PERSONNEL
    SALARY
    Principal Investigator/Project Director
        100% effort, 2 months summer (($63,000/9)* 2)              $14,000
        20% effort, academic Year ($63,000 * .2)                    12,600
    Graduate Research Assistant, 12 months                          19,000
    Undegraduate Research Assistant, summer                          3,000
    Total Salaries & Wages                                          48,600

    FRINGE BENEFITS
    PI, social security (7.65%) x summer salary                      1,071
    PI, full benefits (41.5%) x Academic Year salary                 4,788
    GRA, s.s. x summer salary ($4,750)                                 363
    URA, s.s. x summer salary ($3,000)                                 230
    Total Fringe Benefits                                            6,452

Total Personnel                                                    $55,052

TRAVEL
    One professional meeting/year                                    1,000

EQUIPMENT
    Computer                                                         3,000

SUPPLIES
    (Short description if over $500)                                 1,000

OTHER
    Communication (long distance telephone, postage, photocopies)    1,000
    Subcontract (Univ. of Va.)                                      40,000
    Graduate Student Tuition (2006-2007 estimate)                    9,679
    Graduate Student Health Insurance (2006-2007 estimate)           1,570
    Consultant                                                       2,000
Total Other                                                        $55,249

TOTAL DIRECT COSTS                                                $114,301

FACILITIES & ADMINISTRATIVE (F&A) COSTS
    44% MTDC*   $86,622 x 44%                                      $38,114
    MTDC = $114,301 - $3,000 (equipment) - $9,679 (tuition) -
           $15,000 (amount of subcontract over $25,000) = $86,622

TOTAL PROJECT COSTS                                               $152,415

*MTDC, Modified Total Direct Costs
(This means that indirect costs are calculated based on Modified Direct Costs (MTDC) rather than Total Direct Costs.  Modified Total Direct Costs equals the Total Direct Costs minus the cost of equipment, student tuition, and amounts of subcontracts in excess of $25,000).

Often a budget justification will also be required.  Try to anticipate reviewers' questions:  What will the students do?  What is the professional meeting and where? Why is the computer needed?  Why is the subcontract needed?