How to Prepare a Grant Budget

If you or your organization is making a grant application there are a number of sections you will have to complete. However, what you do or do not include in the budget section of your application could be the difference between success and failure. In this article I take you through some of the do's and don'ts of preparing your grant budget.

The first thing you should do is read the application guidelines carefully so you are sure of what you need to include—or exclude—in your budget. For example, some funders will not cover overhead costs or additional staff costs.

On the other hand, include everything that applies to your project, no matter how trivial it seems. So, for example, don't omit training costs, copying costs, and all other relevant costs associated with your proposed project.

In the budget section of your application, you need to present your information in a format that is easy to understand, such as in a table. It should include all of the projected costs of the project and all sources of income and funding.

If some of the project costs involve outsourcing work, be sure that you have found a competitive price before including it in the budget. The funder will appreciate your taking the time to find the best value provider. Secondly, get a detailed description of the cost of any work that is outsourced. If, for example, part of the project is having a website designed and published by an outside company, the budget should contain a detailed breakdown of the costs, not just the overall cost.

Also, under no circumstances should you pad any of the costs. Be accurate in all aspects of the budget. Grant application assessors will usually have plenty experience and will know if you try to hide or "bury" costs in different categories.

All of the items that appear in your budget should have already been referred to in the written part of your grant application. Also, take extra time and effort to justify the cost of anything that is particularly expensive or may see strange to the assessor.

Remember that your budget should be for the entire project. So if you need to rent an office for a year, include the whole years rent not just one month's rent.

In general, the more detail you provide, the better. Your narrative will explain in more detail what's in your budget so make sure both sections agree. Most funders are flexible, so if you need to make some minor changes to the budget during the course of the project it shouldn't be a problem. If you're honest, and your change is minor, any adjustments won't affect your ability to get future funding.

 

Written by: Frank J Klein - CIO

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