DD Form 1586. Contract Funds Status Report

DD Form 1586 is the Contract Funds Status Report. This form serves as a documentation tool within the Department of Defense (DoD) for tracking and reporting the financial status of contracts. It provides information about the current financial state of a contract, including obligations, expenditures, and unliquidated obligations.

The form consists of sections where contract financial information is recorded. This includes details about the contract, such as contract number, obligated amount, expenditure details, and available funds. The form may also include sections for explaining variances or discrepancies.

When filling out DD Form 1586, it's essential to accurately report financial information related to the contract. Key fields include contract number, obligated amount, current expenditures, and any discrepancies. Proper completion ensures transparency in contract financial management and aids in decision-making.

Application Example: In a scenario where a defense contractor is executing a contract to provide equipment to the military, DD Form 1586 would be used to report the financial status of the contract, ensuring that both the contractor and the DoD have a clear understanding of funds utilization.

Related Documents: Depending on the contract and reporting requirements, additional documentation such as invoices, expenditure reports, and financial statements may be necessary. Similar civilian documents might include financial reports or budget tracking documents.