A budget is a financial proposal that reflects the cost of the work proposed. It includes
- a categorical list of anticipated project costs that represent the researcher’s best estimate of the funds needed to support the proposed work
- information about activities planned and personnel who will serve on the project
- an in-depth picture of how the project will be structured and managed
- expected project costs in detail, and should fiscally mirror the project description.
Sponsor Budget Formats
The budget will become an integral part of the obligation to the sponsor. The Sponsor’s forms and format for budget and budget narratives should always be used, paying close attention to Sponsor’s guidelines. They provide information concerning budget limitations, specific cost considerations, requirements for cost sharing, and other special financial information. Failure to adhere to a Sponsor’s budget or program guidelines may jeopardize funding for the proposal.
You are encouraged to discuss expected approaches with your department because there is a financial risk for cost overruns and short falls. Therefore, the sub-units may have preferences in budget approaches.
Resources in Development
- Budget Checklist
- Budget Justification
- Cost Share Commitment Letters