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1、Name of CompanyDecember 31, 20XX Notes to SchedulesEXAMPLE OF NOTES TO REPORT SAMPLE(See Chapter 11 of AASHTO 2012 Guide, pages 110 to 114)Note A 一 Description of the CompanyExample Company, (the Company) is a Texas Corporation and was formed in . The Company performs engineering services on land de
2、velopment, civil, transportation and other engineering projects. The company also provides services related to assessments of transportation and highway projects, and construction management services for public works/transportation projects. The Company is privately owned and has elected to be a Sub
3、chapter (C, S, LLC,) corporation for tax purposes.Note B 一 Basis of AccountingThe Companys overhead schedule was prepared on the basis of accounting practices prescribed in Part 31 of the Federal Acquisition Regulations (FAR). Accordingly, the overhead schedule is not intended to present the results
4、 of operations of the Company in conformity with accounting principles generally accepted in the United States of America. The Company uses the accounting system (Name or description of accounting system used).Note C 一 Description of Accounting PoliciesThe Company uses the (cash, accrual, or hybrid)
5、 basis of accounting for recording revenues and expenses. The Companys policy is to prepare its overhead schedule, which supports the schedule of direct labor, fringe benefits and general indirect costs, on the basis of accounting practices prescribed by Part 31 of the Federal Acquisition Regulation
6、s (FAR). The Company maintains a job-order (Project) cost accounting system for recording and accumulating costs incurred under its contracts. Each project, overhead account, and other functions where cost is to be accumulated are assigned a job number so that costs may be segregated and accumulated
7、 in the Companys joborder (Project) cost accounting system. Direct costs are charged to the projects based on actual costs incurred. Any contract labor is charged directly to the project based on actual cost.The Companys method of estimating costs for pricing purposes during the proposal process is
8、consistent with the accumulation and reporting of costs under its job-order cost accounting system.Note D 一 Description of Overhead Rate StructureThe Companys overhead rate is a unitary rate for all offices and all disciplines of the Company. The allocation basis for indirect costs is direct labor.
9、In-house costs such as computer, CADD, equipment, and computer software programs are included in the firms overhead rate.Note E - Description of Labor - Related CostsLabor and related costs are as follows:Project LaborThe company charges project labor based on actual hourly rates of employees. Direc
10、t labor of salaried employees is calculated using their standard hourly rate (annual salary/2080 hours).VariancesDescribe how and when variances are recorded if using other than actual labor costs.Paid Time OffThe Companys paid time off policy allows for sick leave, vacation and comp time The consul
11、tants employees code the time off on time sheets within the project accounting system and the costs are charged to the proper general ledger accounts for sick or vacation accounts.Paid Overtime or Uncompensated OvertimeThe Company has certain hourly employees that may be paid overtime. The overtime
12、rate would be used to charge the cost to the projects or indirect cost pool depending on the item being charged. The Company salaried employees may work more than 40 hours a week and have uncompensated overtime. The Company monitors uncompensated overtime and reallocates based on the effective cost
13、method the amounts of uncompensated overtime. No amounts were reallocated for amount of hours worked in excess of 40 for salaried employees for the year ended December 31, 20XX.(See Chapter 11, page 111ofAASHTOs Guide).Highly Compensated Employees/Officers/Owners(Example) The Company paid compensati
14、on to senior executives in excess of the FAR 31.205-6(p) limit of $XXXXXXX per person. The total, which was adjusted to the overhead schedule, amounted to $XXXXXXX.(See Chapter 11,page 111 of AASHTOs Guide)Pension Plans, Deferred Compensation Plans, and ESOPs(Example) The Company operates a 401 (k)
15、pension plan, meeting the requirements of FAR 31.205-6(j), to which it makes cash contribution of 2 percent of participating employees* salaries per year.Review Chapter 11, page 110 foradditional information for note.Contract/Purchased Labor(Example) The Company uses contract labor for engineering r
16、elated services, and bills this labor as if it were for regular employees. The Company provides office space, administrative support, and controls the contract laborers. Therefore, contract laborers are considered employees, and their labor costs ($52,000 for the period being reported) have been included in the direct labor base.Note F - Description of Depreciation and Leasing PoliciesCertain assets are purchased and depreciated, while
