Hourly Rate Billing Calculation
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1GRANT PROGRAMS DEPARTMENT
Hourly Billing Rate Calculation
The SHP program has adopted a standard wage calculation formula to be used for every
employee whose salary is partially supported by these funds. The line items listed are taken
from industry standards. You may choose to use all that apply to your employees, use only
some, or use none of these formula elements to calculate your employee’s wage. Please do not
include anything for which your organization does not pay. However, HUD requires that
wages paid by grant funds be documented by hourly time sheets. In order to simplify and
standardize this process, IHFA will use the “Total Hourly Billing Rate” at the bottom of this
form for each employee on every draw request throughout the grant period. Draw forms will be
adjusted to accommodate this change, billing sheets must clearly show SHP hours worked.
Percentages of hours worked will NOT be accepted for hourly documentation.
Employee Name(s):
_____________________________Position Title: _________________
Budgeted under:
______Supportive Services _______Operations _______Both
Other programs supporting this salary: ______________________________________
Average number of hours to be worked per
Average number of hours EXPECTED per
week on HUD programs: ______________
week for the SHP program: _____________
Do not separate out hours worked for different programs
Hourly rate of pay:
$___________
This rate is required.
[for salaried employees, divide monthly salary by 173.33 hours or annual salary by 2,080 hours to
calculate an hourly wage]
Health Benefits: (calculated at
of the hourly rate of pay)
$___________
FICA: (calculated at 7.65% of the hourly rate of pay)
$___________
Unemployment Insurance: (calculated at 1% of the hourly rate of pay)
$___________
Retirement Contribution:
$___________
(Direct 401or 457 contribution calculated at
of the hourly pay rate)
Workers Compensation Insurance: (average yearly amount divided by 2080)
$___________
Other (must be reasonable, allowable under applicable OMB Circulars, SHP
Regulations, and pre-approved by IHFA): _____________________
$___________
TOTAL HOURLY BILLING RATE
$___________
G:\Special Needs\SHP\Forms-Labels-Lists\Forms\HourlyRateCalc.doc
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