Costs included in the rate proposal must be allowable in accordance with OMB A-21. The tests of allowability are that costs must be reasonable, allocable to the recharge activity, and consistently treated.
Cost in a contract that is reasonable, meets accepted accounting principles, is defined in the Federal Acquisition Regulations, or is agreed to by contracting parties. Go to FAR 31.
Costs that the University incurs in carrying out a grant or contract, and is allowed to recover from the sponsoring agency. Under the terms of Federally-sponsored grants and contracts, the University will be allowed to recover t hose costs that are allowable in accordance with the US Office of Management and Budget (OMB) Circular A-21.
is a cost for which an institution may be reimbursed under a research support agreement or any other contract type with the federal government. The determination of allowability for educational institutions is governed by cost principles published as OMB Circular A-21 (revised 8/8/00).
A charge that the funding agency will reimburse under the terms of the grant or contract being awarded.
A cost incurred by a recipient meeting the following requirements: Reasonable for the performance of the award; Allocable; In conformance with any limitations or exclusions set forth in the federal cost principles applicable to the organization incurring the cost or in the Notice of Grant Award as to types or amount of cost items; Consistent with internal regulations, policies and procedures that apply uniformly to both federally-funded and other activities of the organization; Accorded consistent treatment; Determined in accordance with generally accepted accounting principles; and Not included as a cost in any other federally funded grant (unless specifically authorized).
Allowable cost is the highest fee the state will pay for people on Medicaid. Other insurance plans may also set allowable costs for the services they cover.
cost that meets the test s of: Reasonableness. Relevance to the contract. Accounting in accordance with standards promulgated by the Cost Account ing Standards Board, if applicable; otherwise, generally accepted accounting principle s and practice s appropriate to the part icular circumstances. The terms of the contract. [D03796] GAT
A budget item which is acceptable by federal or institutional guidelines
A reasonable cost specifically permitted under the Federal Acquisition Regulations (FAR).