They may also require a final report. You will complete this report with the aid of the Accountant assigned to your account. On occasion, there will be a time lag in the reporting of expenditures in the accounting system and those reflected by your own records. For this reason, it is critical that you keep good records of any purchases and encumbrances to stay current with commitments made during the project. These may be requested by agencies on a monthly, quarterly, or annual basis to indicate the progress made on the project.
Some agencies request progress reports before payments are made.
Patent Reports Patent reports are required on some contracts and grants. These reports provide a listing of inventions or new technology resulting from the project. These reports which record any equipment or property purchased by federal funds are requested annually and at project-end.