Part 1 – COVID-19 – Financial Impacts under Existing Government Contracts
The purpose of this discussion is to identify key actions government contractors should be aware of to assist with mitigation efforts associated with potential financial and compliance risks arising from the current COVID-19 environment. The actions discussed generally apply to all contract types; i.e., fixed-price, cost-reimbursement and time-and-materials, and do not necessarily favor a particular contract type.
Part 2: CARES Act, Section 3610 – What Contractors Need to Know
This discussion will be around guidance on Section 3610 of the CARES Act. The DoD issued April 8, 2080 a class deviation authorizing contracting officers (CO) to use the newly created guidance ‘CARES Act Section 3610 Implementation’ as a framework for addressing anticipated claims for reimbursement of applicable contractor paid employee leave costs arising from COVID-19. This implementation guidance, referenced as DFARS 231.205-79, is, in essence, a newly created cost principle applicable to a limited group of affected contractors.
Part 3: COVID-19 – Prospective Government Contracts, Things to Consider
This discussion focuses on prospective contracts awarded in conjunction with the COVID-19 national emergency. The government expects many of these contracts to be awarded on a commercial item basis. Commercial item contracts, especially in a high-speed emergency situation, may present and enhance risk to contractors. We will address things contractors need to be aware of now to minimize potential downstream risks arising from these contracts, including – price reasonableness, unique statutory authorities, truthful representations and accuracy of invoicing and financial disclosures. Due to the significance of the amount of dollars the government is / will be spending, several watchdog groups have been established to monitor the government’s acquisition of these emergency supplies and services. This session will provide an overview of compliance and financial considerations contractors should understand to assist with pursuit of these solicitation opportunities.
About the presenter:
Craig Stetson, Partner, CPA, CGMA, MBA, Capital Edge Consulting, Inc.
Experienced Government Contract Regulatory Compliance Specialist with demonstrated history of working in the federal government procurement industry. 30 years of direct experience assisting government contractors interpret and apply the myriad of accounting and regulatory compliance requirements associated with federal government contracts. Skilled in a wide range of compliance matters related to accounting, pricing, contract administration, business systems and financial reporting. Significant experience i) working with and interpreting the requirements of the Federal Acquisition Regulation (FAR) and Cost Accounting Standards (CAS); ii) preparing and negotiating termination settlement proposals, claims and requests for equitable adjustment; iii) designing and assessing cost allocation structures and cost accounting practices; iv) interpreting and auditing cost allowability in accordance with FAR SubPart 31.2 requirements; and, v) assessing business systems and internal control adequacy and effectiveness pursuant to pertinent federal procurement regulation requirements.
Phone: (408) 921-2128