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Managing a Scientific Laboratory Financial Management and Budgeting

Managing a Scientific Laboratory Financial Management and Budgeting. Budgeting for Proposals. Kathleen Speer Associate Dean for Faculty and Research USC Dana and David Dornsife College of Letters, Arts and Sciences. BUDGET | 3. Agenda Why prepare a budget? Budget Elements

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Managing a Scientific Laboratory Financial Management and Budgeting

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  1. Managing a Scientific LaboratoryFinancial Management and Budgeting

  2. Budgeting for Proposals Kathleen Speer Associate Dean for Faculty and Research USC Dana and David Dornsife College of Letters, Arts and Sciences

  3. BUDGET| 3 • Agenda • Why prepare a budget? • Budget Elements • Fringe Benefit and Indirect Costs • Budget Justification • Compliance

  4. BUDGET | 4 • Why prepare a budget? • Required by Most Agencies • Costs of meeting the Project Goals • Ensure the Request is Sufficient/ Realistic • Expedite Award Setup

  5. BUDGET | 5 • Function of a Budget • The budget estimates, as realistically as possible, the cost of completing the objectives identified in the proposal. • The sponsor will use the budget details to determine whether the proposal is economically feasible and realistic. • The budget provides a means to monitor the project's financial activities over the life of the project. • Many sponsors (especially government agencies) provide either a form or a format for the budget. It is imperative to follow the agency's instructions explicitly.

  6. BUDGET | 6 • Impacts on Budget Planning • Sponsor’s Budgetary Restrictions • Type of Sponsor (federal, non-federal, international) • Project Period • Types of personnel appointments (faculty, staff, postdoc, student) • Fringe Benefit Costs • Sub Awardees and Collaborators • Location of Project (on or off campus) • Facilities and Administration Costs • Primarily …

  7. BUDGET | 7 • Impacts on Budget Planning • … Your project narrative • Go through your project narrative and make a list of everything that will have to be paid for. • People, consumables, publications, equipment, conference travel, collaborators…

  8. BUDGET | 8 • Budget Elements • Salary and Wages • Fringe Benefits • Materials and Supplies • Equipment • Travel • Publication • Sub Award • Other Direct Costs • Indirect Costs (or Facilities and Administration Costs)

  9. BUDGET | 9 • Various Budget Periods to Consider • Calendar Year (Jan – Dec) • Fiscal Year (Jul – Jun) • Academic Year (Aug 16 – May 15) • Summer (May 16 – Aug 15) • Government Fiscal Year (Oct – Sept) • Phases as defined by sponsor

  10. BUDGET | 10 • Fringe Benefit and Indirect Costs • Fringe Benefits • Assessed on salary and wages • Federal & non-Federal Rates • Postdoctoral Scholar rate (new Aug 2012) • Facilities and Administration Costs aka Indirects • On-Campus or Off-Campus • Other Sponsored Activities • Limited by sponsor • USC Research - Current rate Agreement July 9, 2012 • http://research.usc.edu/dcg/proposal-development/rates-at-a-glance/

  11. BUDGET | 11 • Budget Justification • Budget narrative should answer the questions a skeptical reviewer would ask. • Make a persuasive case for investing in you and your team • Explain: • how all costs are determined • what each person will contribute to project • equipment needs – include quotes

  12. BUDGET| 12 • Compliance • Federal cost accounting standards, are a series of federal regulations, detailed in OMB Circular A-21, which stipulate how educational institutions administer the financial aspects of grant management. • Costs must be allowable and allocable. • Administrative and clerical salaries should normally be treated as indirect costs and not included a direct costs.

  13. BUDGET | 13 • Wrap-up • Read the solicitation, RFP or guidelines • List what needs to be paid for • Determine cost of each • Read the solicitation, RFP or guidelines (again) • Review proposal • Does the budget reflect reasonable costs for the project? • Is the budget justification in line with the project narrative? • Are there unallowable costs in the budget? • Can you complete the scope of work on this budget?

  14. BUDGET | 14 • Questions? • Kathleen Speer • Associate Dean for Faculty and Research • USC Dana and David Dornsife College of Letters, Arts and Sciences • kspeer@dornsife.usc.edu

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