Office of Sponsored Projects

Identify Project Requirements:

• Determine Scope: Understand the full scope of the project (e.g., research, infrastructure, events) and the resources it will require.
• List Necessary Resources: Identify key resources such as personnel (faculty, students, staff), materials, equipment, technology, and facilities.

Estimate Costs:

• Personnel Costs: Calculate salaries or stipends for team members, including faculty, researchers, or student assistants.
• Material and Equipment Costs: Estimate the cost of consumables, tools, or specialized equipment required for the project.
• Travel and Transportation: If applicable, account for travel expenses for conferences, fieldwork, or meetings.
• Administrative Costs: Include costs for office supplies, software, or administrative support.
• Contingency Funds: Set aside a portion of the budget for unforeseen expenses, typically around 5-10% of the total budget.

Categorize Budget Items:

• Direct Costs: These are costs directly associated with the project (e.g., equipment, materials, and salaries).
• Indirect Costs: These may include overhead costs such as utilities, institutional support services, or maintenance, which are usually a percentage of direct costs.

Align with Funding Sources:

• Review Funding Guidelines: Ensure the budget aligns with the funding agency’s requirements, including limits on specific categories (e.g., personnel, equipment).
• Match the Budget to Funding: Ensure the budget does not exceed the available funding and is consistent with the expected financial support.

Develop a Timeline:

• Break Down the Project into Phases: Create a timeline that includes when funds will be needed throughout the project.
• Distribute Expenses Over Time: Allocate funds based on when resources will be needed, helping to ensure that cash flow matches project milestones.

Create a Detailed Budget Report:

• Provide Itemized Costs: Present the budget in a clear, itemized format, showing the costs for each category and phase of the project.
• Justify Expenses: Ensure that all expenses are justified and aligned with the project’s objectives.

 Review and Adjust:

• Evaluate and Revise: Review the budget for accuracy and completeness, making adjustments where necessary to ensure feasibility.
• Consult Stakeholders: Collaborate with team members, administrators, or financial officers to ensure the budget meets both project needs and university financial protocols.
• Final Approval:

• Submit for Approval: Present the budget to relevant stakeholders (e.g., department heads, finance offices, or funding agencies) for approval.
• Adjust as Needed: If feedback requires changes, revise the budget accordingly and resubmit.