The status file records and summarizes incubation-related information on the podling. The PPMC is responsible for keeping this file current. Before you are able to graduate, all tasks need to be completed.
The status file is a great way of keeping tabs on how your project is doing and what needs to be done to meet the graduation criteria. The Incubator PMC will check this file when they vote on the graduation of your project. Once all tasks are done and the listed criteria met, your project may be ready for graduation.
The status file of the JUDDI project is one example.