The Budget

Linda Masonlmason@osrhe.edu

Recipient of $millions in grants!

Budget

Budget justifies expenses and aligns with proposal narrative.

Budgeting Steps• Establish project period. • Determine expenses---Management, Travel, Equipment.• Review overhead (Indirect) costs.

Remember that overhead costs are real! DO NOT EVEN CONSIDER WAIVING THEM!

• Determine value of donated goods and services based on real costs and valid sources.

.

Direct Expenses• Consider: Implementation, continuation,

maintenance and phase-down costs.– Salaries.

– Utilities, insurance, rental space, and equipment.

– Food, transportation, and telephone.

– Evaluation systems, audits, accounting systems, and dissemination activities.

– Materials and supplies.

In-Kind Matching Funds– Contact the funding agency and discuss

– Can the match (if mandated) be in-kind contributions (i.e., equipment discounts or services)?

• Personnel • Contractual

• Fringe benefits • Construction

• Travel • Miscellaneous

• Equipment • Indirect Charges

• Supplies • Leveraging

• Volunteers • Services

Budget Principles1. NO mistakes! (at least 3 proofers)2. Consistent format – numbers, dollar signs,

decimals, commas3. Ask for enough.4. Clearly justify your figures with real estimates, real

travel locations, real mileage, and real salaries (no estimates unless the person is to be hired).

5. Tell your story. If someone cannot understand your project from reading your budget, start over.

6. Include ALL project costs and plans for sustaining the project.

7. When you do not have a person hired for a position, include a clear job description and salary estimate.

Budget PresentationYou can present your budget in different ways:

• Narrative format.

• Visual format, such as a pie chart that reflects the percentages mentioned in the narrative.

• Standard numerical format.

• Budget justification (details about each numerical item and follows the standard format).

• The budget must match the project needs!

PROJECT SUMMARYThis project is designed to assist the professional development of high school teachers. Most of our teachers are not certified to teach algebra or calculus. Also, State Government has passed a Standards Based Curriculum that teachers are not ready to implement. This will benefit our minority students and teachers. The intellectual merit of the project is that it will build on the Standards activity and will have more students taking calculus. The broader impact will be that teachers will share more information through teachers meetings and students will take more mathematics and become scientists in the work force.

BUDGETPersonnel (Five Senior and one Clerical $136,555

Equipment (new computer) $ 45,000 Travel $ 5,000Participant Support (8 Teachers) $ 10,000Other (Supplies $1000; Consultants $20,000)$ 21,000Indirect Cost Waived

Budget in the NarrativeThe overall annual budget for the Center for

Women and Children is projected to be

$465,000. Of this amount 53% is for salaries

and benefits, 37% is for programs and services

to women and children, and 10% is for

administration and fundraising expenses.

Sample Budget Justification

Executive Director, Dr. Joan Smith - The budgetrequest is for .5 FTE director @ $95,000 annualsalary plus fringe at 28%.Administrative Assistant, Ms. Mary Smith - Thebudget request is for .5 FTE administrative assistant@ $37,500 annual salary plus fringe at 22%. Shewill be .5 FTE for the Oklahoma GEAR UPProgram at the same time. Office space is beingcontributed to the project by the Oklahoma GEARUP program.

Sample Visual Format

Sample Standard Form(usually provided)

Item Annual Expense

A. Personnel (Salaries, Wages)• Executive Director $65,000• Administrative Assistant, .5 FTE $22,000• Program Director $38,000• Program Assistant $32,000• Development Director $38,000• Membership Coordinator $32,000• Office Assistant $26,500Total Personnel $183,500

B. Fringe Benefits $22,000 C. Contractual

• 1. Web design and maintenance $11,500 • 2. Consulting $ 500

Remember Indirect Costs

Budget Justification• Thoughtful narrative per each item• Summary overview • Discuss any significant increases or

decreases compared with last year's or next year's budget

• Important figures (such as a high unit cost for equipment/instrumentation).

• What about life after this grant? Will funds be available to continue the project.