Engineering and transportation are two industries that rely heavily on data collection, management, and interpretation. Both industries have a number of different professions and sectors, each with their own laws and financial requirements for tax and business operations.
The transportation industry is generally defined as the business sector tasked with handling all movement of people, animals, or goods across land, sea, or air. This could encompass travel airlines, freight trains, or delivery companies, among others. Because the transportation industry can be convoluted, it’s important that you work with CPAs who have experience in the transportation industry and your specific niche.
The engineering industry is defined, by the Accreditation Board for Engineering and Technology (ABET), as “that profession in which knowledge of the mathematical and natural sciences gained by study, experience, and practice is applied with judgment to develop ways to utilize, economically, the materials and forces of nature for the benefit of mankind.” Companies that work within the engineering industry can usually be classified as commercial, government, or academic and research in nature.
If you work as an engineer, geotechnical professional, or surveyor for the Florida Department of Transportation (FDOT) you must have your indirect costs or overhead rates reviewed and certified before you can submit a contract. Additionally, if your FDOT contract is over $500,000 then you must have an independent CPA audit your overhead rates annually.
Rivero, Gordimer & Company has done extensive work with FDOT consultants and contractors and can perform overhead rate audits in compliance with:
- Generally Accepted Government Auditing Standards
- Florida Administrative Code Chapter 14-75
- American Association of State Highway and Transportation Officials’ Uniform Audit and Accounting Guide
- Subparts 9900 and 31 of the Federal Acquisition Regulations (FAR)
- Other applicable requirements or criteria outlined by the FDOT or relevant organizations
Services we provide the engineering and transportation industries:
Rivero, Gordimer & Company is experienced in providing engineering and transportation industries with the following services.
- Accounting services
- Tax services
- FDOT Audits
- Payroll services
- Audits of Overhead Rates
- Help with Self-Certification of Overhead Rates
- Reviewing Historical Overhead Rates and Disallowed Expenses
- Calculating Facility Cost of Capital
- Many other services
If you would like more information about how Rivero, Gordimer & Company represents engineering and transportation groups, please contact our Firm’s engineering and transportation committee below.