Develop Your Budget

Getting Started

The most important thing we'd like you to know is that our office is a great resource for getting help with the complicated job of preparing a budget.  Please feel free to consult with our office early on so that we may help to ensure your budget conforms to the various regulations and requirements set forth by the funder, the College, and other regulatory agencies.  It's also important to communicate early and often with your chairperson to ensure they are in support of your project.

Your Budget is of CRITICAL IMPORTANCE and Here's Why

Your budget must "mirror" your project plan and reflect all costs you will incur and all commitments you make on behalf of the College--this ensures your funding request is accurate and appropriate. Your budget is also the final check in clarifying the practicality of your project as it shows the funder your ability to manage your project.

Your budget is a necessary component to the internal approval process here at BSC because it provides a fiscal view of your project.  It is also the mechanism during the routing process, through which you request college contributions such as matching funds and course releases.  And finally, it serves as a critical and necessary guideline for post-award management and is referred to again and again during this phase.  So, although some funders may not require a detailed budget, it is still required for the BSC approval process.

How Much DETAIL is Required?

A high degree of accuracy in your budget is an absolute must since auditors from private, state, and federal agencies monitor our adherence to various rules and regulations.  Therefore, you must use "real" estimates and not "rough" estimates.  A well-planned and detailed budget also shows the funder that you've given thought to resources needed and how the timing or scheduling of resources impacts your project.

A Few Thoughts on COMPLIANCE

The Office of Grants & Sponsored Projects is responsible for ensuring that your budget is compliant with (1) BSC Trust Fund Guidelines, (2) the terms and conditions of the sponsored agreement or contract, (3) the U.S. Federal Government's OMB Circular A-21 "Principles for Determining Costs Applicable to Grants, Contracts, and Other Agreements with Educational Institutions", and (3) various other regulations when applicable.  Click here for more clarification on BSC guidelines (http://www.bridgew.edu/Fiscal/tfguide.cfm) and federal guidelines (http://www.whitehouse.gov/omb/circulars/a021/a021.html).

Example of a Budget

At the very least, your budget will help you to think through the actual costs of your project.  Budgets can be simple or complex depending upon the requirements of the funder and the level of complexity of your project.  Below is an example of a simple budget:

ITEM REQUEST JUSTIFICATION
DIRECT COSTS    
Salaries & Wages (BSC Personnel)    
Programming Director

$6,111.00

 Dr. Sheila Smith at 100% effort for one month during the summer for program oversight.  Charges are based on base salary of Dr. Smith's 9-month academic year appointment.
Course Developer

$3,500.00

 Stipend of $3,500 for Dr. John Doe to develop a graduate course.  Stipend amount is based on college's Presidential Faculty-Librarian Course Development Grant.
SUBTOTAL Salaries, Wages

$9,611.00

  
Other Direct Costs    
Guest Speakers

$500.00

 2 guest speakers to provide subject matter expertise at an honorarium of $250 per two-hour session.
Workshop

$600.00

 Stipend of $300 to cover time of 2 faculty to develop and deliver a 2-hour workshop.
Graduate Course

$10,000.00

 BSC will provide one 3-credit graduate course for each year of the grant.  Current catalog price is $10,000;   Dr. Sheila Smith will be the instructor of record.
Travel

$426.11

 Approximately 15 trips from Bridgewater to Plymouth is 291.36 miles x $.0585/mile.  
SUBTOTAL Other Direct Costs

$11,526.11

  
TOTAL DIRECT COSTS

$21,137.11

  
INDIRECT COSTS    
F&A @ 56.6%

$5,439.83

 Federally-negotiatied Facilities & Administrative rate of 56.6% is applied to salaries, wages, and fringe benefits.
GRAND TOTALS

$26,576.94

  

Your costs or "line items" will vary according to the nature of your project and the budget template of the funder.  Since different projects have different costs, you will want to consider such questions as:   

  • Who will work on the project? 

  • When will I need a course release? 

  • Should I include pay for support staff?

  • Should I include a Graduate Research Assistant to help me? 

  • What supplies and/or equipment will I need?   

  • What about travel costs?

 

 

Last Modified: August 4, 2009