Building a Budget
A Complete Budget: According to The Grantsmanship Center, a good budget proposal:
- Identifies budget period requested;
- Includes estimated program costs that are allocable, allowable, and reasonable;
- Includes all program costs – both direct and indirect;
- Shows how each item is calculated;
- Has a budget that does not exceed maximum award amount available;
- Supports equipment costs with vendor quotes;
- Meets any cost sharing/matching requirements;
- Identifies and documents any third party matching commitments;
- Takes annual merit increases into account;
- Fully describes and justifies items in a budget narrative;
- Is concise, organized and provides a “clear” picture of the program;
- Is provided on any budget forms that may be required by the funding source.
To assist the principal investigator and others involved in preparing proposal budgets to verify that all appropriate items are prepared and included, follow the link above to questions considered by OSRG when reviewing the proposal budget.
In order to prepare a proposal budget, it is necessary for the Investigator to understand basic principles regarding the kinds of costs that may be appropriately placed in the proposal. This Section provides a brief overview of these cost principles including specific references to standards applicable to federal programs.
The time and effort percentages of project personnel should be included in the budget. Proposed salaries and wages must be in accordance with University approved rates.
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