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Creating the Project Budget

​Each sponsor will outline what expenses are eligible/ineligible and what cash and/or in-kind contributions may be required.​

While the preparation of a rough, preliminary budget should be one of the earliest planning activities, the Budget which is submitted to a potential funder should strive for as much accuracy as possible.​

A key part of the application is also the Budget Justification. In 1-3 pages, you will explain how you arrived at your numbers and why these amounts are necessary for successful project completion. Aim for fiscal prudence if possible and definitely do not go over budget. ​

Budget caps on specific categories differ as well. Read the eligibility funder guidelines very carefully.

Budget Considerations

Key Elements

Common Mistakes

Tools and Tricks
  • Personnel
  • Travel
  • Equipment
  • Subcontractors and/or consultants
  • Materials, supplies, and other costs
  • Indirect costs
  • Inconsistencies
  • Under/over-estimating time commitments and costs
  • Lack of detail
  • Exceeding budget caps
  • Inaccurate project period length
  • Including unnecessary personnel
  • Justification should follow the budget
  • Carefully read and follow all instructions on allowable or unallowable costs
  • Create Templates
  • Provide a budget template to any subcontractor
  • Relate the costs to the aims and approach of the study
  • Double check that all budget expenditures are compliant

Resource: Sample Budget Template

This is the Budget Template utilized for the Research & Innovation Fund (RIF).

This version contains sample data to demonstrate its use.

This dropdown contains a plaintext version of the above template
Project Name:
Project Start Date:
Project End Date:
Salaries Hours/wk Rate Weeks Total
PI (name, role, school) * $        –
PI (name, role, school) * $        –
Student 1 ** $        –
Student 2 ** $        –
Student 3 ** $        –
Student 4 ** $        –
Total Salaries                                                                        $        –
Equipment & Materials Unit Cost Units Total
item $        – $        –
item $        – $        –
item $        – $        –
item $        – $        –
item $        – $        –
Total Equipment & Materials                                                                       $        –
Travel Rate Units Total
mileage $        –
hotel $        –
meals $        –
Total Travel                                                                        $        –
Networking/Knowledge Dissemination Total
item $        –
item $        –
item $        –
Total Networking/KD                                                                        $        –
Subtotal                                                                                                                       $        –
HST (If applicable)                                                                                                     $        –
Total                                                                                                                              $        –

 

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