Orange County NC Website
Browse       Search
7 <br /> 4. Conform to any limitations or exclusions set forth in the principles, federal laws, <br /> ARP/CSLFRF award terms, and other governing regulations as to types or amounts <br /> of cost items. <br /> 5. Be consistent with policies, regulations, and procedures that apply uniformly to both <br /> the ARP/CSLFRF federal award and other activities of Orange County. <br /> 6. Be accorded consistent treatment. A cost MAY NOT be assigned to a federal award as <br /> a direct cost and also be charged to a federal award as an indirect cost. And a cost must <br /> be treated consistently for both federal award and non-federal award expenditures. <br /> 7. Be determined in accordance with generally accepted accounting principles <br /> (GAAP), unless provided otherwise in the UG. <br /> 8. Be net of all applicable credits. The term"applicable credits"refers to those receipts or <br /> reduction of expenditures that operate to offset or reduce expense items allocable to the <br /> federal award. Typical examples of such transactions are purchase discounts; rebates or <br /> allowances; recoveries or indemnities on losses; and adjustments of overpayments or <br /> erroneous charges. To the extent that such credits accruing to and received by the County <br /> related to the federal award, they shall be credited to the ARP/CSLFRF award, either as a <br /> cost reduction or a cash refund, as appropriate and consistent with the award terms. For <br /> additional requirements and information see the Orange County Program Income Policy. <br /> 9. Be adequately documented. <br /> III. SELECTED ITEMS OF COST <br /> The Uniform Guidance examines the allowability of fifty-five (55) specific cost items <br /> (commonly referred to as Selected Items of Cost) at 2 CFR § 200.420-.475. <br /> Finance personnel responsible for determining cost allowability must be familiar with the <br /> Selected Items of Cost. Orange County must follow the applicable regulations when charging <br /> these specific expenditures to the ARP/CSLFRF grant. <br /> Finance personnel will check costs against the selected items of cost requirements to ensure the <br /> cost is allowable and that all process and documentation requirements are followed. In addition, <br /> State laws, Orange County regulations, and program-specific rules may deem a cost as <br /> unallowable, and Finance personnel must follow those non-federal rules as well. <br /> Exhibit A identifies and summarizes the Selected Items of Cost. <br /> IV. DIRECT AND INDIRECT COSTS <br /> Allowable and allocable costs must be appropriately classified as direct or indirect charges. It is <br /> essential that each item of cost be treated consistently in like circumstances either as a direct or <br /> an indirect cost. <br /> Cost Principles Policy 6 <br /> May 2022 <br />