BUDGET PREPARATION

1
BUDGET PREPARATION

• FOR GRANT PROPOSALS

2
STEP 1

• Begin with a rough budget
• Or prepare the budget after the draft

3
STEP 2

• Calculate all details of salaries and benefits
• Consult finance officer
• As a rule of thumb for calculating your costs,
  figure salaries will be 60 to 80 of the total
  request. Evaluation and dissemination will be 10
  to 15 of the total. Make sure your PIs salary
  takes into account any mandatory cap or other
  granting agency rules.

4
STEP 3

• Calculate additional costs
• Consult finance officer
• As a new investigator, you should request a
  relatively modest budget. Be cost efficient
  but dont make your budget so low that you cannot
  do the work proposed if you are funded.

5
STEP 4

• Follow your proposed plan with budget items
• Tell your story through your budget

6
STEP 5

• Budget Narrative
• Give details about expense items, not general
  guidelines, i.e., 3 test tubes_at_ 7----not lab
  supplies
• Explain items, i.e. Program Coordinator will be
  hired during the first month of the program and
  receive 11 month salary the first year---not just
  include a reduced salary rate.
• Use budget narrative to tell the story further

7
STEP 6

• Funding Sources
• Several columns for funding sources one for
  grant, one for institution, one for outside
  contributions..
• List partner contributions, i.e. teacher
  participant salaries, student WorkStudy,
  refreshments, travel, printing expenses
• Leverage other funds, i.e. previous research
  funds

8
STEP 7

• Include broader impacts, such as serving
  underserved audiences, providing a career path,
  sharing with local HS, transforming education,
  merging education with research.
• Student researchers or workers
• Minority participants and staff
• Community partnerships
• Community benefits

9
STEP 8

• Review another model budget
• Ask financial officer or grant developer to
  review budget
• 0 tolerance for errors!
• See if someone else can describe the project
  goals from reading the budget

10
Final Considerations

• Remember that you are requesting someone elses
  money.
• Remember that the grantor wants to give you the
  money!
• Remember that you are the best person for the
  job!
• Ask for enough ask for just enough.
• The grantor wants to make the best investment for
  this money---and YOU are stepping forward as the
  best investment!