I need info regarding Minority Woman Owned Business….?
…Where can I find information on it’s definition and requirements?
I’m looking for any information that defines Minority Woman Owned Business and how do you qualify. We are 5 partners and someone at SBA asked had we looked into MWOB.
As a former DCAA auditor and a Practicing CPA with a MBA in federal contract Mgt have had some "small" amount of experince in these matters. The Small Bussiness Administration is the place to go. They are the ones who certifiy you firm. It is lengthy and drawn out process. Make sure you get yourself a rock solid legal firm to represent you that has lots of experience in the cerification process.
Generally there are several "hoops" you have to go through. 1) the business has to have be have at least two years worth operations under its belt. 2) One partner will be certified and must own 51% and be paid the MOST salary of any executive 3) you must have a 5 year business plan that focuses on specific SIC you wish to be certified in and wish to compete with OTHER MWOB for Federal set aside contracts 4) your accounting system MUST be able to track direct and indirect costs and "pool" the indirect costs to calculate indirect rates for forward billing rate purposes on T&M and cost contracts. 5) if you bid strategy is to bid SIC codes where the set asides have virtually no competiton, your accounting system really really must be pristine as without competion your rates both direct and indirect will be subject to very close pre-award audit examination by DCAA.
DCAA does NOT work like the IRS. They serve the Contracting Officer NOT the contractor. They function to take money AWAY from the contractor.
Let the legal firm you hire determine whether or not you fit the defintion of "Minority Woman Owned", I have personally seen some interesting wide ranging defininitions of Minority and ownership that the legal folks have been able to get certified.
March 31st, 2010 at 8:48 pm
Anytime you have those types of qualifications they are 51% ownership, that’s how the FAR defines them.
So, 3 of 5 partners, or owners, have to be minorities and women, but not the same 3 (it can be the same, but doesn’t have to be).
References :
March 31st, 2010 at 8:59 pm
As a former DCAA auditor and a Practicing CPA with a MBA in federal contract Mgt have had some "small" amount of experince in these matters. The Small Bussiness Administration is the place to go. They are the ones who certifiy you firm. It is lengthy and drawn out process. Make sure you get yourself a rock solid legal firm to represent you that has lots of experience in the cerification process.
Generally there are several "hoops" you have to go through. 1) the business has to have be have at least two years worth operations under its belt. 2) One partner will be certified and must own 51% and be paid the MOST salary of any executive 3) you must have a 5 year business plan that focuses on specific SIC you wish to be certified in and wish to compete with OTHER MWOB for Federal set aside contracts 4) your accounting system MUST be able to track direct and indirect costs and "pool" the indirect costs to calculate indirect rates for forward billing rate purposes on T&M and cost contracts. 5) if you bid strategy is to bid SIC codes where the set asides have virtually no competiton, your accounting system really really must be pristine as without competion your rates both direct and indirect will be subject to very close pre-award audit examination by DCAA.
DCAA does NOT work like the IRS. They serve the Contracting Officer NOT the contractor. They function to take money AWAY from the contractor.
Let the legal firm you hire determine whether or not you fit the defintion of "Minority Woman Owned", I have personally seen some interesting wide ranging defininitions of Minority and ownership that the legal folks have been able to get certified.
References :