Consolidated Federal Financial Reporting (FFR)
The Federal Financial Report (FFR) is a form that federal grant recipients are required to fill out and submit to their grant-awarding agency. The Consolidated FFR will allow grant recipients to submit all information related to the FFR in one system, rather than in multiple entry points. The Consolidated FFR test model will identify reductions in burden for both grant recipients and the Federal Government. This will allow for a single point of data entry, earlier validation of FFR data, and a potential future streamlining of the close-out process.
This test model expands on findings from the Grants Reporting Information Project (GRIP), which recommend conducting a pilot that uses a standard point of entry for the FFR/SF-425 to further test the objective of centralized reporting for grantees.
Hypothesis: If grant recipients can enter complete FFR information systematically through one entry point instead of multiple different avenues and that information can be shared electronically from that point forward, then grant recipient burden will be reduced and data accuracy will be improved.
Test: Provide grant recipients with one consolidated process for submitting the FFR to identify potential time savings and/or improved accuracy by entering all information through one system.
Discussion: Work with selected participants who have used the Consolidated FFR submission process to determine perceived or actual efficiencies gained. Walk participants through the changes to the FFR and allow for questions/feedback.
Why is this important?
- Reduces grant recipient burden by eliminating unnecessary duplication.
- Provides edits that reduce reconciliation burdens.
- Streamlines the grant close-out process, which is currently considered burdensome.
- Allows awarding agencies, grant recipients, and other interested parties greater access to federal grant information.