Step 3: Prepare the Final Budget and Budget Justification

7 Prepare the Final Budget

Think ahead

  • Don’t forget inflation or increases in costs
    •  rent or annual salary increases
  • A certain degree of variation is acceptable
    •  However if there’s no way of knowing how much something is going to cost — tricky!

Terminology Head’s Up

  • Grants language
    • Honorarium, stipends, scholarships
  • FHSU
    • Employee, independent contractor, scholarships
This becomes relevant after you have received your grant award!

 

Pre agreement Costs

Costs incurred prior to effective date are not allowed.

Budget Revisions

  • Before issuing an award, the agency may reduce or increase the amount of support for the proposed project.
  • A change in budget should lead to a change in scope of work and vice versa.
  • Requires FHSU approval of a revised budget.

What happens after the proposal is approved?

  • Required to report back to the funder on a line item basis.
  • Track expenses in WorkDay – time and effort
  • Shifting money
    • 10% rule
  • Good communication with grants officer

Prepare the Final Budget

  • Use the agency’s form, if they have one.
  • Keep careful track on a spreadsheet of all calculations and rationales for budgeting decisions – you will be glad you did when you receive the award!

License

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Budget Basics for Grant Writing by Leslie Paige and Misty Koonse is licensed under a Creative Commons Attribution-NonCommercial-ShareAlike 4.0 International License, except where otherwise noted.

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