SF-425 Federal Financial Reports and Grant Closeout Deadlines (2 CFR 200.328, 200.344)

By Web Asset House Studio · October 29, 2026

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How we wrote this: A plain-English summary of 2 CFR 200.328, 200.344 and 200.334, checked October 29, 2026. General information, not legal or audit advice; your award terms and agency guidance control.

The financial report: SF-425

Under 2 CFR 200.328(a), agencies may require only OMB-approved government-wide data elements on financial reports. Currently that's the Federal Financial Report (SF-425). Download it from Grants.gov's post-award reporting forms page, or use your agency's system.

How often, and when it's due (200.328(b)–(d))

Frequency: at least annually, and no more often than quarterly unless a specific condition applies.
Annual reports: due within 90 calendar days after the reporting period.
Quarterly or semiannual reports: due within 30 calendar days.
Final report: due within 120 calendar days after the period of performance ends. A subrecipient's final report to its pass-through entity is due within 90 days.

Agencies may extend due dates with justification.

Closeout (2 CFR 200.344)

(b) Submit all final reports (financial, performance and others) within 120 calendar days after the period of performance ends, or 90 days for subrecipients.
(c) Liquidate all obligations within the same 120 days (subrecipients: 90).
If your final indirect rate isn't set yet, still file the final report, then file a revised one once rates are final.

Under 200.403(h), administrative closeout costs may be incurred until the final report due date; see allowable costs.

Keep the records (2 CFR 200.334)

Keep all award records for three years from the date you submit the final financial report. For quarterly or annual renewals, count from each report. The period runs longer if litigation, claims or audit findings are open, or if you're notified in writing. Property and equipment records: three years after final disposition.

Tips

Calendar every SF-425 and performance report date when the award arrives.
Reconcile the SF-425 to your general ledger, including match and indirect costs; see the de minimis rate.
Findings often surface in the Single Audit.

Sources

Free weekly local-government grant list: if you work with or for a city, county or tribal government, Grant Radar, also from Web Asset House, is a free Monday email of up to ten Grants.gov opportunities open to local governments, each linked to the official listing. You confirm by email first, and every issue has a one-click unsubscribe. See federal grants closing in the next 45 days.