Funding sources require varying degrees of detail in the budget portion of the proposal. Most governmental funding sources require a great degree of detail and usually provide budget forms and instructions for their completion. Contact the Budget Department Office for assistance. Foundations and corporations are less structured in their requirements, but well-planned and complete budgets are critical to funding and to the smooth operation of the project. The Budget Department Office will help with the development of all budgets.
Determine What the Project Will Cost:
You should begin by developing a budget strategy. List the elements of the project that will bear costs, such as personnel, materials, equipment, facilities costs, supplies, evaluation, and travel. The Budget Department Office will work with you to assign specific costs to your list of needs. Most proposal reviewers are skilled at recognizing when budgets and project goals are out of balance. While you should never “pad” a budget with unnecessary or unspecified items, you should always be as thorough as possible in anticipating the real costs of your project and have a contingency plan if you receive less than you requested. Both inadequate and padded budgets will hurt your chances for funding. Inadequate budgets will hurt the project’s chance of success.
Create a Detailed, Accurate and Complete Budget:
Be specific and detailed in your budget. If you plan to purchase a piece of equipment, contact the distributor of the product to determine cost. Be certain to include shipping and installation charges in your equipment budget, and consider the cost of maintenance agreements. If your project involves printing a brochure, contact University Relations for a preliminary estimate of the work. If you must hire staff, be sure you are using the correct wage and benefit scale. The Budget Department Office will be able to help with the correct benefit rate, and wage amounts.
If there will be a time lapse between the application and the project or if the project is multiyear, include a 4 percent salary increase for each year of the project. The quality of thought that you give to the budget preparation will not only produce a better program; it will also increase your chances of obtaining the grant.
There should be no surprises in the budget for the reviewers; all cost in the budget should be tied to specific items in the narrative. Again, most federal and state guidelines contain specific budget categories and forms, and you should always work with the Budget Department Office in developing your budget.