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Calvin, Giordano & Associates, Inc. <br />Notes to the Statement of Direct Labor, Fringe <br />Benefits and General Overhead <br />December 31, 2017 <br /> <br /> <br />7 <br /> <br /> <br /> <br />Note F – Labor Related Costs (Continued) <br /> <br />Retirement Plan <br /> <br />The Company has a qualified 401(k) plan which covers substantially all employees meeting certain <br />eligibility requirements. Participants may contribute a portion of their compensation to the plan, up to <br />the maximum amount permitted under Section 401(k) of the Internal Revenue Code. At the Company’s <br />discretion, it can match a portion of the participants’ contributions. <br /> <br />Contract Labor <br /> <br />The Company does not utilize contract labor. <br /> <br />Note G – Depreciation and Leases. <br /> <br />Certain assets are purchased and depreciated, while others are leased and considered operating <br />leases, and the annual lease costs are included in the overhead pool. The depreciation reflected <br />on the Company’s financial statements differs from the acceptable depreciation for Federal income tax <br />purposes. Since the financial statement amounts included in the overhead pool are lower than the <br />amounts used for Federal purposes, the amounts included on the Overhead Schedule are allowable <br />under FAR 31.205-11(e). <br /> <br /> <br /> <br /> <br /> <br /> <br /> <br /> <br /> <br /> <br /> <br /> <br /> <br /> <br /> <br /> <br /> <br /> <br /> <br />74