When you are ready to route your proposal for University Approval be sure to include the following steps:
Why is a budget and its justification so important to your project's proposal? Isn't the strength of your idea enough to garner attention and funding? A proposal budget is a cost estimate of work which must be accomplished in order to attain the objectives of your proposed project. Prospective sponsors need a very clear and concise statement that explains your proposed expenditures and justifies each budgeted item. Your budget must indicate why you are requesting a particular item and how it is relevant to the success of your project. For example, budget justification explains why trained staff is necessary to the success of your project. Without that crucial staff, you, the project leader is faced with performing all tasks or with eliminating crucial parts of the project. When you address the budget justification part of any application, be sure that you are being accurate and thorough. Good projects are routinely rejected by funders because the budget justification is either faulty or unclear.
During the project proposal's review process, the funder will do a cost analysis of your proposals. That means they will examine the specific elements of your proposed expenditures and then examine your budget statement to determine the necessity, reasonableness and allowability of the cost, relative to their mission and guidelines. You will find that each agency, public or private, has guidelines concerning acceptable and unacceptable costs..
For a glossary and guide to assist you in preparing a project
budget, please click here.