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.