1. HELP! My application deadline is approaching and I still need to complete the BUDGET!! Faculty Exchange Series – Finance/Budgeting January 15, 2015 UC442 G:/Research Financial Services/RFS Strategic Projects/RFS Service/Budgeting for Faculty

2. Agenda Introduction Creating a Budget – A Researcher’s Perspective Budget Tips and Resources Question and Answer period G:/Research Financial Services/RFS Strategic Projects/RFS Service/Budgeting for Faculty

3. Creating a Budget – A Researcher’s Perspective Refer to Dr. Hale’s spreadsheet G:/Research Financial Services/RFS Strategic Projects/RFS Service/Budgeting for Faculty

4. Budget Tips and Resources The following Budget Tips were put together by the Office of Research and Research Financial Services to assist a researcher when creating a budget Please refer to the following website: http://www.uoguelph.ca/research/guelph- conduct-research/budget-tips G:/Research Financial Services/RFS Strategic Projects/RFS Service/Budgeting for Faculty

5. Budget Tips and Resources Highlights – Read the sponsor’s/funding agency’s guidelines (expense eligibility, matching funds, carry-forward balances, budget variances, etc) – For multiple sponsor budgets, show expenditures by ‘sponsor’ – Provide as much detail as required by sponsor. Unless required, limit the number of budget categories (e.g. travel vs. airfare, accommodation, and meals) G:/Research Financial Services/RFS Strategic Projects/RFS Service/Budgeting for Faculty

6. Budget Tips and Resources Highlights continued – Ensure your budget is complete and accurate. Do not over-inflate your budget. – Types of expenses commonly forgotten: Foreign currency exchange rates Employee benefits in addition to salary costs Salary increments for multi-year projects The cost of a project manager Indirect costs Shipping costs Taxes G:/Research Financial Services/RFS Strategic Projects/RFS Service/Budgeting for Faculty

7. Budget Tips and Resources Highlights continued – Check your math! – Make sure any additional pages (e.g. budget justification) are easily referenced and match with the budget categories G:/Research Financial Services/RFS Strategic Projects/RFS Service/Budgeting for Faculty

8. Budget Tips and Resources Resources – Colleagues, Dept. Chair, College Research Manager and/or your ADR – Budget Tips website (http://www.uoguelph.ca/research/guelph-conduct- research/budget-tips)http://www.uoguelph.ca/research/guelph-conduct- research/budget-tips – Appropriate UofG Departments: Office of Research Research Financial Services Physical Resources Procurement Office Respective Department Administrative staff G:/Research Financial Services/RFS Strategic Projects/RFS Service/Budgeting for Faculty