The Maine Division of Training want to share up to date data concerning our course of for approving oblique value charges.
The Division points an oblique value price for a particular fiscal 12 months that’s legitimate from July 1 to June 30 of the relevant fiscal 12 months. The oblique value price is utilized to the quantity of direct prices spent, to not the grant. Oblique prices are solely recovered to the extent of the direct prices incurred.
To get better oblique prices, the LEA applies the oblique value price in impact for a given fiscal 12 months or the length of the grant award to the direct expenditure much less the capital expenditure in that fiscal 12 months or the length of the grant. granting of the subsidy.
To ensure that the districts to obtain the approval of their oblique value price, the reconciliation of the audit with the MEFS should be accomplished. The Ministry additionally recommends the next coaching to all districts that request it: FY 21 Oblique Prices Coaching Course (ed.gov).
Improvement of oblique value charges:
- The ministry derives data from the official annual add of the LEA to the MEFS and the detailed accounts that make up this report.
- The ministry will put together a “Preliminary Oblique Price Fee” for LEAs that request an oblique value price and could also be requested for certification.
- As soon as the preliminary oblique value charges are supplied to the LEA, the LEA should present data for the subcontracts and subcontracts in an effort to calculate an adjustment to the oblique value price earlier than closing certification.
- Pre-determined charges which can be licensed and certifications shall be printed at: https://www.maine.gov/doe/funding/fiscalreview/compliance/indirectcostrate
- Restricted oblique value charges shall be restricted to eight%. The unrestricted oblique value charges are restricted to fifteen%. All preliminary calculated charges outdoors the statistical customary are topic to revision to make sure correct classification of prices.
The next data has been added to the settlement on oblique value charges:
- Distribution Foundation: Complete Direct Price Modified By MTDC – Complete Direct Prices Excluding Tools, Capital Bills, Participant Assist Prices, Switch Funds, and The Half Of Every Subcontract (Beneath – contract or sub-grant) higher than $ 25,000 (every grant; annually).
- Relevant To: Restricted charges apply to packages that require a restricted price beneath 34 CFR 75.563 and 34 CFR 76.563.
- Therapy of fringe advantages: Fringe advantages relevant to direct wages and salaries are handled as direct prices. Pursuant to 2 CFR 200.431, (b), (3), paragraph (i), unused depart prices for all staff are eligible within the 12 months of cost. The therapy of unused depart prices needs to be charged as an oblique value, aside from the salaries of staff designated as direct value for the calculation of the restricted price.
- Capitalization coverage: Tools is capitalized and depreciated if the preliminary acquisition value is the same as or higher than $ 5,000.
When you’ve got any questions whereas reviewing these supplies, please contact Mary Randall, a member of the college’s finance workforce, [email protected], for help.