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BUDGET PREPARATION. FOR GRANT PROPOSALS. STEP 1. Begin with a rough budget Or prepare the budget after the draft. STEP 2. Calculate all details of salaries and benefits Consult finance officer

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budget preparation

BUDGET PREPARATION

FOR GRANT PROPOSALS

step 1
STEP 1
  • Begin with a rough budget
  • Or prepare the budget after the draft
step 2
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 PI’s salary takes into account any mandatory cap or other granting agency rules.
step 3
STEP 3
  • Calculate additional costs
  • Consult finance officer
  • As a new investigator, you should request a relatively modest budget. Be cost efficient – but don’t make your budget so low that you cannot do the work proposed if you are funded.
step 4
STEP 4
  • Follow your proposed plan with budget items
  • Tell your story through your budget
step 5
STEP 5

Budget Narrative

  • Give details about expense items, not general guidelines, i.e., “3 reams of print paper @ $7”----not “office 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
step 6
STEP 6

Funding Sources

  • Several columns for funding sources
  • List partner contributions, i.e. teacher participant salaries, student WorkStudy, refreshments, travel, printing expenses
  • Leverage other funds, i.e. previous research funds
  • List INKIND contributions, i.e. OneNet
step 7
STEP 7
  • Include broader impacts
  • Student researchers or workers
  • Minority participants
  • Community partnerships
  • Community benefits
step 8
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
final considerations
Final Considerations
  • Remember that you are begging for money.
  • Remember that the grantor wants to give you his 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 his money---and YOU are stepping forward as the best investment.