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Budget Development

Budget Developmentbudget planning image

Carthage policy requires all project budgets, along with other proposal details to be reviewed and approved by the Office of Sponsored Programs (OSP) prior to submission to the sponsor. 

Overview

As you prepare your project’s budget, thoroughly review the solicitation as well as the sponsor’s grant preparation guide. It is important to be cognizant of any sponsor restrictions regarding specific budgetary requirements, such as cost-share, and allowances or dis-allowances. Budget preparation is an important part of the proposal development process. Ideally, the budget should be considered as you are developing the project itself – not something hastily put together. 

The proposal’s budget section has two components: budget and budget justification. The budget presents each line item and the justification explains why each item is necessary for the project; the justification explains why each item is necessary for the project.

Budget Cost Considerations

The budget should list all cost details for the year or other appropriate period of time. It should include any applicable salaries & wages, fringe benefits, services, supplies, equipment, publications, travel, other direct expenses, and any facility and administrative costs. A brief outline for developing a budget is available HERE. 

A budget should include all the Direct Costs and Facilities and Administrative (F&A) (or indirect) costs required to carry out the project objectives. Proposal budgets should match the level of detail submitted to the sponsor. The following are cost considerations when developing your budget:

  • Direct Costs – Expenses that are specifically linked to your project.
  • Indirect Costs – Costs that cannot be attributed to a specific project. Indirect costs are also charged using a negotiated rate approved by the federal government in accordance with Carthage’s facilities and administrative costs agreement. 
  • Cost Sharing/Match - Cash or in-kind support provided by Carthage or a source other than a main sponsor. 
  • Allowable and Unallowable Costs - Allowable costs can be budgeted and expensed under a sponsored agreement, while some costs are simply unallowable. Cost allowability is determined in accordance with federal guidelines and Carthage policy. 
  • Subawards - Costs for payment to an organization outside of Carthage to conduct a portion of the sponsored project activity.