Preparing a Budget
Proposal budgets provide the sponsor with the estimated costs needed to support your project. Budgets should be developed directly from your proposal’s project description or statement of work. They are computed on a 12-month basis unless your project has a different time frame. Generally, budgets contain both Direct Costs and Facilities & Administrative (Indirect) Costs but the level of detail required varies from sponsor to sponsor.
It is important to request sufficient funds to cover all the anticipated costs, including likely cost increases, such as cost of living adjustment and inflation for multi-year budgets. An increase of three to five percent is typical for multi-year budgets, if permitted.
The first step in preparing your budget is to carefully read the sponsor’s announcement or guidelines for instructions specific to that proposal. It is important to remember that costs must be:
- Allowable under the sponsor’s regulations
- Reasonable, the cost must be able to withstand public scrutiny, i.e., objective individuals not affiliated with the institution would agree that a cost is appropriate on a sponsored research award
- Allocable, i.e., the cost or group of costs has been incurred solely to support or advance the work of your project. If the cost of the product or service also benefits other activities, then the cost should be distributed proportionately. -- the cost should be distributed in a manner proportionate to the allocation
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CONTACT
The Office of Research and Grants