The budget serves to identify the cost of the project to the sponsor. The budget also serves as a further measure of the Principal Investigator's capabilities since there must be a reasonable correlation between the project as described and the Principal Investigator's assessment of the various cost elements. Sponsors usually require a budget and a budget justification. Some sponsors require proposals to use specific budget templates. Your college or department may have a budget template that they prefer that you use. Check the sponsor guidelines and check with your college or department for preferred or required templates. If there is not one, you may use one of the templates below. You can also download a budget justification template and other useful information using the links below.
- Preparing to Create a Budget – Questions to Answer
- Budget Template – 3 year layout
- Budget Template – 5 year layout
- Budget Justification – Sample
- Understanding Budget Justifications – Handout
- Uniform Guidance – Cost Principles Reference Guide
The budget will always contain a listing of the Direct Costs and the Facilities and Administrative ("Indirect") Costs. Direct costs are those that can be distinctly identified as benefiting the project such as salaries and fringe benefits, equipment, supplies, travel and computer time among others. Federal agencies require that all direct costs adhere to the regulations set forth by the relevant guidelines. Facilities and Administrative (F&A) Costs are those expenses that are incurred by the Campus through the cost of facilities and services for common or joint objectives such as general administration, physical plant maintenance and operation, and research administration expenses. A list of common costs, along with links for further guidance, is provided below.
Click on the topics below to expand details.