Managing a Laboratory Developing a Budget Stephanie W. Watts Pharmacology & Toxicology Michigan State University

Making your laboratory work You are responsible for dollars coming and going out of your laboratory. Responsible and efficient use of these dollars is your goal. Using $ in a proactive instead of a crisis-mode is preferred (and significantly less stressful!)

Basics Estimate that ~70% of your laboratory budget will go towards personnel costs -salary -fringe/benefits -tuition know what you must have to make your lab go, and then think about what would be great to have. Make sure key pieces of equipment are available to you. Animal costs are continuous.

Negotiating to obtain a Laboratory Be smart. Find those who most recently came into the dept and enquire what they obtained in terms of start-up costs. Ask, straight off, whether your start up money can support technical help or purchase of important equipment. Understand restrictions where they apply. Understand if this money has to be spent out in a certain time. Trade-off. If you know someone who needs a big piece of equipment, you don’t, but have the $-.

Starting a Laboratory Understand from the get-go if there is a certain $/sq ft that you need to bring into the laboratory. Use the New-Investigator Offers from companies that give you a break on cost. Example - Fischer Scientific. Don’t hesitate to ask whether such a program exists. Big ticket items - investigate whether other investigators in your building/department might be interested. Share the cost. Use Senior investigators - they did this, too!

Maintaining and helping a laboratory thrive Know your financial officer and recognize their power. Stay on top of your deadlines -know when a granting period ends - use it or lose it! -know when progress reports are due and when next years $ will be posted to your accounts Use your ‘gold money’ smart. Keep a rainy day account, if you can. Take a position on collaboration.

Words from the Wise (or at least older!) Prepare for ‘unexpected changes’ in expenses charged to grants as defined by the University. Think about the ethics of allocating funds provided for one research project for a totally separate project. Learn about your purchasing department - how tough are they on sole-source requirements? Multiple bidders? A Purchasing credit card is a big help and saves time and money.

Words from the Wise (or at least older!), cont. If you use animals, KNOW YOUR PER DIEM. Find out if your animal care units give you a break in cost for PI-care. Identify one key protocol that is your bread and butter and make sure, in your start-up package, you have everything you need to do this and you get this early. This ensures you can move forward in the lab while the rest of the lab is coming together.

Feel Free to contact me Stephanie W Watts Pharmacology and Toxicology Michigan State University East Lansing, MI