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