There is no most recent gift or grant report in any of the standard reports.  You can manipulate the data in excel to create a report.

Run either the grant or gift history report for the period and fund grouping you want.  If you are looking across the entire database, then make no selections. You can also create a datagrid or user defined or canned export.  The important thing is to have the columns of data you want as well as those you need.  You need the fundid and the date as well as the grant or gift number.

Once you have run the report, open excel and open your information in excel.  Other KB articles explain how to transfer data into excel: How can I open a FIMS report in Microsoft Excel or How do I open an exported data file in Excel?

Sort the data by fundid and then by date so your data looks like this with the newest date on top of each fund:

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Add two columns of formulas.  The first column compares the date values and inserts a 0 if it is older than the previous date.  Since the sort is by highest to lowest within each fund grouping, the oldest value OR where the values are equal will receive the 0.

Create a second formula that compares the fundids.  Using the same columns, the formula in column F is: =IF(C4 =C5,1,0)

Next copy and past the entire contents of the tab to a new tab pasting only the values.  This will retain the 0's and 1's even though you are now going to re-sort the cells.  Sort the spreadsheet by column E to group all the 0's together and then delete all the "1" rows.
Re-sort the resulting rows by column F and remove all the "0" rows.

When done you should have something similar to this which is identifying the most recent record from each fund:

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