Budgeting Basics

1. Specify the start and end dates of the project budget period (usually a year or more)
2. Decide which budget line items are required by the project.
3. Price the items. Prorate costs as indicated to accommodate anticipated increases if a multi-year budget is included.
4. Justify budgetary requests, in narrative form, where needed.
5. Review budget to ensure that it is complete, realistic and readily comprehensible.

Typical budget items:

• Salaries (project director, student help, technicians, etc.)
• Fringe benefits
• Travel
• Supplies
• Publication Costs
• Consultants
• Other direct costs (ex. photocopying, postage, telephone charges)
• Facilities and Administrative Costs (a.k.a., Indirect costs or overhead)

For more details on rates and a sample budget see the Budget Preparation Guide.