Budget Preparation Guide

Contact [[cacorb,Cindy Corbett]] (1-3966) or [[eamont,Liz Montalvo]] (1-3901) with any questions.

Try this Budget Template [xls] to help you prepare your budget. It was designed for NSF proposals but can be used for other proposals also.

View a sample budget to see how the cost items below fit together.

Facilites and Administrative (F&A) Cost Rate

(formerly known as "Indirect Cost" or "Overhead" Rate)

• 48% of Modified of Total Direct Costs (MTDC)* for all proposals submitted after July 1, 2010.
• Modified Total Direct Costs include all budget items EXCEPT: 1) equipment, 2) tuition, and 3) amounts over $25,000 in a subcontract or subgrant.
• Provisional F&A Cost Rate Agreement (pdf) approved by the Office of Naval Research on June 27, 2012.
• Point of Contact (POC): Office of Naval Research, Linda Shipp, 703-696-8559.
• Rates effective starting July 1, 2010.
• instructions on how to calculate F&A costs and what they are

Faculty Salary

Faculty salary rates are based on 9-month or 12-month contracted salary rates. (Contact the Grants Office if verification of rate is necessary.) For salaries budgeted after  the current year, increase salary rate by3% each year.

To determine compensation levels multiply salary rates by the percentage of effort committed to the project. Percent of effort committed to a project is to be determined by the faculty member and the department chair or school dean.

Example: A 9-month faculty member whose salary is $45,000 proposes to put forth 100% effort during two summer months: 
($45,000 / 9 months) x 2 months x 100% = $10,000.

Graduate Assistant Wages

Rates vary by department or school. Tuition is sometimes provided in addition to wages depending on departmental or school practice. Check with the Chair or Dean for appropriate wage rates and whether tuition should be included.

Undergraduate Student Wages

Rates vary by department or school. Minimum wage is $7.25 per hour, but higher rates may be requested depending on skills required. Check with the Chair or Dean for appropriate rates. 

Fringe Benefits

Full benefits:  Benefit rates vary depending based on salary rate and health plan selected. William & Mary is currently estimating a flat 40% fringe benefit rate across the board.

Benefits include retirement, retirement health, disability, FICA (social security and medicare), group life insurance, health insurance, cash match and optional retirement fee.

FICA (Social Security and Medicare): 7.65% of salary

Academic Year

• Faculty: Full benefits. (If work is considered overload and approved as external paid employment, then FICA only.)
• Postdocs: Full benefits.
• Students: None.

Summer

• Faculty, 9-month: FICA only.
• Faculty, 12-month: Full benefits. (If work is considered overload and approved as external paid employment, then FICA only.)
• Postdocs: Full benefits.
• Students: FICA only, if student is NOT enrolled at least half-time. No benefits if student is enrolled in classes more than half-time.

Travel

Travel costs should be estimated as closely as possible based on state regulations. Costs generally include transportation (automobile mileage can be requested at $.555) lodging, per diem meals, and meeting registration fees. If using personal auto due to convenience to traveler, the mileage reimbursement rate is $0.246 per mile.

This travel planner may help you estimate costs. It includes the lodging and per diem rates for in-state and and out-of-state travel in the U.S.

Traveling out the country? Use the Foreign Federal Per Diem Rates.

Tuition and Fees (Academic Year 2011-12)

(Information compiled from student accounts)