The objectives of our FAR Part 31 Cost Principles course are to educate students as to the primary and predominant regulations governing cost accounting and cost allowability in government contracting.

Class participants will be instructed on foundations for a compliant job cost accounting system, to include segregation of cost by contract, direct cost charging, indirect cost groupings and proper allocation bases, identifying unallowable costs, properly documenting expenses, and penalties for unallowable costs. Specific types of costs, identified in FAR 31.205, that are often subject to misunderstanding or judgmental interpretation will be discussed in detail.

Examples of these costs include employee morale and welfare, legal, public relations, advertising, travel and relocation. As with all Redstone GCI seminars, the course will discuss recent or proposed changes to relevant regulations, as well as evolving trends in government contract audit interpretations of the cost allowability provisions of FAR. Students will be invited to discuss cost allowability issues that affect their organization.

Class lecture of selected costs will cover only those for commercial organizations in FAR 31.2 (as distinguished from contracts with educational institutions, non-profit organizations and state, local or Indian tribal governments).