Cindy Collins ETEC 665 More On The Proposal Budget Questions

Cindy Collins ETEC 665 Misconceptions About Developing Proposal Budgets I’m not an accountant – how am I supposed to know about budgets?

Cindy Collins ETEC 665 Misconceptions About Developing Proposal Budgets Merriam-Webster defines a budget as “a statement of the financial position of an administration for a definite period of time based on estimates of expenditures during the period and proposals for financing them.” You don’t have to be an accountant to prepare a budget. You do need to be a good planner -- think through your entire project/research and plan for those expenditures required to accomplish your goals.

Cindy Collins ETEC 665 Misconceptions About Developing Proposal Budgets They are funding my project/ research – they don’t really look at the budget.

Cindy Collins ETEC 665 Misconceptions About Developing Proposal Budgets While reviewers are definitely interested in your project/research, they do look carefully at the budget. In fact, proposals have not been funded solely because of poorly represented budgets.

Cindy Collins ETEC 665 Misconceptions About Developing Proposal Budgets I’m going to ask for more than I need because they always cut the budget anyhow.

Cindy Collins ETEC 665 Misconceptions About Developing Proposal Budgets In rare circumstances this may be a good strategy to take; however, inflated budgets are usually not well-received by interviewers. Don’t ask for extra money on the chance you will find something to spend it on later.

Cindy Collins ETEC 665 Misconceptions About Developing Proposal Budgets I’m not going to ask for the full amount – that way, they will think my project/research is best.

Cindy Collins ETEC 665 Misconceptions About Developing Proposal Budgets Rarely do reviewers suggest funding at a level greater than requested. Make sure you request adequate money to cover all anticipated expenses of the project/ research. Remember that grant funding does not go to the “lowest bidder.”

Cindy Collins ETEC 665 Misconceptions About Developing Proposal Budgets It doesn’t really matter where I budget the money in the proposal – I can change everything once I’m funded.

Cindy Collins ETEC 665 Misconceptions About Developing Proposal Budgets While most granting agencies do allow for budget revisions, restructuring the budget after an award may indicate a change in the scope of your project/research. Also some agencies require written approval prior to moving money. It is best to submit a budget that closely illustrates where you anticipate spending the money.

Cindy Collins ETEC 665 Misconceptions About Developing Proposal Budgets Nobody checks the numbers – why can’t I just estimate things like the salaries?

Cindy Collins ETEC 665 Misconceptions About Developing Proposal Budgets Yes, budgets are estimations; however, they should be based as closely as possible on realistic numbers. For example, Southeastern requires that items such as salaries be based on actual figures so that once funded, your grant budget will easily integrate with Southeastern’s.

Cindy Collins ETEC 665 Misconceptions About Developing Proposal Budgets Why do I have to use the University/School’s standard fringe rate? I’m on insurance with my spouse.

Cindy Collins ETEC 665 Misconceptions About Developing Proposal Budgets While your current situation may show that the standard fringe rate is not required, keep in mind most proposals are not immediately funded and circumstances or personnel may change before the project/research begins.

Cindy Collins ETEC 665 Misconceptions About Developing Proposal Budgets I don’t have to do the budget – isn’t that what your office (OSRP) does?

Cindy Collins ETEC 665 Misconceptions About Developing Proposal Budgets No one will not know your project/ research as well as you and therefore, cannot anticipate everything you may need. The best budget and justification closely align with the narrative of the proposal, therefore, you are best qualified to prepare this information.

Cindy Collins ETEC 665 Misconceptions About Developing Proposal Budgets Why do I have to put Indirect Costs in my budget? That just takes away from my money.

Cindy Collins ETEC 665 Misconceptions About Developing Proposal Budgets Indirect costs are paid to the university/ school to support the administration and facilities use for your project/research. This money is restricted and must be included at the full level allowed.

Cindy Collins ETEC 665 Strategy Your Budget Is a Crucial Part of Your Project – Realistic Numbers May Make A Difference in the Scope of What You Are Proposing Plan Your Budget Early -- Never Wait Until the End of Your Proposal Preparation to Start Developing Your Budget

Cindy Collins ETEC 665 Use the budget and budget justification to tell the reviewers the rest of your story. Let them know that your project is well-planned and can be accomplished for the amount of money requested.