Helpful Links
www.charlestondca.org
SCS Upcoming Events
Lunch and Learn Series
"Indirect Cost Pools"
* December 13, 2012, Charleston, SC For more information and to register for the event, Visit our website often for updates on these and other events. www.scsconsults.com |
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Greetings!
It's hard to believe that 2012 is almost over. If your life is like mine, December can be a very busy month. Here at SCS, we're focused on preparing clients for year-end processes while assisting others with launching their new accounting package. It's also quite likely that the Government will have some proposals due around the Holidays as well. This year, not only do we have the usual pressures, we now have added concerns about what the upcoming year will bring with the 'fiscal cliff'. But, I've come to realize that occasionally we need to slow down and remind ourselves of the importance of the holiday season and take time to enjoy it. Spending time and creating memories with family and friends this time of year is a privilege we should all take advantage of. Those memories are something you can treasure forever. Don't let the hustle and bustle around you keep you from taking some time to enjoy all that the season has to offer. The entire team at SCS wishes you and your family the most wonderful Christmas and an extremely Happy New Year.
Regards,
Laura Davis,
President
Strategic Consulting Solutions
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DoD IG Critical of DCMA Proposal Audits
Excerpt from the Darrell J. Oyer & Company Newsletter
November 30, 2012
In 2010 DOD issued guidance to contracting officers raising the contract value for requesting a proposal audit from $650,000 to $10 million for fixed-price contracts and from $10 million to $100 million for cost-type proposals.
DOD transferred low-dollar proposal audits from the Defense Contract Audit Agency (DCAA) to the Defense Contract Management Agency (DCMA). The change came in the wake of congressional criticism over the quality of DCAA's audits. DCAA said this decision would allow it to redirect 132,133 audit hours to higher-dollar proposals [Editorial Note: Sure]. A DOD Inspector General (IG) report has now concluded that this action could cost taxpayers as much as $249.1 million per year. Read more HERE
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*In Sequestration News...*
by Sandra I. Erwin
National Defense
In the hi gh-stakes bargaining between the White House and Congress on how to avert the fiscal cliff - a mix of steep spending cuts and expiration of tax breaks scheduled to begin Jan. 2 - the Pentagon's budget will be one of many chips on the table.
The president has said he would support a deal that cancels across-the-board sequestration cuts if they are offset by a mix of targeted spending reductions and tax revenues. The ultimate fate of defense funding depends on the size of the deficit-reduction package, and how it ends up being split between spending and revenues. The administration and Congress have agreed in principle to remove $487 billion from future defense spending beginning in 2013. But it is possible that, as part of a grand bargain to tame the federal budget deficit, defense could be squeezed a percentage point or two more.
Defense sequestration cuts - projected at $55 billion for fiscal year 2013 - will not trigger massive layoffs or program cancellations, analysts have said. Congress is expected to delay those cuts as it works on a budget deal, but the underlying issue remains: The Pentagon might have to accommodate deeper cuts - beyond the $487 billion it is already programming. Read more HERE
Education Beats Defense Industry in Lobbying Against Sequestration
by Elahe Izadi
Government Executive
We all know that sequestration--those automatic spending cuts set to kick in next year--has caused a lobbying frenzy among defense contractors. But it turns out that education is the most active industry in lobbying against sequestration cuts.
That's according to the Open Secrets Blog: of the 421 groups who hired lobbyists in the first three quarters of 2012 to work sequestration, 91 are education groups, mostly universities.
Defense, on the other hand, has 25 organizations lobbying on sequestration cuts.
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Year End Checklist
December 31st is fast approaching. Here are a few items to consider before the new year arrives.
1. Prepare for AP & PR year end:
(a) Deltek Procedures*
(b) Review vendors for 1099 status
2. Prepare forward pricing rates
3. Develop 2013 budgets
4. Consult with tax accountant for year-end planning.
5. Make sure your 2012 accounting data is ready for auditors and tax preparers.
6. Any last minute adjustments to accounting system / structure.
* Deltek users - Don't forget to run your Year-End closing procedures for AP and Payroll BEFORE writing 2013 checks.
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BP Is Barred From Taking Government Contracts
by John M. Broder and Stanley Reed
The New York Times
The United States government has temporarily banned the British oil company BP from new federal contracts, citing the company's "lack of business integrity."
The decision comes after BP agreed to plead guilty this month to criminal charges over the 2010 Deepwater Horizon blowout and oil spill that killed 11 workers and polluted hundreds of miles of Gulf of Mexico shoreline. As part of its settlement, the company agreed to pay penalties of $4.5 billion, including $1.26 billion in criminal fines.
The Environmental Protection Agency said Wednesday that BP's suspension from new contracts would remain in effect "until the company can provide sufficient evidence to E.P.A. demonstrating that it meets federal business standards."
More about BP HERE |
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Seven Share $900M Navy Prize
by Nick Wakeman
Washington Technology
Seven companies have won a $900 million contract with the Navy to support systems that provide battlespace awareness. The contract, known as the Battlespace Awareness Support Portfolio Full and Open is worth $899.6 million over five years. According to the Deltek contract database, the Navy is currently using multiple contracts and the new contract consolidates those into a single vehicle. Find out more about their contract HERE
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 Tips and Tricks to Using SAM Successfully
Though user frustrations are running high, the System for Award Management (SAM) is still a very useful tool. Through her work as Director, Senior Business Specialist and Certified International Trade Counselor with the Tennessee Small Business Development Center, Jutta Bangs has worked extensively with her clients and the General Services Administration (GSA) on navigating the database. Jutta recently shared some tips and trick on successfully using SAM with the Oak Ridge chapter of the National Contracts Management Association (NCMA) and she was kind enough to let us share the presentation with our newsletter readers. Review Jutta's presentation on SAM HERE
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Helpful Resources about Compliance
We all know how there are major compliance changes underway with new regulations. Here are a few resources to help you prepare for what's coming.
The Future of Compliance - Free Webinar
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About Strategic Consulting Solutions
Strategic Consulting Solutions is the leading provider of compliant solutions to government contractors. SCS specializes in Deltek software sales and implementation, complete accounting outsourcing, contract compliance support, contract administration and general accounting support. Whether you are new to contracting, or a seasoned contractor managing multiple, complex projects, we can help you to understand government cost accounting requirements, implement systems and processes to achieve compliance, assist you through DCAA audits, and help you accurately manage and streamline your business processes. Our team consists of professionals with extensive finance and government contracting experience. We understand the complexities of government contracting and strive to help our clients find the appropriate solutions to all of their contracting issues. |
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We focus on compliance
so you can focus on your business |
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