Comprehensive Guide to Preparing Grant Proposal Budgets
This guide outlines essential steps for preparing effective budgets in grant proposals. Begin by drafting a rough budget and detail salary costs, ensuring you consult with a finance officer. Allocate 60-80% for salaries and 10-15% for evaluation. Include detailed costs and a narrative explaining budget items clearly. Highlight additional funding sources and in-kind contributions, emphasizing broader impacts, such as community benefits and partnerships. Finally, review model budgets to ensure accuracy, as NSF and grantors expect precise and compelling financial proposals.
Comprehensive Guide to Preparing Grant Proposal Budgets
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Presentation Transcript
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 • 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 • 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 • Follow your proposed plan with budget items • Tell your story through your budget
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 Funding 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 • List INKIND contributions, i.e. OneNet
STEP 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 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 • Remember 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!
