[Federal Register Volume 68, Number 67 (Tuesday, April 8, 2003)]
[Notices]
[Pages 17097-17105]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 03-8436]
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OFFICE OF MANAGEMENT AND BUDGET
Office of Federal Financial Management; Consolidated Federal
Financial Report
AGENCY: Office of Federal Financial Management (OFFM), Office of
Management and budget (OMB).
ACTION: Notice of proposed consolidated Federal Financial Report.
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SUMMARY: The Office of Federal Financial Management proposes to
consolidate several existing financial reporting forms into a single
financial report to be used by the Federal agencies and grant
recipients. The purpose of this consolidated Federal Financial Report
is to provide grant recipients with a standard format and consistent
reporting requirements to be used for reporting financial information
on formula and discretionary grants and cooperative agreements. The
Federal awarding agencies jointly developed this format as one part of
the implementation of the Federal Financial Assistance management
Improvement Act of 1999 (Pub. L. 106-107).
DATES: All comments on this proposals should be in writing, and must be
received by June 9, 2003.
ADDRESSES: Due to potential delays in OMB's receipt and processing of
mail sent through the U.S. Postal Service, we encourage respondents to
submit comments electronically to ensure timely receipt. We cannot
guarantee that comments mailed will be received before the comment
closing date.
Electronic mail comments may be submitted to: [email protected].
Please include ``Consolidated Federal Financial Report'' in the subject
line and the full body of your comments in the text of the electronic
message and as an attachment. Please include your name, title,
organization postal address telephone number and E-mail address in the
text of the message. Comments may also be submitted via facsimile to
202 395-3952. Comments may be mailed to Garrett Hatch, Office of
Federal Financial Management, Office of Management and budget, Room
6025, New Executive Office Building, Washington, DC 20503.
FOR FURTHER INFORMATION CONTACT: Garrett hatch, Office of Federal
Financial Management, Office of management and budget, telephone 202-
395-0786, and E-mail: [email protected].
SUPPLEMENTARY INFORMATION: This notice addresses issues raised during
the public consultation process mandated by Public Law 106-107. Many
areas of financial reporting were identified as being in need for
improvement and streamlining. Commenters suggested the use of a single
form, consistency in reporting frequency and requirements elimination
of duplicate information, and electronic submission of reports.
The Financial Status Report (SF 269 and 269a) and the Federal Cash
Transaction Report (SF 272 and 272a) were reviewed and analyzed to
determine the data elements common to multiple forms and the data
elements unique to any single form. Consolidation of these forms in
intended to reduce the reporting burden placed on award recipients and
to streamline the data collection process.
In addition to the consolidated set of data elements, four new data
elements were added:
(1) Reporting entity's universal identifier (see proposal to use
the Duns Universal Numbering System (DUNS) in the October 30, 2002,
Federal Register, Vol 67, No. 210, pp. 66177-66178);
(2) Total recipient share required;
(3) Remaining recipient share to be provided; and
(4) Reporting entity's e-mail address.
This information was combined and resulted in four standard
sections for reporting transactions and balances. The standard sections
include: Status of Federal Cash, Status of Federal Expenditures and
Unobliged Balance (of Federal funds), Status of Recipient Share, and
Program Income.
Federal agencies will not be required to collect all of the
information included on the proposed form. The Federal agency will
identify the sections that must be completed by recipients and the
frequency of report submission. We have allowed for flexibility in the
frequency of reporting but have established a uniform due date of no
later than 30 days after of each specified reporting period.
The immediate use of this proposed form would be in a paper format.
However, the data elements included in the paper format are intended to
be used in the future for the electronic submission and collection of
financial information.
We welcome your input on any aspect of the Federal Financial
Report.
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Questions that you may wish to address include:
Is the format of the form easy to understand and complete? Do you
have suggestions for improvements in the appearance of the form? Are
the line item instructions understandable? have we sufficiently defined
the terms? Are there any data elements that could be eliminated from
the form? If your recommend eliminating an item, please explain your
recommendation. Could we provide any additional information that would
be useful to the users of this form?
Joseph L. Kull,
Deputy Controller.
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[FR Doc. 03-8436 Filed 4-7-03; 8:45 am]
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