December 13, 2007

OMB Requests Final Comments on New Federal Financial Report

The federal Office of Management and Budget is consolidating and replacing four existing financial reporting forms (SF–269, SF–269A, SF–272, and SF–272A) with a single new Federal Financial Report (FFR), to give recipients of grants and cooperative agreements a standard format for reporting the financial status of their awards.

OMB published a final request for comments in the December 7 Federal Register on the new Federal Financial Report, including a copy of the proposed form (beginning on the 14th page of the PDF). Comments are due to OMB by January 7, 2008.

The announcement states that the “FFR standardizes reporting information by providing a pool of data elements from which agencies can choose to use for reporting purposes.” Federal agencies will not be not required to collect all of the information included in the FFR. Instead, agencies will identify, before or at the time the award is made, the data elements that recipients must complete, the reporting frequency, the periods covered by each report, report due dates, and where reports are to be submitted.