This document summarizes a progress report on the FundRef initiative presented at the CrossRef Annual General Meeting on November 14, 2012. FundRef is a pilot project led by CrossRef to develop a standard way for scholarly publications to report their funding sources. The progress report outlines the challenges of attributing publications to funders, describes the benefits for stakeholders, and provides updates on the pilot project's participants, timetable, and goals. Publishers have begun adding funder metadata to test publications and depositing them in CrossRef and CrossMark. The pilot aims to define requirements for a funder registry and demonstrate a methodology for connecting publications and funders.