What is a budget?
The proposal budget is an estimate of the funds needed to conduct your project by cost category. When developing a budget for a sponsored project, it is imperative that the budget fully costs the work that is being proposed. All costs should be identified as direct costs to the sponsor, Facilities and Administrative (F&A) costs charged to the sponsor, or other allowable cost sharing resources from internal university funds. Learn more about typical expenses in a proposal budget.
The budget is developed keeping in mind the Uniform Guidance, along with 2 CRF 220 (cost principles for educational institutions), Sponsor Guidelines and University policy. The University costing policy should be referenced for questions.
When submitting a budget to a sponsor, the university provides the following assurances:
- An educational institution’s practice used in estimating costs in pricing a proposal shall be consistent with the educational institution’s cost accounting practices used in accumulating and reporting costs.
- All costs incurred for the same purpose, in like circumstances, are either direct costs only or F&A costs only.
In short, what this means is that the way costs are budgeted for a proposal should be consistent with how the actual charges will be incurred when an award is made and that the treatment of specific costs are treated the same way across the university.
Who can prepare and submit a budget?
All budgets submitted to an external agency or partner must be prepared with the assistance of the Pre-Award team (firstname.lastname@example.org). Using the university’s internal Coeus software, the Pre-Award office will process your budget ideas for review and revision. Prior to submission, all budgets must receive department, college, and institutional approval. Detailed budgets should not be directly sent by a PI to a sponsor without all levels of approval.
- Typical Expenses in a Proposal Budget
- Budget Justification
- Cost Sharing
- Facilities and Administrative Costs (F&A)