[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.

[[Page 17098]]

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]
BILLING CODE 3110--01-C