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An indirect cost rate represents the ratio between the total indirect costs and benefiting direct costs, after excluding and or reclassifying unallowable costs, and extraordinary or distorting expenditures.ooking at it another way, indirect costs are those costs that are not classified as direct. Direct costs can be identified specifically with particular cost objectives such as a grant, contract, project, function or activity. Direct costs generally include:
Definition and Importance of Gross Expense Ratio. A mutual fund or ETFâs expense ratio represents the percentage of a fundâs assets that are used to pay operating expenses, management fees including 12b-1 fees, and administrative fees. In most cases, a fundâs gross expense ratio and its net expense ratio are the same amount. But in some instances, the gross expense ratio is higher than the net expense ratio. This occurs when a portion of the gross expenses are reduced by waivers or reimbursements.