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The New Federal Financial Report and Program Income

The New Federal Financial Report and Program Income. Bonnie Janicki, Senior Grants Officer Matt Capucini, Grants Management Specialist. Introductions – 5 minutes Review session objectives – 2 minutes Brainstorming – 5 minutes Review of key concepts – 35 minutes Best Practices – 10 minutes

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The New Federal Financial Report and Program Income

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  1. The New Federal Financial Report and Program Income Bonnie Janicki, Senior Grants Officer Matt Capucini, Grants Management Specialist

  2. Introductions – 5 minutes Review session objectives – 2 minutes Brainstorming – 5 minutes Review of key concepts – 35 minutes Best Practices – 10 minutes Group activity – 15 minutes Report out – 10 minutes Question – 5 minutes Evaluation – 3 minutes Agenda

  3. Understand your role in preparing the Federal Financial Report Review highlights of Federal Financial Report and Program Income Identify and Answer Questions Session Objectives

  4. Brainstorming • Why do you need to be here? • What are your financial responsibilities in your organization? • What do you hope to learn?

  5. The Federal Financial Report also know as the FFR is a consolidated federal cash and federal expenditure report. It replaces the Financial Status Report (FSR) that you submit to the Corporation and the Federal Cash Transaction Report you submit to the Payment Management System. Currently, grantees must submit a FFR to CNCS and the FCTR to HHS Federal Financial Report

  6. Government wide standard for reporting periods and due date Agencies determine which data elements to collect Available now in eGrants HHS plans on implementing the FFR in October Continue submitting 2 separate reports to CNCS and HHS – reports must reconcile at closeout FFR Basics

  7. For period ending on calendar quarter + 30 days Due dates outlined in terms and conditions of award Always be on time Recovery grant awards reporting requirements are the exception FFR Due Dates

  8. FFR - What is new? • Report Type drop down option • Total Recipient Share Required • Remaining Recipient Share to be Provided • Program Income • Remarks

  9. FFR – Program Income • OMB defines as “gross income received by the grantee…directly generated by a grant supported activity” • Program income included as grantee share. • Excess program income recorded on FFR. • Consult grant terms and conditions to determine deductive or addition alternative.

  10. For AmeriCorps - Separate Program Operating and Member Support Fields For SeniorCorps – Separate Support and Volunteer Fields Grantee share of unliquidated obligations Indirect expense data Volunteer Data and FGP/SCP Non- Stipended and RSVP with FGP/SCP Type Services – moved to SC Progress Report FFR – What was removed?

  11. FFR – Late reporting • Out of compliance • Inability to track funds appropriately • Potential sanctions • Funds will be placed on manual hold • Future funding at risk

  12. Share best practice examples of: Educate those who need to know Actual to budgeted Timely submission FFR - Best Practices

  13. Review each field Agree on contents Report Out Discrepancies Group Activity

  14. FFR - Resources • Link to report: http://www.whitehouse.gov/omb/grants/standard_forms/ff_report.pdf • Link to resources: http://nationalserviceresources.org/ffr/ http://nationalserviceresources.org/files/FFR-FAQs.pdf http://nationalserviceresources.org/files/program-income-FAQs.pdf

  15. Questions

  16. Continue to submit your reports on time to CNCS and HHS Implement best practice submissions Summary

  17. FFR

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