CONTINUING EDUCATION FOR TAX & FINANCIAL PROFESSIONALS

Cost Principles for State and Local Governments and Nonprofit Organizations

Icon_Self-Study
Self-Study
Icon_Level
Basic
Credits
CPE Credits
5 Credits: Auditing (Governmental)

Course Description

Truth is stranger than fiction when it comes to the creative way that grantees use their grant resources. Let Sefton and Bill, auditors with over 70 combined years of federal, state, and municipal audit experience, guide you through the dos and don’ts of spending federal grant dollars. Auditors of federal programs use the cost principles as criteria to evaluate compliance with contract provisions. The cost principles apply to almost all federal grant programs and contain specific prohibitions against entertainment and some legal fees. The cost principles also advise grantees on how to document payroll expenditures.

Learning Objectives

Upon successful completion of this course, participants will be able to:

Chapter 1

  • Differentiate between principles applicable to state and local governments and nonprofits
  • Define key government regulators and their related acronyms
  • Identify how to sequence the four layers of rules governing grants

Chapter 2

  • Identify whether an item of cost is allowable per the cross-cutting principles
  • Cite the allowability principle that has been violated in various scenarios

Chapter 3

  • Identify the difference between an indirect cost and a direct cost

Chapter 4

  • Identify which costs are usually allowable and which are unallowable

Chapter 5

  • Identify which compensation charges are allowable under a federal award and what documentation is required

Chapter 6

  • Identify which professional service costs are allowable under a federal award
  • Cite which legal costs are allowable under a federal award
  • Distinguish between lobbying costs and normal operating costs of a program
  • Determine how to treat services donated in support of a federal award

Chapter 7

  • Identify how to recover building and equipment costs
  • Distinguish between idle capacity and idle facilities and related allowable costs
  • Identify which costs are allowable as rearrangement and alteration costs
  • Identify which rental costs are allowable in various scenarios

Chapter 8

  • Identify under which conditions morale costs, fines and penalties, insurance, interest, and membership costs are allowable costs
  • Distinguish between allowable and unallowable pre-award costs, taxes, and travel costs

Course Specifics

Course ID
5173170
Revision Date
September 28, 2017
Advanced Preparation

None

Compliance information

NASBA Provider Number: 103220

Course Instructor

Sefton Boyars Headshot
Sefton Boyars, CPA, CFS, CGFM, CIA

Sefton Boyars, CPA, CFS, CGFM, CIA, was the U.S. Department of Education’s regional inspector general for audit in regions IX and X until he retired in 1996. During his 35-year career, Sefton worked for a variety of federal and local government audit agencies. He’s a member of the California Society of CPAs and was a long-time chair of his chapter’s combined committee on accounting principles and auditing standards and government accounting and auditing. Sefton is a past chair of the Western Intergovernmental Audit Forum and often served as chair or cochair of its subcommittees and roundtables. He’s also an experienced …

Sefton Boyars, CPA, CFS, CGFM, CIA Read More »

Cost Principles for State and Local Governments and Nonprofit Organizations

Format
CPE CREDITS
5 Credits: Auditing (Governmental)

$145.00$175.00

Clear
Icon_Self-Study
Self-Study
Icon_Level
Basic
Credits
CPE Credits
5 Credits: Auditing (Governmental)

Course Description

Truth is stranger than fiction when it comes to the creative way that grantees use their grant resources. Let Sefton and Bill, auditors with over 70 combined years of federal, state, and municipal audit experience, guide you through the dos and don’ts of spending federal grant dollars. Auditors of federal programs use the cost principles as criteria to evaluate compliance with contract provisions. The cost principles apply to almost all federal grant programs and contain specific prohibitions against entertainment and some legal fees. The cost principles also advise grantees on how to document payroll expenditures.

Learning Objectives

Upon successful completion of this course, participants will be able to:

Chapter 1

  • Differentiate between principles applicable to state and local governments and nonprofits
  • Define key government regulators and their related acronyms
  • Identify how to sequence the four layers of rules governing grants

Chapter 2

  • Identify whether an item of cost is allowable per the cross-cutting principles
  • Cite the allowability principle that has been violated in various scenarios

Chapter 3

  • Identify the difference between an indirect cost and a direct cost

Chapter 4

  • Identify which costs are usually allowable and which are unallowable

Chapter 5

  • Identify which compensation charges are allowable under a federal award and what documentation is required

Chapter 6

  • Identify which professional service costs are allowable under a federal award
  • Cite which legal costs are allowable under a federal award
  • Distinguish between lobbying costs and normal operating costs of a program
  • Determine how to treat services donated in support of a federal award

Chapter 7

  • Identify how to recover building and equipment costs
  • Distinguish between idle capacity and idle facilities and related allowable costs
  • Identify which costs are allowable as rearrangement and alteration costs
  • Identify which rental costs are allowable in various scenarios

Chapter 8

  • Identify under which conditions morale costs, fines and penalties, insurance, interest, and membership costs are allowable costs
  • Distinguish between allowable and unallowable pre-award costs, taxes, and travel costs

Course Specifics

Course ID
5173170
Revision Date
September 28, 2017
Advanced Preparation

None

Compliance information

NASBA Provider Number: 103220

Course Instructor

Sefton Boyars Headshot
Sefton Boyars, CPA, CFS, CGFM, CIA

Sefton Boyars, CPA, CFS, CGFM, CIA, was the U.S. Department of Education’s regional inspector general for audit in regions IX and X until he retired in 1996. During his 35-year career, Sefton worked for a variety of federal and local government audit agencies. He’s a member of the California Society of CPAs and was a long-time chair of his chapter’s combined committee on accounting principles and auditing standards and government accounting and auditing. Sefton is a past chair of the Western Intergovernmental Audit Forum and often served as chair or cochair of its subcommittees and roundtables. He’s also an experienced …

Sefton Boyars, CPA, CFS, CGFM, CIA Read More »

Cost Principles for State and Local Governments and Nonprofit Organizations

Format
CPE CREDITS
5 Credits: Auditing (Governmental)

$145.00$175.00

Clear