Budget is a quantitative expression of a financial plan for future expenses on the project in a given period of time.
Demonstrates the required cost for proposed project
A prediction of expenses
Serves as a plan for funders on how research team will operate the project.
Important for accountability
2. What is the purpose of the budget plan in
a grant application?
โข Budget is a quantitative expression of a financial plan for future expenses on the project in
a given period of time.
โข Demonstrates the required cost for proposed project
โข A prediction of expenses
โข Serves as a plan for funders on how research team will operate the project.
โข Important for accountability
3. What constitutes a research project
budget?
Research Budget Plan
Direct cost
Personnel
Recurring
expenses
Non-recurring
expenses
Travel
expenses
Indirect cost
5. Research Budget Plan
Direct Cost
โข Recurring expenses:
โข Consumable
โข Subjectsโ compensation
โข Publication charges
โข Physician fee
โข Non-recurring expenses:
โข One-time in nature
โข Do nor recur at regular
intervals
โข Equipment
โข Software
โข Electrical and electronic items
โข Instrument and its accessories
6. Research Budget Plan
Direct Cost
โข Travel expenses:
โข Conferences
โข Meetings
โข Workshops
โข Training programs
โข Domestic vs. international travel
7. Research Budget Plan
Indirect Cost
โข Also termed overhead charges.
โข Cannot be directly attributed to specific expenses of a
project.
โข Usually for utilization of existing institution facilities
8. Research Budget Justification
โข Also termed budget narrative.
โข Explanation of need for each line item in the budget with
item-wise and period-wise breakdown.
โข Quantification of total cost of each line item and document
cost calculation should be done.
9. General Tips
โข List what is essential and would add value.
โข Carefully review funding agency instructions
โข Classify listed items into direct and indirect cost then
breakdown the budget into item-wise and year-wise with
calculation of expected cost
โข Provide item-wise and year-wise justification
โข Review and evaluate
10. General Tips
โข It is important to understand funding agencies
expectations.
โข Too high or too low budget with respect to research
proposal are suspicious, flag raising, and the chance
for granting becomes less