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Contact Information

Office of Internal Audit
PO Box 1510
Pembroke, NC 28372

Phone: 910.775.4403
Fax: 910.521.6176
Email: larry.jacobs@uncp.edu

Location: Lumbee Hall, Room 324
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ALLOWABLE COSTS/COST PRINCIPLES

Name:
Title:
Phone Number:
Department:
Date Submitted:
Form:  Allowable Costs/Cost Principles      Fiscal Year-End: 2005

A. Control Activities / Information and Communication:
Yes N/A No
1. Does the entity maintain written policies and procedures regarding expenditures eligible for federal reimbursement (direct or indirect)?
2. Are records maintained supporting the basis for allocating cost?
3. Does the agency have a cost system which allocates cost?
4. Are costs which are allocated between programs periodically reviewed to determine that the costs are properly allocated?
5. Is the basis of allocation (square footage, number of employees, etc.) current?
6. Are all costs allocated according to a plan that has been approved by the federal agency for each fiscal year?
7. Are costs allocated to all benefiting programs?
8. Are fixed indirect cost rates or dollar allocations based on budgets or other estimates adjusted to actual allowable costs?
9. Is the cost allocation plan reconciled to the agency's budget report(s) and the general ledger?
10. Are approved indirect cost rates applied to the proper base for each grant program?
11. Are costs treated consistently (i.e., no duplicate or double charging)?
12. Are Central Services billing methods:
a. Approved by the federal or state agency?
b. Free from unallowable costs?
c. Adjusted to actual cost where estimates or fixed rates are used?
13. Are plans submitted for approval within six months after the close of each fiscal year to the agency?
14. Are allocation bases used that were not listed in publication OASC-10 or OMB circular A-21?
15. Were the allocation bases (from question 14) reasonable in relation to:
a. Benefits received?
b. Cause and effect?
c. Utilization of resources and functions allocated?
16. Is someone responsible for determining the method and basis for cost allocations?
17. Are expenditures reviewed by a person knowledgeable of the provision of OMB Circular A-87?
Comments for section A. (please specify question number)
B. Monitoring
Yes N/A No
18. Are large variances between fixed (estimated) and actual cost investigated?
19. Does management review supporting documents for allowable cost information?
20. Are comparisons made between budget and actual allowable costs?
21. Are any types of audits performed?
Comments for section B. (please specify question number)

By clicking the Submit button, I do hereby certify, to the best of my knowledge, that the answers provided in this self-assessment of internal control is a true representation of the operations of this department.

Updated: Friday, July 22, 2005

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PO Box 1510 Pembroke, NC 28372-1510 • 800.949.UNCP (8627) • 910.521.6000