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Ready to Scale: Moving from Commercial to Government for Construction, Engineering and Facilities Companies

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Join Aronson LLC in our Ready to Scale Series for a presentation on doing business with the government with a focus on Construction, Facilities O&M and Engineering. Learn how to maximize your company’s potential by learning about cash management and bonding considerations, structuring your business to balance government and commercial work and more!

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Ready to Scale: Moving from Commercial to Government for Construction, Engineering and Facilities Companies

  1. 1. Moving from Commercial to Government for Construction, Engineering and Facilities Companies Nicole M. Mitchell | July 20, 2016
  2. 2. 2© 2016 | | | Life as a Federal Contractor
  3. 3. 3© 2016 | | | • Commercial Contracting – Governed by the Universal Commercial Code – Flexibility to negotiate a variety of T&C • Terms and conditions are not predefined – Interested Parties have Authority over contract Negotiations • Loosen or increase T&C and values based on risk – Private use of Funds • Federal Contracting – Governed by the Federal Acquisition Regulations (FAR) • Competition in Contracting Act (requires open competition before a contract is awarded except in limited circumstances) – Contracting Officer (CO) acts as an Agent on behalf of the Federal Government, while the CO has Authority, the authority is to implement the FAR – Use of Taxpayer Funds Welcome to Federal Contracting
  4. 4. 4© 2016 | | | Differences on Federal Contracts • Costs may be subject to audit, cost estimates pre-award or incurred post award. • Even if your customer is “happy” and the contract was complete on schedule as defined; audits of regulatory compliance may still indicate deficiencies. • The Government can make unilaterial changes to contracts. • Payment does not mean successful completion of the contract. • Payment does not mean a liability will not result in the future on an open contract. • Formal contract close-out procedures must occur for the contractor and Federal Government to be released from liability.
  5. 5. 5© 2016 | | | Federal Contracting Process and Negotiation
  6. 6. 6© 2016 | | | Critical FAR Sections for Federal Contractors • Subchapter C – Contracting Methods and Contract Types – FAR Part 13 – Simplified Acquisition Procedures – FAR Part 14 – Sealed Bidding – FAR Part 15 – Contracting by Negotiations – FAR Part 16 – Types of Contracts – FAR Part 17 – Special Contracting Methods – FAR Part 18 – Emergency Acquisitions • FAR Part 31 Contract Cost Principles and Procedures • Far Part 43 Contract Modifications
  7. 7. 7© 2016 | | | Common Pitfalls • Change Orders – requiring change order accounting and acceptable accounting systems • Directions taken from someone on the Federal side who lacks authority, only a contracting officer has the authority to modify a Federal Contract • Cost Allowability – Applying the FAR Part 31 Contract Cost Principles to ALL contracts • Subcontracting – Flow down of appropriate clauses and oversight and monitoring of subcontractors • Internal Controls – Lack of appropriate internal controls or documentation of controls • Cost Recovery – Failure to adequately allocate thus recover general and administrative costs
  8. 8. 8© 2016 | | | About Aronson LLC Aronson LLC provides a comprehensive platform of assurance, tax, and consulting solutions to today’s most active industry sectors and successful individuals. For more than 50 years, we have purposefully expanded our service offerings and deepened our industry specialties to better serve the needs of our clients, people, and community. From startup to exit, we help our clients maximize opportunity, minimize risk, and unlock their full potential.
  9. 9. 9© 2016 | | | About Aronson LLC • Thinking ahead for clients for more than 50 years • 225+ professionals located in Rockville, MD • 80+ professionals dedicated to supporting government contractors • Aronson helps clients rethink the way they approach their business through innovative, industry-specific services and advice: – Audit, Assurance and Tax – Deltek Systems and Outsourcing – Financial and Contract Compliance – GSA Schedules • – News and trends and insight for today’s savvy government contractor
  10. 10. 10© 2016 | | |
  11. 11. 11© 2016 | | | Awards / Accolades / Affiliations The Gazette of Politics & Business Exceptional 53 Business Award In 2012, Aronson received the PB53 award for the third year in a row. The program acknowledges the top businesses and organizations in Maryland based on criteria that includes the company’s annual revenue, employee growth, noteworthy product or service innovations, community service efforts and more. Accounting Today Top Firm In 2013, Aronson was once again named to Accounting Today’s list of the top 100 firms in the country. Accounting Today is a leading provider of online business news for the tax and accounting community. Washington Business Journal Top 25 Aronson is ranked #12 on the Washington Business Journal’s Top 25 Accounting Firms in the DC Metropolitan area. INSIDE Public Accounting Top 100 Once again, Aronson has earned a spot in the top 100 of this prestigious list, released by INSIDE Public Accounting. This is the longest running, most comprehensive and accurate independent analysis focusing on management and operations of America’s large local, regional and national firms. Washington Business Journal Best Places to Work Aronson has been recognized five times as one of the Metro area’s “Best Places to Work.” The award recognizes a company’s achievements in creating a positive work environment that attracts and retains employees through a combination of employee satisfaction, working conditions and company culture. Montgomery County Chamber Corporate Social Responsibility Award In 2010, Aronson was honored to receive the MCCC’s Corporate Social Responsibility Award based on the depth and breadth of the company’s energetic commitment to support young people, in the areas of education, housing and health.
  12. 12. 12© 2016 | | | Nicole Mitchell joined Aronson LLC in 1998 and serves as a Partner in Aronson’s Government Contract Services Group. She received a Bachelor of Science in Accounting from Frostburg State University and a Masters in Business Administration from Mount Saint Mary’s College. Nicole specializes in accounting and financial issues impacting government contractors. She has a broad-based background in generally accepted accounting principles and cost principles related to government contractors including the Federal Acquisition Regulations (FAR) and Cost Accounting Standards (CAS). Nicole provides consulting and accounting services to government contractors in the areas of financial regulatory compliance, contract pricing, and complex cost accounting structures. She has in-depth knowledge of the key financial business systems and compliance risk unique to government contractors. Nicole has been a guest speaker on various financial and government contracting topics for such organizations as the AICPA, MACPA, Deltek Insight Conference, and the Howard County Chamber of Commerce. She co-authored a Thompson RIA reference manual for controllers “Doing Business with the Federal Government” and is a regular contributor to Aronson’s Fed Point blog. Partner, Government Contract Services Group 301.222.8231 Nicole M. Mitchell, CPA
  13. 13. 13© 2016 | | | 301.222.8231 Contact Nicole Mitchell / Aronson LLC mitchellcpa