CiviReport a thought planned to overcome one of the shortcomings of CiviCRM to have a featured Reporting Functionality has indeed taken CiviCRM to altitudes.
CiviReport was initiatied based on the success of Custom Search, designed with 14 report templates the birth of CiviReport was with the release of CiviCRM 2.2.7 and each of the 14 reports covered a specific reporting area which included individuals Contact Details, Contribution, Memberships and Events.
