The FAR Allowability of Compensation Plans
The allowability of bonus and incentive compensation for government contractors is governed by the Federal Acquisition Regulation (FAR) and should not be ignored.
Bonuses can be a significant part of a firm’s overhead and the allowability is critical to its future revenue. However, even though allowability is important, it is necessary to get the most value for bonuses paid. A well-designed bonus and incentive plan can enhance individual performance and protect your future.
Join our upcoming webinar where Wayne Owens and Kristi Weierbach will provide an overview of the FAR bonus/compensation plan requirements and offer suggestions to get the most performance from your plan.
During this webinar, we’ll review:
- FAR requirements for allowable employee compensation
- Criteria to determine reasonableness and allowability
- Compensation plan best practices to meet requirements
Firms that contract with governmental agencies and include bonuses in their claimed compensation must follow FAR to ensure that the bonuses will be includable in their overhead rate as an allowable and reasonable cost. Making certain that your bonuses are allowable is important because your overhead rate can change significantly if you fail to follow FAR guidelines.
Webinar: The FAR Allowability of Compensation Plans*Credits are not offered for on-demand presentations.
About the Presenters
Wayne Owens, CPA, CGMA, CDA | Managing Director, Government Contract Services Practice Area
Over his 35+ year career, T. Wayne has established himself as a respected thought leader in the architecture and engineering industry. As the founder of T. Wayne Owens & Associates, PC, Wayne honed his skills providing consulting, auditing, and financial management services for firms nationally as well as serving as CFO of an architectural firm. You can frequently find him presenting to national audiences on his favorite industry topics including AE auditing and financial management, the AASHTO Uniform Audit & Accounting Guide, FAR overhead rates, government contracting, and project accounting.
Kristi Weierbach, Ph.D., SPHR, SHRM-SCP | Managing Director, Workforce Advisory Services
Kristi focuses her extensive expertise on helping clients design a workforce that is not only prepared for the future, but one that leverages disruption to thrive and succeed. Weaving together a unique blend of anticipatory tools and insights with practical solutions, Kristi provides clients with an organizational architecture that empowers them for the NextGen.