FINLEY - Laserfiche WebLink

Home Browse Search

RFQ No. 19-11-01 Professional Engineering and Architectural Services for Pedestrian Bridge with Park Elements Across A1A at 174th St. - CCNA. City of Sunny Isles Beach |22 Finley Engineering Group, Inc. Notes to Statement of Direct Labor, Fringe Benefits and General Overhead For the Year Ended December 31, 2018 (1) The Company Finley Engineering Group, Inc. (the Company) incorporated in 2004 and provides design and construction engineering services to contractors and owners in bridge construction. The Company's clients include private businesses, such as commercial contractors and governmental units. Revenues are derived from billings for services and reimbursable expenses. Th e Company’s services are provided under cost plus fixed fee and lump sum contracts. (2) Basis of Accounting and Description of Accounting Systems The Company’s policy is to prepare its overhead schedules, which support the statement of direct labor, fringe benefits and general overhead, on the basis of accounting practices prescribed by Subparts 9900 and Part 31 of the Federal Acquisition Regulations (FAR). Accordingly, the above mentioned statement is not intended to present the results of operations of the Company in conformity with generally accepted accounting principles. The preparation of these statements requires management to make estimates and assumptions that affect the reported amounts of expenses for the reported period. Actual results could differ from those estimates and assumptions. The company maintains a job order cost accounting system for recording and accumulating costs incurred under its contracts. Each project is assigned a job number so that costs may be segregated and accumulated in the Company’s job order cost accounting system. The Company’s method of estimating costs for pricing purposes during the proposal process is consistent with the accumulation and reporting of costs under its job order cost accounting system. (3) Allocation of Expenses The Company consistently bills its clients for the following direct costs: labor, travel, and sub consultants (4) Executive Compensation Executive compensation in excess of those amounts indicated in the National Compensation Matrix have been considered and no adjustment was made to the indirect cost pool.Refer to Note 11 and 13 for adjustments made in relation to unallowable business development labor as well as personal use of automobiles. (5) Uncompensated Overtime The Company had uncompensated overtime for certain salaried employees. The time in excess of forty hours is credited to the indirect cost pool as payroll variance. (6) Depreciation and Leasing Policies The Company records in its financial statements depreciation costs using straight line or accelerated methods. No Section 179 tax depreciation is included in the indirect cost pool. Certain assets are purchased and depreciated, while others are leased and considered operating leases and the annual lease costs are included in the overhead pool. QUALIFICATION INFORMATION & ASSIGNED PERSONNEL E