Project Lifecycle

Federal Financial Reports (FFRs)

Description:

A Federal Financial Report (FFR) is required for recipients of federal funds to report the status of funds for grants or assistance agreements. A FFR is a statement of expenditures sent to the sponsor of a grant or contract.

FFRs are prepared and submitted by Office of Grants and Contracts Administration (OGCA) on behalf of the Principal Investigator (PI)/UAF. Sponsor guidelines specify the level of detail on a financial report.

Major Elements:

The format of the FFR report is specified by the sponsor and includes the following major elements:

  • Identification: grant number, sponsoring agency, project title and funding period.
  • Report Period: period over which the spending occurred.
  • Summary of transactions:
    • Letters of credit (cash is received via daily electronic transfers for most federally sponsored projects);
    • Cost reimbursement payments (payments made by check or wire transfer in response to invoices sent by OGCA) or;
    • Advance/scheduled payments (payments made by check or wire transfer in advance of the start date or on a schedule specified in the award documents).
    • Expenditures are all allowable costs not reported as obligations that are incurred during the budget period.
    • Facilities & Administrative (F&A) costs (also known as indirect costs) are costs applied to the grant at a percentage rate approved by the federal government The facilities and administrative cost rate, total charges, and base upon which they are charged are detailed on the FFR.
    • Obligations are funds set aside to pay for commitments incurred within the budget period but which have not been paid prior to the preparation of the FFR.
    • Program Income is income earned as a result of the sponsored activity. Program income must be approved by the sponsor, or allowable according to the sponsor's terms and conditions, and must be reported on the FFR.
    • Cost-Sharing Contributions are costs that contribute to a project but which are provided by other non-federal sources. Mandatory and Committed cost-sharing must be documented and met before the FFR can be submitted.
    • Unobligated Balance consists of awarded funds remaining after all expenditures and obligations have been reported. Disposition of unobligated funds is specified in the sponsor regulations.
    • Cash Receipts come from the following sources:
      • letters of credit (cash is received via daily electronic transfers for most federally sponsored projects);
      • cost reimbursement payments (payments made by check or wire transfer in response to invoices sent by OGCA) or;
      • advance/scheduled payments (payments made by check or wire transfer in advance of the start date or on a schedule specified in the award documents).
  • Certification: name, title and contact information of authorized institutional official, date
  • Additional details: sponsor driven

Common formats for the FFR are specified by the sponsor and are prepared by OGCA including:

  • SF 425 – Federal Financial Report
  • SF 269 - Financial Status Report
  • SF 270 - Request for Advance or Reimbursement
  • SF 272 - Federal Cash Transaction Report
  • Some sponsors often have unique format and/or site requirements. Sponsors post FFR reporting information and requirements on their website.

Grants Management Forms from the US Office of Management and Budget http://www.whitehouse.gov/omb/grants_forms

Non-Federal Sponsors specify financial reporting requirements and often provide a form for the report.

Submission:

The FFR is reported to the awarding agency either in paper form, or electronically by entering the data into the agency’s web-based forms, in accordance with the awarding agency’s instructions.

Frequency and Types (sponsor driven):

  • Interim
    An interim FFR is a financial report that covers a period within a longer budget period (i.e., monthly, quarterly, or semi-annually).
  • Quarterly
    A quarterly FFR is a financial report that covers a 3 month period. Report can be calendar quarters or budget quarters based on the project start date.
  • Annual
    An annual FFR is a financial report that typically covers a one-year period. Report can be calendar based or project based on the project start date.
  • Final
    A final FFR is a financial report that is prepared at the end of a project.

Due Dates:

The schedule for submitting required financial reports is generally specified in the award documents of a grant or contract.

FFRs may be due at the end of the Budget Period, Project Period and/or award period normally due within 90 days after the expiration date, and may be required at interim times as well.