10 CAPTURE. COSTTREE 2016 Q3 ISSUE
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When creating a cost allocation plan (CAP) and an indirect cost rate proposal (ICRP) used for the recovery of indirect costs on the performance of federal or state grants, the plan must be compliant with the requirements of the 2 CFR Part 200 federal regulations. These regulations are under the jurisdiction of the Executive Office of the President of the United States’ Office of Management and Budget (OMB). When these documents are audited, having the correct schedules, allowed and unallowed costs, and allocation methodologies is critical to ensuring a timely collection of the funds owed to you.