The U.S. Government spends trillions each year on goods and services. When state and local government expenditures are added, Government expenditures account for nearly 40% of the U.S. Gross Domestic Product. However, contracting with the government and accounting for government contracts is in many ways unlike commercial contracting. All federal government contractors are subject to the Federal Acquisition Regulations (the FAR) including the Cost Principles at FAR Part 31 and many are also subject to specific accounting rules known as the Cost Accounting Standards (CAS). Many states and local governments require their contractors to follow similar rules and regulations.
Government Contract Accounting is a specialty of McGovern & Greene LLP. Our professionals regularly consult with government contractors and their attorneys on contract accounting, cost recovery, and damage issues, including incurred cost proposals, government cost principles, cost accounting standards, cost accounting systems, economic damages, termination settlements, equitable adjustments, and DCAA audits.
The McGovern & Greene Partner in charge of the Government Contract Consulting practice is James L. McGovern. Jim is frequently engaged as an expert witness and also serves as an arbitrator for the American Arbitration Association. Mr. McGovern has extensive experience helping contractors prepare and support requests for equitable adjustment, claims and termination settlement proposals. He has helped contractors of all sizes maximize their recovery by identifying all recoverable costs, preparing necessary supporting documentation and guiding his clients through the audit process.
Over the past 24 years, Mr. McGovern has helped his clients successfully resolve more than 200 terminated government contracts as well as dozens of claims and requests for equitable adjustment. Jim is a past National President of the National Contract Management Association. He is an NCMA Fellow and received its National Achievement Award for Outstanding Service and Commitment to Professional Excellence in 1998.
During 2000, Jim was the Delegation Leader for the People to People Ambassador Program's Contract Management Delegation to China. He is a member of the Association of International Certified Professional Accountants, Illinois CPA Society, American Arbitration Association, and an associate member of the Association of Certified Fraud Examiners. Mr. McGovern has written for Contract Management Magazine and has lectured frequently for the NCMA and other professional organizations.