732 - Cost Accounting Standards

In 1994, the Cost Accounting Standards Board (CASB) issued final cost accounting standards (CAS) (48 C.F.R. §§9905.501, 9905.502, 9905.505, and 9905.506) that required certain educational institutions to comply with four specific cost accounting standards that had previously been imposed on commercial contractors only. In its original issuance, the requirement applied to educational institutions that received procurement contracts from federal agencies. However, the standards now apply to all educational institutions and to all types of funding awards — grants, contracts and cooperative agreements. Under §200.419 of OMB’s uniform guidance, colleges and universities that have… Read More