Our accounting staff assist faculty with extramural funded projects managed through OIBR with all aspects of post-award grants management through the life of the grant including purchasing, setting up and processing payroll, paying research incentive disbursements, processing reimbursements, sub-contract invoicing and consulting agreements, monitoring grant budgets, and helping ensure compliance with UGA and external funding agencies’ requirements.
Federal Financial Reports (FFRs)
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.
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.
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):
An interim FFR is a financial report that covers a period within a longer budget period (i.e., monthly, quarterly, or semi-annually).
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.
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.
A final FFR is a financial report that is prepared at the end of a project.
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.