Winning a federal award feels like the end of the work. For the person who manages it, the work has just changed. Reports come due on dates set by the award, money has to be reconciled, and a closeout waits at the end with its own deadlines.
This article explains what federal performance and financial reports ask for, which deadlines the Uniform Guidance sets, how closeout works and which records to keep. By the end you'll be able to build a reporting calendar for any active award and know what to put on it.
Reports are also your reputation
Reporting is how you prove you did what you said. It also feeds your next application. When a federal agency reviews the risk posed by an applicant, 2 CFR 200.206 tells it to consider the applicant's history of performance, including its record of managing current and previous federal awards and complying with reporting requirements. Late or thin reports can follow you into your next review.
The rules below come from the Uniform Guidance as revised effective October 1, 2024. Agencies could apply the revision to earlier awards but weren't required to, so check the terms of an older award for its deadlines.
Performance reports: show results against goals
Under 2 CFR 200.329, performance reports must relate financial data and project accomplishments to the goals and objectives of the award. As applicable, they should contain:
- A comparison of accomplishments to the objectives set for the reporting period
- An explanation of why any goals or objectives weren't met
- An explanation of cost overruns or higher-than-expected unit costs
The reporting interval must be no less frequent than annually and no more frequent than quarterly, unless the agency has applied a specific condition to the award. Annual reports are due no later than 90 calendar days after the reporting period, and quarterly or semiannual reports no later than 30 calendar days after it.
Write the story in numbers first, then add a short narrative on what changed. A reviewer reading twenty reports wants to see the target, the result and the reason for any gap in that order.
Report problems between due dates
The same section requires you to notify the agency or pass-through entity when a significant development occurs between reporting dates. That includes delays or adverse conditions that will affect your ability to meet milestones, and when it happens, you must include your plan for corrective action and any help you need. Don't hold bad news for the next scheduled report.
Financial reports: the Federal Financial Report
Under 2 CFR 200.328, the government-wide financial report is the Federal Financial Report, SF-425. Agencies collect financial reports at least annually and not more often than quarterly unless a specific condition applies. The due dates match the performance reports: 90 calendar days after an annual period and 30 calendar days after a quarterly or semiannual one.
Before you submit, reconcile the figures against your general ledger so the report and your books agree. Those same books are what an auditor or the agency will ask for later.
Keep the award in good standing
Some changes need written approval before you act, not a mention in the next report. Under 2 CFR 200.308, these include a change in scope or objective, a change in key personnel named in the award and a no-cost extension of the period of performance. The rule says requests for a no-cost extension should be submitted at least 10 calendar days before the period of performance ends. Agencies should respond to requests within 30 days, or tell you when to expect a decision.
Closeout: the clock starts when the work ends
When the period of performance ends, closeout begins. Under 2 CFR 200.344:
- A recipient submits all reports and liquidates all obligations no later than 120 calendar days after the period of performance ends.
- A subrecipient has 90 calendar days to report to its pass-through entity, or an earlier date if they agreed on one.
- Unobligated funds the agency paid and that you aren't authorized to keep must be refunded promptly.
- Property bought with federal funds must be accounted for under the property rules.
- The agency must make every effort to finish closeout actions within one year after the period of performance ends.
If a recipient doesn't meet these requirements, including submitting all final reports, the agency must report the material failure to comply in SAM.gov. Extensions are possible when justified, so ask early rather than miss a date.
If your indirect cost rate isn't final, you still submit the final financial report on time and then submit a revised one when the rate is finalized.
Records and audits
Under 2 CFR 200.334, you keep federal award records for three years from the date you submit the final financial report. A claim, litigation or audit that starts before that period ends extends it until it's resolved, and so does a written notice from the agency. Records for equipment bought with award funds are kept for three years after disposition.
If your organization spends $1,000,000 or more in federal awards in a fiscal year, 2 CFR 200.501 requires a single audit or a program-specific audit. Below that threshold, your records must still be available to the agency, the pass-through entity and the Government Accountability Office.
A worked calendar
Say a community clinic has a two-year award with a period of performance that runs October 1 to September 30 and annual reports. The clinic builds this from the award terms:
| Item | Trigger | Due |
|---|---|---|
| Year 1 performance and financial reports | Reporting period ends September 30 | December 29 (90 days) |
| Request for a no-cost extension, if needed | Period of performance ends September 30 | September 20 (10 days before) |
| Final performance and financial reports | Period of performance ends September 30 | January 28 (120 days) |
| Liquidate all obligations | Period of performance ends September 30 | January 28 (120 days) |
The clinic puts each date in a shared calendar with an alert two weeks ahead and names an owner for each row. The exact dates always come from the award terms, which can differ from the defaults.
Your next step
Collect every active award agreement and list each report, its frequency and its due date in one calendar. Mark the final report and the liquidation date for each award, and name an owner and a backup for every entry. A grants calendar and pipeline is a good home for it, and the federal grant lifecycle shows where each report sits.
Reports and applications draw on the same facts about your programs. SoliContraX keeps your organization's materials in one knowledge base and reuses them when it drafts your next application from a notice, so the numbers you report can inform what you write next. See how to get started.
Sources
- 2 CFR 200.206, Federal agency review of risk posed by applicants (eCFR)
- 2 CFR 200.308, Revision of budget and program plans (eCFR)
- 2 CFR 200.328, Financial reporting (eCFR)
- 2 CFR 200.329, Monitoring and reporting program performance (eCFR)
- 2 CFR 200.334, Record retention requirements (eCFR)
- 2 CFR 200.344, Closeout (eCFR)
- 2 CFR 200.501, Audit requirements (eCFR)
- Guidance for Federal Financial Assistance, 89 FR 30046, April 22, 2024 (Federal Register)