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:

1. Identify policy areas and record retention requirements that affect contract closeout
2. 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:

• 4.5 - Close Out Contract

Presenters:

• Russell Forbes, Manager, Baker Tilly
• Drew Lewis, Manager, Baker Tilly

Credits:

• 2 CPE/CLP

Cost: 

• $180 member/ $230 non-member

Course Access:

• After registration, to access your course, visit My Virtual Training. 
• *Note: you must be logged into your NCMA profile to access your courses on My Virtual Training.