BUDGET BUDGET PREPARATIONPREPARATION

FOR GRANT PROPOSALSFOR GRANT PROPOSALS

STEP 1STEP 1

Begin with a rough budget

Or prepare the budget after the draft

STEP 2STEP 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 3STEP 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 4STEP 4

Follow your proposed plan with budget items

Tell your story through your budget

STEP 5STEP 5Budget Narrative

Give details about expense items, not general guidelines, i.e., “3 test tubes@ $7”----not “lab 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 6STEP 6Funding Sources

Several columns for funding sources – one for grant, one for institution, one for outside contributions…..

List partner contributions, i.e. teacher participant salaries, student WorkStudy, refreshments, travel, printing expenses

Leverage other funds, i.e. previous research funds

STEP 7STEP 7

Include broader impacts, such as serving underserved audiences, providing a career path, sharing with local HS, transforming education, merging education with research…….

Student researchers or workers

Minority participants and staff

Community partnerships

Community benefits

STEP 8STEP 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 FINAL CONSIDERATIONSCONSIDERATIONSRemember that you are requesting someone else’s money.

Remember that the grantor wants to give you the 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 this money---and YOU are stepping forward as the best investment!