Budget Overview
After you have designed your project and developed your plan of operations, a budget must be developed. The budget should clearly detail how much will be requested from the funding source and how much will be contributed by other sources (e.g match). A high level of detail should be included in every budget; each line item request must be clearly defined and related to the plan of operation.
Usually, budgets center around direct and indirect cost items. Direct costs include personnel, fringe benefits, travel, equipment, supplies, contractual, and other. Indirect cost is an accounting term used to describe costs that are common to two or more of a grantee's projects, such as building space, procurement, personnel administration, and grant accounting. These costs are real and represent actual costs to the institution. Indirect costs are added to the total direct cost and retained by the Institution to offset the additional expense of carrying out the project for that agency. IPSSP staff are prepared to assist you as you begin the process of developing the budget for your project.
A project may also receive matching funds from the institution to develop a financial package to fund the program. Matching funds come in two forms, hard and soft. Hard matches are required by the agency and will be considered in the program audit. Soft matches are not required and are not included in the audit, but are seen as the commitment of support by the institution. Under certain conditions matching dollars can be in-kind. Each program requiring a match will specify the limits of the required match. These limits are described in the program guidelines.
Developing a Budget
Use the information below to develop a budget for your program that aligns with university policies. A plan of operation that is logical in sequence and clearly developed will lead to a budget that is adequate to support the project, and reasonable in relation to the objectives of the project. Before turning in your budget projections, check your calculations twice. Note: each funder and grant opportunity should provide specific details regarding allowable expenses within a budget. Please review these guidelines carefully as you develop your budget.