The National Science Foundation normally awards grants to various types of organizations. The cost principles applicable to the awardee vary depending upon the type of organization. For instance, commercial firms are normally held to the Federal Acquisition Regulations (FAR) for cost principles (FAR Part 31) and financial management systems that comply with OMB Circular A-110, Subpart C.21 (2 CFR §215.21).
The NSF SBIR/STTR program is usually governed by a special set of NSF regulations (Phase I and Phase II) found on the NSF website. The NSF also allows the applicant for Phase I awards to budget up to $10,000 to set-up a compliant accounting system. As an awardee, it is imperative that your set-up and maintain a compliant accounting system for your NSF Ph I award.
With the submission of cost reports, and the final report, the government wants you to declare, under penalty of perjury, that the money spent was in accordance with the proposed budget. The only way to prove this is to have a job cost accounting system, and a properly maintained labor distribution & timekeeping system. You also need to ensure this system was properly maintained throughout the duration of the grant. ReliAscent's NSF Program provides you with that system, and ensures you can focus on your grant.
Before a small business receives its Phase II award, Cost Analysis & Pre-Award (CAP) Branch Auditors will need to verify that the Phase I spending was made in accordance with FAR Part 31. Meaning, you must produce a Ph I spending report (as if the award were a cost-type contract, instead of fixed price). If you fail to produce this report correctly, you will not receive the phase II funding!
In order to pass the CAP review, you must certify that this is how you keep your books and records. With ReliAscent’s help, your small business can set up and maintain a compliant accounting system, and pass your CAP review (our experts have a 100% success rate helping clients pass their CAAR/CAP reviews).
ReliAscent offers full, outsourced accounting to NSF Ph I and II awardees, in order to ensure compliance with NSF requirements, and to ensure awardees can focus on their grant. ReliAscent will set up an NSF compliant job cost accounting system that is web based so ReliAscent can easily handle the bookkeeping and monthly accounting functions for you, so you can focus on what you do best, and improve your chances of succeeding. This is highly recommended in Phase II to avoid compliance issues for the company and allow the company to concentrate on the core technology to ensure the success of the business.
Contact ReliAscent for Pricing
Did you just win your first NSF Ph I SBIR/STTR? Facing a pending CAP Review, or need to turn your Ph II accounting over to the experts? Complete the form on the right, and tell us more about your situation.
For immediate attention, please contact our Marketing Manager:
Tyler Link
tlink<at>reliascent.com
303.999.3808