COVID-19 & Research Restart

OVCR Research-Related Updates Regarding COVID-19 Emergency and Research Restart

How do I Build a Budget

The budget is the financial plan for the project or program. It includes both the sponsor and non-sponsor share of the total project cost. Proposed project costs are comprised of allowable direct costs, facilities and administrative (F&A) costs, and cost sharing. Allowable costs are those that are reasonable and allocable to the sponsored project and allowable under University and sponsor policy.

A budget justification should be prepared to explain how the budgeted costs relate to the project. The justification should provide sufficient detail to allow the sponsor to determine whether the proposed costs are reasonable and appropriate. Key elements to include in the justification are:

  • A detailed justification of the expense or service
  • How the expense relates to and benefits the project
  • The anticipated cost
  • The time period in which it will be utilized
  • Other information that will aid the sponsor in evaluating the proposed item