Step 3: Prepare a Budget
What is a Proposal Budget?
A proposal budget is a section of the proposal that represents and/or reflects the Principal Investigator's best estimate of the actual costs for conducting the scope of work.
Prepare Budget Justification
Your budget justification provides the reviewer with an explanation of the cost estimation methods used to project the costs, an explanation of why the projected costs are necessary for the research or project, a Description of the types of costs that make up a larger budget category such as "other" or "supplies", and a rationale for why this situation is special, and should include some sort of accommodation or payment of unusual costs.
Prepare Budget
A PI will need to prepare a project budget and justification which details the performance period for the project and explain a rationale for each budget category, including how the PI arrived at certain cost estimates. A key concept of the cost principles is “allowability.” For a cost to be allowable on a specific sponsored award, it must be:
Always Review Sponsor Guidelines Before Preparing a Budget. Most will provide instructions relating to budget categories. |
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Contacts
Questions regarding cost sharing should be addressed to:
Business Operations Center or
Office of Contracts and Grants