The SF-425 Federal Financial Report, line by line
Grantable compliance team · Figures checked against the eCFR text on October 4, 2026
The SF-425 Federal Financial Report (FFR) is the standard government-wide form for reporting how you have spent a federal award (2 CFR 200.328). Interim reports are due 30 days after a quarterly or semiannual period and 90 days after an annual one. The final report is due 120 days after the period of performance ends.
- Quarterly or semiannual
- Due 30 days after the period · 200.328(c)
- Annual
- Due 90 days after the period · 200.328(c)
- Final
- 120 days after the award ends (subrecipients 90) · 200.344(b)
How often you file
Agencies collect financial reports at least annually and no more often than quarterly unless they impose a specific condition (§ 200.328(b)). Your award says which. Interim reports use period end dates of March 31, June 30, September 30 or December 31; the final report uses the last day of the period of performance. You file through the system named in your award terms.
The printed SF-425 instructions predate the current rule and still say final reports are due in 90 days. The regulation now gives recipients 120 days (§ 200.344(b)), unless your award sets an earlier date.
Line by line
Lines 10a–10c report federal cash. Lines 10d–10o report expenditures, cost share and program income for a single award.
| Line | What goes there |
|---|---|
| 1–9 | Agency, award number, your organization, UEI and EIN (older versions of the form say DUNS), report type, cash or accrual basis, award period and the reporting period end date. |
| 10a Cash receipts | Cumulative federal cash you have received (drawn down). |
| 10b Cash disbursements | Cumulative federal cash you have paid out. |
| 10c Cash on hand | 10a minus 10b. Large balances raise cash-management questions; draw only what you need. |
| 10d Total federal funds authorized | The federal amount obligated to the award so far. |
| 10e Federal share of expenditures | Cumulative federal share of costs, on the basis of accounting you marked in line 7. |
| 10f Federal share of unliquidated obligations | Obligations incurred but not yet paid. Should be zero on the final report. |
| 10g Total federal share | 10e plus 10f. |
| 10h Unobligated balance | 10d minus 10g. On the final report, this is the money you won’t use; anything already drawn against it must be refunded (200.344(e)). |
| 10i–10k Recipient share | Cost share required, cost share spent to date, and what remains. |
| 10l–10o Program income | Program income earned, used under the deduction or addition alternative, and unexpended. |
| 11 Indirect expense | Rate type, rate, period, base, amount charged and federal share, matching your NICRA or the de minimis rate. |
| 12 Remarks | Explanations, or anything your agency asks for. |
| 13 Certification | The authorized official certifies the report is true, complete and accurate; false statements carry penalties under 18 U.S.C. 1001. |
Mistakes that get a report sent back
- Line 11 doesn’t match the rate or base in your rate agreement, or uses total direct costs where the agreement says MTDC.
- Unliquidated obligations left on the final report. Section 200.344(c) gives you 120 days to liquidate them, the same as the report deadline.
- Cost share (10j) reported below what the award requires, with no explanation in Remarks.
- Figures that don’t tie to your general ledger and to the drawdowns in the payment system.
- No revised final report after your final indirect rates are set. Section 200.344(b) requires one.
Ask how this applies to your award
Upload your funding notice, budget or award terms and ask. Grantable answers from its compliance database of federal, agency and state rules, with citations.
The regulation, section by section
- 2 CFR 200.328 Financial reporting
- 2 CFR 200.344 Closeout
- 2 CFR 200.414 Indirect costs
Questions
When is the final SF-425 due?
No later than 120 calendar days after the period of performance ends for recipients, and 90 days for subrecipients reporting to a pass-through entity, under 2 CFR 200.344(b) and 200.328(d). Your award can set an earlier date.
Is the SF-425 the same as the Federal Financial Report (FFR)?
Yes. The SF-425 is the Federal Financial Report, the OMB-approved government-wide form named in 2 CFR 200.328(a).
How often is the SF-425 due?
As your award specifies: no less than annually and no more than quarterly. Quarterly and semiannual reports are due 30 days after the period ends; annual reports 90 days after.
Sources
- 2 CFR 200.328 Financial reporting and 200.344 Closeout (eCFR)
- SF-425 form and instructions (Grants.gov post-award reporting forms)
How we check: every figure on this page is compared with the current eCFR text and re-checked when the regulation changes. Last checked October 4, 2026. Plain-English summaries for information only, not legal advice. Always check the regulation text, your award terms and your agency’s guidance.