Budgeting in research

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Introduction

See also Research for librarians - portal

Budgeting is an essential part of conducting and managing a research project. Careful management of the budget is key to being accountable. To convince funding agencies about the value of your project, a detailed budget and timeline must be submitted. Many funding agencies require you to follow prescribed formats in submitting your application for funding. Items may be listed line by line, and you should aim to follow instructions closely. You may need to demonstrate that your budget is sound by detailing major costs, and accounting for unseen costs. This contigency budgeting may include consultations with others about the real and contingent costs associated with the research. Be wary of lifting budgets directly from guidebooks for these templates provide only a general sense of how budgets should be managed. Remember to include all subtotals of various budget categories (e.g., transportation, living expenses, supplies, and research assistants), and all probable expenses. Major expenses should be covered but you will need to provide rationale for major line items.

When writing a budget for a project, it is important to think about your daily, monthly and annual expenses from books and software as well as incidental costs such as wireless access and depreciating values of equipment. Remember that the funds you receive are for expenses linked to your proposal (e.g., many grantors do not fund incidental costs). Be sure to compare your budget to any previous budgets or models and amend it accordingly. If your budget is higher than what may be supported, indicate how you plan to make up any costs. You may want to mention other grants you are applying for; university support you are entitled to; available professional funds or payments due to consulting. If you have other funding, be upfront and say how it will cover some costs. Show that you have other funding in place rather than submit something that is incomplete.