Incurred Cost Submissions (ICS)

Government contractors that are awarded cost-reimbursable and time-and-materials contracts will need to submit to their cognizant federal agency official (government representative) and auditor an adequate final indirect cost rate proposal. This proposal is typically called an Incurred Cost Submission (“ICS”), and its purpose is to calculate actual indirect cost rates, enabling review and approval of the rates by the government. Once the indirect cost rates are approved, the…