Where Do I Start?
- Budgets consist of both direct and facilities and administrative costs
(F&A) (formerly indirect costs or overhead) costs
- It can be a simple one-page statement, or complex and in need of justification
- It is a best estimate of entire project costs - give it a lot of thought
and prepare with care
- The budget should be spent as proposed
- Budgets should express costs in whole dollars (no cents)
- Include new costs that will be allocated to the project if it is funded
- Allow for inflation by escalating salaries, tuition and travel (see rate
section for increases)
- Itemize significant costs into smaller subcategories (e.g., personnel,
supplies, equipment)
- Clearly show all in-kind and matching funds committed to project. These
costs should also be detailed in the budget.
How Much Should I Ask For?
- Ask for a reasonable amount needed to complete the project
- Fixed Cost budgets should include money for unforeseen contingencies
- Inflating a budget may make a proposal non-competitive. An agency may
reduce a budget below the inflated amount
- Some agencies will limit a budget based on project period, category,
or experience of an investigator
- Smaller projects help you create a reputation with an organization
- Justify all expenses - do not assume reviewer knows exactly what you
want and why
- Budget should be consistent with protocols and statement of work
- Use sponsor agency budget forms when required
- Once it is complete, submit budget to Office of Research & Commercialization
for review
How Do I Track The Items I Need?
- Use a worksheet to summarize budget items and calculations - they are
helpful when you discuss the proposal with sponsors
- Worksheets can help you monitor costs during a project and when completing
reports
- The budget spreadsheet that you develop can help you monitor expenses
through comparison
A budget must be consistent, accurate, and complete
|
