Indirect Cost Allocations
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Indirect costs are expenses incurred for a common or joint purpose benefiting more than one programm, and are not readily assignable to the cost objectives specifically benefited. Indirect Cost Allocations, is the process of distributing these costs using accepted allocation bases to multiple benefitting programs.
The FastFund Online Indirect Allocations module is a powerful system for allocating expenses and revenue.
Indirect Allocation Basis includes:
- Direct Cost
- Direct Revenue
- Total by Account
- Fixed Numeric Value
- Fixed Percentage
You can even create step down allocations.
These allocation bases are accepted by most major funding sources, including:
- Department of Social Services
- Office of Mental Health
- Office of Mental Retardation and Developmentally Disabled
- Youth Board
- Department of Health and Human Services
- United Way
- Private Funding Sources
Indirect Cost Allocations creates post allocated worksheets detailing the indirect costs or revenues being allocated and the benefitting cost centers, plus worksheets with the direct and indirect revenue and expenses for each cost center.
Allocations can be used for creating indirect cost reports, or can be posted as a journal entry to permanently move the transactions from one cost center to another.
With Indirect Cost Allocations you will be able to:
- Provides management with the ability to monitor direct and indirect costs of all programs.
- Allocations can be posted to the General Ledger by a journal entry