learning Objectives:
- Identify policy areas and record retention requirements that affect contract closeout
- Discuss ways to keep accounting system records and prepare your Incurred Cost Submission, including Open contracts and Schedule O, Cumulative billings and Schedule I, and Populating the Cumulative Allowable Cost Worksheet (CACWS).
CMBOK Competency:
Presenters:
- Russell Forbes, Manager, Baker Tilly
- Drew Lewis, Manager, Baker Tilly
Credits:
Cost:
- $180 member/ $230 non-member
Course Access:
Registration
Online registration not available.