Strategies for Preparing a Budget Barbara A. Howell, M.A. University of Central Florida College of Health and Public Affairs

Elements of a proposal 6. Budget 1. Proposal Summary 2. Problem (or needs) statement 3. Project objectives 4. Project methodology 5. Project evaluation 6. Budget 7. Supporting materials

The Budget is a Plan The budget translates the methods section of the proposal into dollars and shows specifically what is needed to implement the plan that has been described earlier in the proposal. THE BUDGET SECTION SHOULD BE ABLE TO STAND ALONE.

Use the format prescribed by the grantor. Provide comprehensive budget information, ensuring that the budget matches the project objectives and methodology. Be clear about how the amount requested from the grantor fits into the budget Add a narrative to explain and justify budget items. Also consider a statement of future funding plans, if appropriate to the project.

Budget Components Detailed proposal budget Summary budget Budget narrative

Detailed Proposal Budget Establish the budget period, the length of time the budget covers. Estimate expenses, obtaining cost estimates as necessary. Decide whether and how to include overhead costs. Estimate donated goods and services that will be used. Estimate anticipated revenues for the project Check to be sure that the budget as a whole makes sense and conveys the right message to the funder.

Summary Budget Use for multiple year grants Summarizes the budget by category for each year Presents a budget for the entire project period.

Budget Narrative Explains how you arrived at the dollar amount requested for each item in the budget Be certain that the budget, budget narrative, project methodology/activities and objectives can be readily related and compared. Include direct and indirect (administrative) costs.

Negotiating the Budget You asked for $100,000… They give you $30,000…. Now What?????

Revise your original budget Revise your methods and objectives Resubmit to funder for approval