This year’s deep dive will examine the cost principles under the Uniform Grants Guidance (a/k/a the “OMB Super Circular”). The cost principles determine what costs are allowable and, thus, can be charged to an organization’s awards and subawards. Failure to understand and follow the Super Circular’s cost principles can have serious consequences, including costly disallowances as well as loss of current and future grant funds. During this two-part deep dive you will learn the key requirements of the Uniform Guidance’s cost principles so that your organization can avoid common problems. This first part will focus on the general cost principles and the concepts of direct and indirect costs (including indirect cost rates and related rules).