Monday, May 14, Session 1: 9:00am-12:00pm, Session 2: 1:00pm-4:00pm, Anaheim, CA
Overview - The Ten Most Common Financial Mistakes that new Contractors and Grantees Make. During this action packed overview, Ed will highlight some of the top financial mistakes that he has seen small grantees and contractors make over the years with special focus on the two that he has seen put dozens of Companies out of business – unacceptable accounting systems, and improperly projecting indirect rates.
The overview session will present useful tips and practical information on the special accounting requirements and language that you need to understand that are embedded in cost reimbursement-type SBIR/STTR phase II awards.
Once Ed gives you the “helicopter ride” to make sure you understand the big picture, then we dive into the main subtopics.
What is an acceptable accounting system - Once you understand the big picture, it’s time to set up the accounting system so you’ll pass the pre-award audit and receive your phase 2 award.
Developing your knowledge about indirect rates - Once you understand the difference between a direct, indirect and unallowable expense, it’s time to start applying the concepts to your specific situation. We will help you to understanding of how indirect rates affect your business, and how to project the right indirect rates for you. We give special emphasis to making sure you understand what really drives your indirect rates.
Always audit ready - Proofing Your Accounting System -Once you’ve won your award, we will detail the elements you must maintain on an ongoing basis for your accounting system to be government audit proof.These core elements include:
We will get into the specifics of how to properly invoice the Government and the supporting documents you need to properly invoice your government contracts or to support draw downs on your grants.
Next, we will explore the seven (7) different types of audits that government contracts are subjected to and the three (3) types of grant audits.
Finally, we’ll explain the most cost effective ways to manage the unique financial aspects of your award.
Ed is a second-generation CEO of Jameson & Company, LLC, which was founded by his father Gordon in 1977. Ed re-joined the firm in 1988, having previously served as a senior consultant in the small business and tax departments at Price Waterhouse, Boston.
Ed has helped clients secure billions of dollars in federal government grants and contracts over his career. He has extensive experience in the indirect rate recovery and audit process and has personally negotiated hundreds of incurred cost submissions. In addition to overseeing all client relationships, Ed consults on cost recovery, strategic and tactical management issues, and contract and grant cost procurement challenges.
Brian LaCroix, CPA & Audit Partner - Brian oversees and manages Jameson & Company’s audits practice. His depth of understanding of the Federal Acquisition Regulation (FAR), Office of Management and Budget (OMB) A-133 audit regulations and Financial Accounting Standards Board (FASB) requirements gives him the unique ability to work on either side of the audit process for our clients.
In addition to assisting clients through the government audit process, Brian manages our firm’s rigorous quality control program, a peer-reviewed process that ensures the highest degree of competency in systems and service. Brian has negotiated thousands of indirect rates with the Federal government and is also involved with his clients’ day-to-day strategic and tactical management decisions.