Clearing a path for FDOT consultants by smoothing the overhead rate audit process.
If you provide services such as engineering, geotechnical and surveying to the Florida Department of Transportation (FDOT), your indirect cost (overhead) rates must be certified before submitting a contract bid. For contracts over $500,000, FDOT requires an independent CPA to audit your overhead rates on an annual basis, due six months after year-end.
PDR has extensive experience in working with FDOT consultants and contractors, performing efficient overhead rate audits in accordance with:
For those new firms or firms bidding on contracts below $500,000 (minor projects), FDOT requires self-certification of your overhead rates and your cost accounting system. For owners who are inexperienced in this environment, PDR has a plan to get you ready to start bidding on contracts. We can help you calculate the required rates and we can also consult with you to set up a cost accounting system and provide the appropriate documentation that proves your accounting system is adequate to meet FDOT requirements.
Although the compliance requirements and overhead rate calculations can be complex, the advantages of working with a CPA firm that knows the process can increase profitability and reduce time and stress, allowing you to focus on your business.
At PDR CPAs, we leverage our 40+ years of industry expertise to help you keep your finances strong and your business moving forward.Let’s Talk