Understanding Reasonable Cybersecurity Measures under New Federal Guidelines for Uniform Guidance
Cybersecurity has skyrocketed to the number one slot on many surveys and experts’ risk rankings as noted in GRF’s Top Risk for Nonprofits and Associations report. In response to the evolving landscape of cybersecurity threats, the Office of Management and Budget (OMB) has introduced language in the recently updated Guidance for Federal Financial Assistance aimed…
Key takeaways from GRF’s 2024 ESG Summit
On Wednesday, April 24, 2024, GRF brought together a panel of leading industry experts to provide a comprehensive overview of ESG, including current trends and regulations for measuring, monitoring, and reporting on Environmental, Social and Governance (ESG) initiatives. The half-day summit was jam packed with actionable information and advice. Save the date! GRF’s ESG Summit…
2023 National 8(a) Association Conference Trends
This premier annual conference provides education and supplier diversity networking for small businesses. This year’s event was held at the Hyatt Regency New Orleans from February 13 through 15 and was sold-out. Clearly, many small businesses are ready to travel again for in-person events! In addition to making introductions to federal agencies and prime contractors,…
Understanding the Difference between Overhead and G&A
By Paul Calabrese, Principal, Outsourced Accounting & Advisory Services If you’re like many government contractors (GovCons), the theory behind indirect rates is difficult to understand. Unfortunately, many GovCons set up an overly complex, 3-tier indirect rate system and discover later that it is not required at the onset. To help small and emerging contractors better…
Decoding SBA’s Rules for 8(a) Financial Reporting
By Paul Calabrese, Principal, Outsourced Accounting and Advisory Services Small Disadvantaged Businesses with 8(a) status must observe important yearly financial reporting requirements per 13 CFR 124.602. To correctly interpret the annual receipts definition and submit the appropriate annual financial statement, participants must understand the requirements in the CFR. The chart below was developed by GRF’s…
Overcoming Confusion Regarding FAR Cost Principles
By Paul Calabrese, Principal It may surprise you, but even government agencies get confused when it comes to which cost principles apply to a commercial government contractor (GovCon) versus a nonprofit organization. Typically, GovCons obtain federal procurement contracts while nonprofits receive financial assistance awards as grants or cooperative agreements. So, what happens when the agency…
COVID-19 Vaccine Mandates for Government Contractors and Subcontractors
By Paul Calabrese, Principal, GRF CPAs & Advisors The issue of vaccines and the controversy around mandates has not spared the government contracting world. While those who work with the federal government are accustomed to occasional public policy mandates via clauses in their contract, this mandate is unprecedented because it involves an employee’s personal health…
Government Contractors Struggle with DCAA over PBR Approvals
For government contractors with cost reimbursable contracts including Cost Plus Fixed Fee (CPFF), Provisional Billing Rates (PBRs) are projected indirect rates approved by the Administrative Contracting Officer (ACO), or more commonly by the Defense Contract Audit Agency (DCAA). PBRs allow a contractor to estimate anticipated year-end final rates to be used in their monthly interim…
PPP Loan Forgiveness and FAR “Credits” for Government Contractors
By: Paul H. Calabrese, Principal, Outsourced Accounting and Advisory Services/Government Contracting As the COVID-19 pandemic comes to an end, many vendors, suppliers and service providers to the federal government have applied for forgiveness of their Paycheck Protection Program (PPP) loans. Working virtually meant that many professional service providers in particular did not need additional funding to keep their workforces intact,…
GSA Announces Change in Contract Requirements under MAS Solicitations
On February 24, 2021, the US General Services Administration (GSA) issued a memorandum for all GSA contracting activities announcing the waiver of experience and annual financial statement requirements under the Multiple Award Schedule (MAS) solicitation due to the COVID-19 pandemic. Effective immediately, MAS solicitation provision SCP-FSS-001, Instructions Applicable to All Offerors, changes the corporate experience…