1. Go to VU’s home page @ www.valpo.edu Go to VU’s home page @ www.valpo.eduwww.valpo.edu Go to L in the A – Z index Go to L in the A – Z index Click on Lumina Center Click on Lumina Center Click on Grantseeking Workshop Series (second link in left column) Click on Grantseeking Workshop Series (second link in left column) In Current Workshop section, click on the text to the right of the light bulb In Current Workshop section, click on the text to the right of the light bulb

2. The Lumina Center, The Office of Institutional Advancement, and the Christopher Center Present Fundamentals of Budget Preparation February 23, 2006

3. Sandy McMullen, Lumina Center Director and Sponsored Projects Officer (SPO/NSF) Sandy McMullen, Lumina Center Director and Sponsored Projects Officer (SPO/NSF) Nancy Stalbaum, Director of Budgets, Grants and Special Projects, Finance Office Nancy Stalbaum, Director of Budgets, Grants and Special Projects, Finance Office

4. Budget Fundamentals Budget Fundamentals Direct and Indirect Costs Direct and Indirect Costs Budget Line Items Budget Line Items Budget Formats (Two Samples) Budget Formats (Two Samples) Budget Narrative Budget Narrative

5. Unallowable Costs, Budget Restrictions, and Internal Policies Unallowable Costs, Budget Restrictions, and Internal Policies Resources and Technical Assistance Resources and Technical Assistance Helpful Tips Helpful Tips Upcoming Workshops Upcoming Workshops Questions and Answers → P lease ask questions at any time! Questions and Answers → P lease ask questions at any time!

6. Your budget is an estimate, but good planning is an absolute must! Your budget is an estimate, but good planning is an absolute must! Read the RFP (request for proposals) or the application requirements to find out what costs and activities are allowed Read the RFP (request for proposals) or the application requirements to find out what costs and activities are allowed Write your proposal first to determine what your actual costs are based on what you plan to do Write your proposal first to determine what your actual costs are based on what you plan to do

7. Budget for all allowable costs within the funding source’s guidelines Budget for all allowable costs within the funding source’s guidelines Funding sources require varying degrees of detail for budgets Funding sources require varying degrees of detail for budgets Government sources (federal and state) generally require more detail than other sources Government sources (federal and state) generally require more detail than other sources

8. Foundations and corporations are typically less structured, but they still require detailed information Foundations and corporations are typically less structured, but they still require detailed information If a budget form is provided in the application, then you must use it! If a budget form is provided in the application, then you must use it!

9. Two basic components in a budget (direct and indirect costs) Two basic components in a budget (direct and indirect costs) Direct costs are both personnel and non-personnel costs (salaries, fringe benefits, consultants and contracts, materials and supplies, equipment, travel, and other program costs) Direct costs are both personnel and non-personnel costs (salaries, fringe benefits, consultants and contracts, materials and supplies, equipment, travel, and other program costs)

10. Indirect costs are those costs that are not readily identifiable with a particular program but are necessary to the general operation of the University (cost of operating buildings, grounds and equipment, and depreciation)

11. Salaries Salaries Fringe Benefits Fringe Benefits Consultants and Contracts Consultants and Contracts Materials and Supplies Materials and Supplies Equipment Equipment

12. Travel Travel Other Costs Other Costs Matching Costs Matching Costs Indirect Costs Indirect Costs

13. Sample Budget Formats Sample Budget Formats (General and NSF Tabs)

14. A budget narrative explains the line items in your budget A budget narrative explains the line items in your budget Budget narratives are not always required, but they are helpful and can explain unusual costs when they occur Budget narratives are not always required, but they are helpful and can explain unusual costs when they occur The narrative should follow the same order as the line items in your budget The narrative should follow the same order as the line items in your budget Do not use the budget narrative to describe your program Do not use the budget narrative to describe your program

15. Sample Budget Narrative Sample Budget Narrative

16. Unallowable Costs Unallowable Costs Budget Restrictions Budget Restrictions Internal Policies Internal Policies

17. Alcohol Alcohol Sports and Entertainment Sports and Entertainment Foreign Airlines Foreign Airlines

18. Lobbying Lobbying Construction Construction

19. Salary Percentage Caps (% of total budget dollars) Salary Percentage Caps (% of total budget dollars) Travel Costs (Must benefit program) Travel Costs (Must benefit program) Equipment ( $ Limitations) Equipment ( $ Limitations) Indirect and Administrative Costs Indirect and Administrative Costs

20. Purchasing Policy (Sorry no link yet) Purchasing Policy (Sorry no link yet) Anything > $10,000 must have 3 bids except for research collaboration Travel Policy Link Travel Policy Link Travel Policy Link Travel Policy Link

21. Nancy and Sandy Nancy and Sandy Lumina Center website Lumina Center website Lumina Center website Lumina Center website Standard Proposal Sections and Documents Standard Proposal Sections and Documents Managing Your Grant Managing Your Grant

22. Allow sufficient time to prepare your proposal and budget Allow sufficient time to prepare your proposal and budget Strictly follow the application guidelines and use the budget format if provided Strictly follow the application guidelines and use the budget format if provided Contact Nancy or Sandy when you are planning to prepare a proposal—we will help you! Contact Nancy or Sandy when you are planning to prepare a proposal—we will help you!

23. Allow ample time to get institutional approval, particularly for any commitment of University resources Allow ample time to get institutional approval, particularly for any commitment of University resources Use internal and external readers Use internal and external readers Proofread, proofread, and proofread! Proofread, proofread, and proofread!

24. March 23, 2006: Seeking Support from Corporations & Foundations March 23, 2006: Seeking Support from Corporations & Foundations April 20, 2006: Outcomes & Evaluations April 20, 2006: Outcomes & Evaluations

25. September 21, 2006: Introduction to Grantseeking on Campus (repeat) September 21, 2006: Introduction to Grantseeking on Campus (repeat) October 19, 2006: Federal Grantseeking October 19, 2006: Federal Grantseeking November 16, 2006: Collecting Data for Grantseeking November 16, 2006: Collecting Data for Grantseeking

26. Questions and Comments