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BUDGET PREPARATION

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

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  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 PI’s 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 don’t 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 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

  7. 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

  8. STEP 7 • Include broader impacts • Student researchers or workers • Minority participants • 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 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.

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