General Cost Principles

2 Credits: Auditing (Governmental)


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General Cost Principles

Course Level
CPE Credits

2 Credits: Auditing (Governmental)

Course Description

Sefton Boyars is joined by Bill Allen for this two-credit class on general cost principles of federal government grants. General cost principles are the rules that govern if any cost is acceptable to be charged to a federal grant. The course will cover everything from identifying the “big three” general cost principles, the Prudent Person Rule, requirements for the arms-length bargaining, and judging whether a cost is allowable. It will provide you with the knowledge of grantee and pass-through organizations, federal grant personnel, and auditors of federal grant programs.

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Learning Objectives

Upon completing this course, participants will be able to:

  • Identify the general cost principle
  • Describe the Prudent Person Rule as it applies to the general cost principle
  • Describe the requirement for arms-length bargaining
  • Identifying whether a cost is allocable to a federal award
  • Identify the “big three” general cost principles
  • Judge whether a cost is allowable under the general cost principles
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Course Specifics

Course ID
Revision Date
February 24, 2022


Advanced Preparation


Compliance Information

NASBA Provider Number: 103220

CFP Notice: Not all courses that qualify for CFP® credit are registered by Western CPE. If a course does not have a CFP registration number in the compliance section, the continuing education will need to be individually reported with the CFP Board. For more information on the reporting process, required documentation, processing fee, etc., contact the CFP Board. CFP Professionals must take each course in it’s entirety, the CFP Board DOES NOT accept partial credits for courses.

Meet The Experts

Until his retirement in October 1996, Sefton Boyars was the Department of Education’s Regional Inspector General for Audit in Regions IX and X. During his 35-year career, Sefton worked for a variety of federal and local government audit agencies. He is a member of the California CPA Society and was a long-time chair of his chapter’s combined committee on Accounting Principles and Auditing Standards and Government Accounting and Auditing. Sefton Boyars is a Certified Public Accountant, a Certified Government Financial Manager, a Certified Fraud Specialist, and a Certified Internal Auditor. He is a past chair of the Western Intergovernmental Audit …

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Originally from the San Francisco Bay Area, Bill has 30 years of federal audit and contract monitoring and administration experience.  He served as the U.S. Department of Education’s Regional Inspector General for Audit for Regions VII, VIII, and X.  Mr. Allen also served as Region IX’s Assistant Regional Inspector General for Audit.  In these capacities, he managed the planning, performing, and reporting for performance and compliance audits of public and private (nonprofit and for-profit) educational and health-related organizations.  He also negotiated reimbursement contracts, and overhead expense for Medicare Providers and Intermediary organizations [Insurance organizations]. He has led a peer review …

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