In this episode, Jasmine Markanday dives into one of the most fundamental yet confusing areas of federal grant compliance: understanding what costs are allowable under 2 CFR 200.403.From budgeting to closeout, Jasmine breaks down the criteria that determine whether an expense can be charged to your award, explains how consistency and documentation protect your organization, and shares practical examples to help you apply the rules with confidence. Whether you’re new to grants management or a seasoned professional, this episode provides clarity on the building blocks of compliant cost management.What You’ll Learn:The seven key factors that make a cost allowable under 2 CFR 200.403.Why “necessary and reasonable” is the foundation of cost allowability.How to identify costs excluded by your grant’s terms and conditions.The role of organizational policies and procedures in ensuring consistency.Documentation best practices that safeguard you during audits.Administrative closeout costs—what’s permitted and how to manage them.Key Takeaways:Always ask: is this expense essential to achieving the project’s goals?Costs must conform to award terms, exclusions, and organizational policies.Consistency in financial treatment builds accountability and audit readiness.“Document, document, document”—good records are your best defense.Closeout costs are allowable, but must be liquidated before the final report.Pro Tip: Don’t wait until the audit to figure out cost allowability review award terms and set up compliance-friendly systems from the very beginning.Connect with Us:Instagram: @markandayconsultingLinkedIn: @markandayconsultingEnjoyed the episode? Leave a review and share with your grants team!Quote to Remember: “Planning, consistency, and documentation will be the key on your grants management journey.” — Jasmine Markanday

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