2024: The FAR, Federal Acquisition Regulations, Part 31

Jennifer Schaus and Associates hosts a complimentary webinar series on The FAR in 2024. Join the webinars on Wednesdays and Fridays at noon, eastern.
Recordings are on YouTube and the company website.
https://www.youtube.com/@jenniferschaus/videos

1. 2024 Webinar Series The FAR: Federal Acquisition Regulations Understand the rules of the federal contracting game - and play to win ! J Schaus & Associates, WASHINGTON DC – [email protected]

2. 2024 Webinar Series THE FAR ABOUT THE SERIES : We’ll cover each PART of THE FAR Typically held Wednesdays and Fridays, 12pm Complimentary Recorded Video Posted on YouTube https://www.youtube.com/@jenniferschaus/videos PPT Posted on SlideShare.net Sponsor/Advertising Options Available J Schaus & Associates, WASHINGTON DC – [email protected]

3. 2024 Webinar Series THE FAR J Schaus & Associates, WASHINGTON DC – [email protected]

4. 2024 Webinar Series THE FAR J Schaus & Associates, WASHINGTON DC – [email protected]

5. 2024 Webinar Series THE FAR ABOUT US: Services for FED GOV CONTRACTORS: Washington DC based; Professional services for established gov cons; Market Analysis to GSA Schedules; Contract Administration, etc. J Schaus & Associates, WASHINGTON DC – [email protected]

6. 2024 Webinar Series THE FAR ABOUT US: Services for those selling TO FED CONTRACTORS: Newsletter Advertising; Webinar Advertising; Social Media Advertising; Event Sponsorship; Ask for our MEDIA KIT! J Schaus & Associates, WASHINGTON DC – [email protected]

7. Marketing TO Federal Contractors? BOGO Digital Advertising Offer 30,000+ Newsletter Subscribers 90% Federal Contractors 23% - 32% Open Rates (12 Mo Ave) 4% - 12% Click Rates (12 Mo Ave) -------------------------------- [email protected] for details

8. WEDNESDAY 05/08 US SENATE – & - HOUSE OF REPRESENTATIVES Scheduled Hearings

9. TUESDAY, MAY 21 st 9-11am “GSA Schedules: The What, Why, How To - And Fine Print!” REGISTER: https://events.teams.microsoft.com/event/01d60a75-d77d-44d0-a501-9f74ff47c4ef@253e7787-672d-4071-9290-fc3db5246db7 TUESDAY, JUNE 4 th 9-11am “Federal Contractors Basic Marketing Guide” REGISTER: https://events.teams.microsoft.com/event/70f1a706-f1b3-46e1-9f88-d769e16075f3@253e7787-672d-4071-9290-fc3db5246db7 LIVE WEB BASED TRAINING

10. VA APEX ACCELERATOR - 2024 TRAINING EVENTS THURSDAY, JUNE 13 th 11.30am-1.30pm GSA Schedules: Requirements, Proposal Prep and – What’s Next REGISTER: https://virginiaptac.ecenterdirect.com/events/4448 TUESDAY, AUGUST 6 th 1pm-3pm Marketing 101 For Federal Contractors: Attract The Primes, Attract The Government REGISTER: https://virginiaptac.ecenterdirect.com/events/4452 TUESDAY, NOVEMBER 12 th 9.30am-11.30am GSA Schedules: Requirements, Proposal Prep and – What’s Next REGISTER: https://virginiaptac.ecenterdirect.com/events/4456

11. Our Sponsored Content Webinars Palmetier Law – Part 1 of 2 - Thursday JUNE 20 SBIR / STTR Unleashing Small Business Innovations: A Path To Growth & Prosperity https://attendee.gotowebinar.com/register/819675359822707801 Palmetier Law – Part 2 of 2 Thursday JUNE 27 SBIR / STTR Unleashing Small Business Innovations: A Path To Growth & Prosperity https://attendee.gotowebinar.com/register/4351522212519190620

12. 2024 Webinar Series - THE FAR THANK YOU TO OUR WEBINAR SPONSORS J Schaus & Associates, WASHINGTON DC – [email protected]

13. The FAR – Federal Acquisition Regulations - WEBINAR SERIES 2024 JSchaus & Associates – Washington DC – [email protected]

14. Full training calendar: virginiaptac.org & useful links Register for free counseling: https://virginiaptac.org/services/counseling/ Your “one stop” shop for Government Contracting assistance Reach us at [email protected] or 703-277-7750 This APEX Accelerator is funded in part through a cooperative agreement with the Department of Defense. Next Steps?

15. 2024 Webinar Series THE FAR THE FAR – PART 31 J Schaus & Associates, WASHINGTON DC – [email protected]

16. 2024 Webinar Series THE FAR FAR PART #31: Contract Cost Principles and Procedures SPEAKER: Lori Allen FIRM: CohnReznick EMAIL: [email protected] J Schaus & Associates, WASHINGTON DC – [email protected]

17. 2024 Webinar Series THE FAR FAR PART #31: Contract Cost Principles and Procedures SPEAKER: Caitlin Lewis FIRM: CohnReznick EMAIL: [email protected] J Schaus & Associates, WASHINGTON DC – [email protected]

18. 2024 Webinar Series - THE FAR   Meet CohnReznick – Optimizing Performance J Schaus & Associates, WASHINGTON DC – [email protected] CohnReznick’s Government Contracting Industry practice helps federal contractors optimize performance by providing strategic advice on compliance and federal regulations, while also providing a range of audit, tax, and business advisory services. We provide full life-cycle support of your contract, and as you seek to grow, we help you stay ahead of the curve by implementing proactive strategies to increase profitability and competitiveness, while minimizing the costs and effects of regulatory noncompliance.

19. 2024 Webinar Series - THE FAR FAR Part 31 Contract Cost Principles And Procedures May 8, 2024 J Schaus & Associates, WASHINGTON DC – [email protected]

20. 2024 Webinar Series - THE FAR Learning Objectives: Understand the importance of FAR Part 31  Understand Allowability, Allocability, Reasonableness and other overarching concepts Understand Expressly Unallowable Costs and the Consequences of Claiming Them Review Risky Selected Areas of Cost Understand Best Practices Related to Identifying Unallowable Costs J Schaus & Associates, WASHINGTON DC – [email protected]

21. 2024 Webinar Series - THE FAR J Schaus & Associates, WASHINGTON DC – [email protected]

22. 2024 Webinar Series - THE FAR J Schaus & Associates, WASHINGTON DC – [email protected]

23. 2024 Webinar Series - THE FAR J Schaus & Associates, WASHINGTON DC – [email protected]

24. 2024 Webinar Series - THE FAR J Schaus & Associates, WASHINGTON DC – [email protected]

25. 2024 Webinar Series - THE FAR Expressly Unallowable Costs Defined in FAR 31.001 J Schaus & Associates, WASHINGTON DC – [email protected]

26. 2024 Webinar Series - THE FAR Expressly Unallowable Costs J Schaus & Associates, WASHINGTON DC – [email protected]

27. 2024 Webinar Series - THE FAR Expressly Unallowable Costs J Schaus & Associates, WASHINGTON DC – [email protected]

28. 2024 Webinar Series - THE FAR J Schaus & Associates, WASHINGTON DC – [email protected]

29. 2024 Webinar Series - THE FAR J Schaus & Associates, WASHINGTON DC – [email protected]

30. 2024 Webinar Series - THE FAR J Schaus & Associates, WASHINGTON DC – [email protected] Allowable Unallowable

31. 2024 Webinar Series - THE FAR FAR 31.205-13 Employee morale, health, welfare, food service, and dormitory costs and credits. Example: You are a small business that just had a stellar year.   In appreciation, you take your team on a y ear end trip to the Bahamas for your employees and their families. This is UNALLOWABLE.   This is not an allowable gift nor is it a performance award.  All travel, food and entertainment costs are UNALLOWABLE.  You can incur them, but cannot claim them. Think of the DIRECTLY ASSOCIATED costs for coordinating the trip, processing expense reports for the trip, any ‘swag’ or other incidentals purchased for the trip, or any other labor hours booked related to the trip are also UNALLOWABLE. P ENALTIES may be assessed. J Schaus & Associates, WASHINGTON DC – [email protected]

32. 2024 Webinar Series - THE FAR J Schaus & Associates, WASHINGTON DC – [email protected] Allowable Unallowable Unallowable

33. 2024 Webinar Series - THE FAR J Schaus & Associates, WASHINGTON DC – [email protected] Allowable Unallowable

34. 2024 Webinar Series - THE FAR J Schaus & Associates, WASHINGTON DC – [email protected]

35. 2024 Webinar Series - THE FAR FAR 31.205-6 Compensation for personal services. General Must be: For work performed by the employee in the current year and must not represent a retroactive adjustment of prior years ’ wages Reasonable for the work performed (specific restrictions on individual compensation elements apply) Based upon and conform to the terms and conditions of the contractor’s established compensation plan There is no presumption of allowability when major revisions of existing compensation plans or new plans exist and the ACO has not had an opportunity to review the changes J Schaus & Associates, WASHINGTON DC – [email protected]

36. 2024 Webinar Series - THE FAR FAR 31.205-6 Compensation for personal services. Reasonableness Aggregate of each measurable and allowable element sums to a reasonable total Consider only allowable individual elements of compensation FAR 31.201-3 Reasonableness Test of reasonableness based on factors determined relevant by the contracting officer to include conformity with compensation practices of others: Of the same size In the same industry In the same geographic area; and Engaged in similar non-government work under comparable circumstances J Schaus & Associates, WASHINGTON DC – [email protected]

37. 2024 Webinar Series - THE FAR FAR 31.205-6 Compensation for personal services. Bonuses/Incentive Compensation Are allowable provided the: Awards are paid/accrued as per an agreement before the services are rendered or pursuant to an established plan or policy Basis for the award is supported Note: Deferred bonus and incentive compensation payments are also subject to requirements of FAR 31.205-6(k) J Schaus & Associates, WASHINGTON DC – [email protected]

38. 2024 Webinar Series - THE FAR FAR 31.205-6 Compensation for personal services. Bonus/Incentive Pay Best Practices Incentive/Bonus plans are written out for all types of such costs and for all types of employees (line/executive), clearly dated/approved These plans may reference: Employee performance Corporate performance (revenue, EBIT, employee growth, etc targets) Allow for certain employees NOT to receive a bonus and/or much lower bonus than others The bonuses are accrued for throughout the year The Company has a long-standing practice of awarding bonuses Likely OK Bonuses based on explicit terms in employment agreements Simplified/general policies/terms in employment agreements that reference “Bonuses paid at management discretion” Company should still be able support the basis by which the award was based Not Likely OK Decision to pay out bonuses at end of year Bonuses paid out of profits and included within claimed costs Bonus plans that say payment is dependent on availability of profits at the end of the year J Schaus & Associates, WASHINGTON DC – [email protected]

39. 2024 Webinar Series - THE FAR FAR 31.205-6 Compensation for personal services. Limitation on Allowability of Compensation J Schaus & Associates, WASHINGTON DC – [email protected]

40. 2024 Webinar Series - THE FAR FAR 31.205-6 Compensation for personal services. J Schaus & Associates, WASHINGTON DC – [email protected]

41. 2024 Webinar Series - THE FAR FAR 31.205-46 Travel costs. Costs for transportation, lodging, meals and incidentals. https://www.gsa.gov/travel/plan-a-trip/transportation-airfare-rates-pov-rates-etc/airfare-rates-city-pair-program J Schaus & Associates, WASHINGTON DC – [email protected]

42. 2024 Webinar Series - THE FAR J Schaus & Associates, WASHINGTON DC – [email protected] Allowable Unallowable

43. 2024 Webinar Series - THE FAR J Schaus & Associates, WASHINGTON DC – [email protected] Allowable and Unallowable Cost Quick Reference

44. 2024 Webinar Series J Schaus & Associates, WASHINGTON DC – [email protected] For more government contracting insights, visit our GovCon360 o Resource Center at CohnReznick.com/GovCon360

45. 2024 Webinar Series THE FAR THANK YOU FOR ATTENDING! FAR PART #31: Contract Cost Principles and Procedures SPEAKERS: Lori Allen, CPA - & - Caitlin Lewis, CPA FIRM: CohnReznick EMAIL: [email protected] [email protected] J Schaus & Associates, WASHINGTON DC – [email protected]

46. 2024 Webinar Series THE FAR Please subscribe to our YouTube Channel for Gov Con Content Uploads including THESE WEBINARS! https://www.youtube.com/@jenniferschaus/videos J Schaus & Associates, WASHINGTON DC – [email protected]

47. 2024 Webinar Series The FAR: Federal Acquisition Regulations THANK YOU FOR JOINING US! J Schaus & Associates, WASHINGTON DC – [email protected]