A Practical Guide to the Incurred Cost Submission - Live Virtual Course November 2025

CPE, CLE Accredited

This is session 2 of 2 in the Practical Guide to the Incurred Cost Submission virtual course.

Government contractors subject to an Allowable Cost and Payment contract clause must submit an adequate incurred cost proposal together with supporting data for each fiscal year within six months after the end of those fiscal years. To establish final indirect rates and direct contract costs consistent with these important procurement provisions, contractors must understand all components of an adequate incurred cost proposal and the costs that must be included within these submissions.

This virtual course focuses on what contractors must know about the Incurred Cost Submission (ICS) including analysis of ICS Model Schedules, Contract Costs, and Rate Structures. It is designed to show contractors how to identify and capture all allowable costs that may be claimed for reimbursement in the prescribed format consistent with FAR Part 42 requirements, and mitigate the risk of audit problems and issues.

The instructors will provide a detailed, step by step guide to the preparation and development of the Incurred Cost Submission (ICS). It begins with an explanation of accounting requirements such as the rules for allowability and allocability required to facilitate the successful completion of an ICS. The workshop also analyzes the different types of indirect rate structures used by contractors and delineates how companies should develop and present indirect rate structures and claimed costs as a part of these submissions.

Whether you have been doing business with the Federal Government for many years or have just won your first contract award, you will be provided with the skills and tools that will help to ensure that your submission is accurate, adequate, and complete.

Learning Objectives:

Upon completion of the program you should be able to:
Prepare an Incurred Cost statement
Understand and apply the rules around allowability
Understand and apply the rules with allocability
Correctly identify data points to complete an ICS
Effectively use the Incurred Cost Electronic model correctly

This live virtual course is eligible for both CLE and CPE credit.
NOTE: CPE/CLE credit for attendees are subject to participation and approval by the governing boards.

NASBA CPE ACCREDITATION INFORMATION
Learning Level: Beginner
Prerequisites: None
Field of Study: Specialized Knowledge
Delivery Method: Group Internet Based

For more information regarding administrative policies such as refunds, cancellations and complaints, please contact Federal Publications Seminars at 888.494.3696.

West Professional Development is registered with the National Association of State Boards of Accountancy (NASBA) as a sponsor of continuing professional education on the National Registry of CPE Sponsors. State boards of accountancy have final authority on the acceptance of individual courses for CPE credit. Complaints regarding registered sponsors may be submitted to the National Registry of CPE Sponsors through its website: www.nasbaregistry.org.

About Our Experts

Paul Bailey

Partner, Capital Edge Consulting

Paul Bailey is a Partner for Capital Edge Consulting. Mr. Bailey has broad experience with federal procurement rules and regulation through combined industry and public accounting experience at PricewaterhouseCoopers and KPMG. Over the course of his 30-year career, Paul has provided expert advice and testimony for government contractors and their counsel, government agencies including Inspector General and the Department of Justice on the administration of contracts and resolution of complex government accounting and compliance disputes. While in public accounting, Paul was responsible for the Department of Energy’s outsourced contractor audits to KPMG, including Incurred Cost and Price Proposals, CAS compliance and Business System adequacy. Paul has conducted audits for and on behalf of the Federal Bureau of Prisons, Department of Justice and Department of Energy, Office of Inspector General.

Paul joined Capital Edge Consulting from Harris Corporation in Melbourne, Florida where he was Vice President of Government Accounting and Compliance. In the accounting and compliance role, Paul was responsible for the oversight and approvals of the Business Systems to satisfy DCAA/DCMA surveillance and adequacy determinations. Paul orchestrated and directed an External Restructuring of CAS segments to align cost allocations and synergies following a major acquisition. Paul has been an industry leader in settlement of indirect rates based on past company experience foregoing the DCAA Incurred Cost Audit process. In addition to extensive accounting and compliance experience, he has held Vice President roles leading Contracts, Subcontract Administration, and Procurement functions.

Mr. Bailey earned his B.B.A. – Finance degree from Walsh College of Accountancy and Business Administration. He is a Certified Public Accountant licensed in Ohio and Virginia.
Chad Braley

CEO and National Managing Partner, Capital Edge Consulting

Chad Braley is the Chief Executive Officer and Founder of Capital Edge Consulting, Inc. Since its inception, Capital Edge has grown into the country’s leading firm, focusing solely on serving both foreign and domestic contractors who do business with the US Government.

Chad’s areas of expertise include the Cost Accounting Standards (CAS), Federal Acquisition Regulations (FAR), agency supplement regulations, Contractor Accounting, Purchasing, Estimating, MMAS, and EVM Business Systems, Truth in Negotiations Act, government accounting requirements Incurred Cost Submissions (ICS), DCAA Audits support and preparation, other regulatory non-compliance support, Terminations, Requests for Equitable Adjustment (REA), ERP systems and risk mitigation.

Chad graduated from the Williams School of Commerce at Washington and Lee University with a Bachelor of Science in Commerce, with a major in Business Administration.
Lew Gaydon

Director, Capital Edge Consulting

Lew Gaydon is a Director at Capital Edge Consulting and an accomplished financial executive in the Government Aerospace Sector. Based in Nashville, Lew rejoined Capital Edge in 2024, bringing nearly 20 years of experience in government contracting. He has led finance, pricing, accounting, and compliance organizations, working closely with contracting and audit offices within the Department of State, Department of Defense, Department of Energy, and other civilian agencies. Lew was previously with Capital Edge from 2013 to 2017.

With extensive expertise in aerospace, defense, and government contracts, Lew has a proven track record in financial leadership and compliance governance. He led the finance, accounting, and compliance organization for the government business unit of a $2B+ publicly traded company, playing a pivotal role in transitioning to a full CAS-covered contractor. This transition involved implementing Deltek Costpoint, strategic indirect rate structuring, and combining two CAS-covered segments. Lew's areas of expertise include Cost Accounting Standards (CAS), contractor accounting, estimating, purchasing systems, strategic finance, pricing, REAs, ICSs, terminations, M&A due diligence, ERP implementation, business integration, and DCAA audit support.

Lew has an MBA with a focus in Finance and Economics from the University of Chicago Booth School of Business, and BS in Accounting from the University of Pittsburgh.
Eric Hayman

Director, Capital Edge Consulting

Eric Hayman has over 15 years of experience providing professional support to government contractors and government agencies in the areas of compliance, accounting and training. He specializes in the Federal Acquisitions Regulations, Cost Accounting Standards, Government Audits and Contract’s Finance Management. He has worked closely with Chief Financial Officers, Controllers, Vice Presidents, and General Counsels among others, and brings experience from a wide range of engagements.

Eric has provided Government Contracting Services to a wide range of Industries, including Aerospace and Defense, Pharmaceuticals and Biotech Sectors, Manufacturing and Professional Services. His clients range from small start-ups to large, publicly-held, multi-national organizations.

Education
B.A. Accounting and Business Administration
Eric graduated from Flagler College, Magna Cum, with a Bachelor of Arts Degree in both Accounting & Business Administration.
Tony Worick

Partner, Capital Edge Consulting

Tony Worick is a Partner at Capital Edge Consulting, where he specializes in helping businesses navigate and succeed in working with the United States Government. With extensive experience with large aerospace and defense contractors and aiding commercial companies in establishing public sector ventures, Tony leverages his expertise in Federal Acquisition Regulation (FAR), Cost Accounting Standards (CAS), and Defense Federal Acquisition Regulation Supplement (DFARS) to drive business growth and compliance.

Tony's comprehensive approach includes establishing robust internal control frameworks, continuous risk and control monitoring, and providing actionable recommendations to ensure compliance and business continuity. His clients span various industries, including aerospace, biotech, defense, energy, healthcare, IT, intelligence, and manufacturing. Tony's in-depth knowledge of DCAA audit methodologies has contributed to numerous successful government business system audits. Additionally, he supports clients through large-scale transformations, deals due diligence, and integration plans, ensuring seamless operations and compliance throughout acquisitions involving government contracts.

Tony graduated from Creighton University with a Bachelor of Science in Business Administration, with a major in Accounting.

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