TEA has just released new information that districts (including charter schools) have the option of requesting a one-time extension, for up to four years, of their currently approved indirect cost rate. According to TEA, this flexibility is designed to minimize the administrative burden on districts.
The deadline for this extension is March 5, 2015. So the decision must be made quickly. This allows districts to extend their 2014-2015 indirect cost rate up to four years, rather than submitting the indirect cost rate proposal (ICRP) and negotiating a new rate for 2015-2016.
What Steps to Take:
If you have already submitted your ICRP:
- Keep your proposal on file and receive the new rate for 2015-2016 OR
- Submit the extension and rescind your proposal and use your 2014-2015 indirect cost rate.
If you have not submitted your ICRP:
- File your ICRP by Friday February 27th for a new indirect cost rate OR
- Do not file the ICRP but file the extension request by March 5, 2015.
Once an extension is granted, the district may not submit an ICRP and request a new rate until the extension period comes to an end.
Additional information will be released by TEA Friday February 27th. Please review the latest correspondence from TEA before making a decision. TASBO will post additional information as it becomes available.