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Prepare a Budget for Your Grant Proposal

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Prepare a Budget, Be Realistic

Most sources of governmental funding require a large amount of detail and budget forms are usually provided along with instructions.

Present the budget separately from the rest of the application. Use tables to convey the information concisely, yet completely. A short narrative may be helpful to explain unusual line items in the budget. Make sure the figures are correct and the budget accurately reflects your needs. Don't forget support staff, copying charges, postage, memberships, telephone charges, meeting costs, and all the "hidden" expenses.  

Then think, what part of this budget is appropriate to request from the funder, the "Request Budget." Grants most often do not pay for staff time, conferences, travel, or general operating expenses, unless they are part of a larger, more interesting project.

No grant maker will fund 100% of a project.  They want to see your investment.  Put together an itemized list for the request budget. Use this request budget to fill out the grant maker's summary forms.  Remember their forms are just summaries of line items, not the budget itself - the budget itself consists of those line items you used to complete the summary. The budget should show how funds will be spent and by whom. Do not round your numbers, particularly to the thousands. Be very specific. It is not logical that every dollar is exact.

Keep a record of how you arrived at your costs. Continue to maintain these records as you develop your grant proposal. They can provide useful information in your negotiations with the funder. The records are also a valuable tool for monitoring the project once it is underway and for reporting on the project after the grant is complete.

Double Check Your Math

Math mistakes in particular take time to iron out. Calculations should be double-checked before sending out the grant proposal. If you do not have a strong financial background, find someone who does and have them review your work.

Be Realistic

Not only do the numbers need to be correct, they must also be realistic. If you submit a grant proposal with a three-year budget that calls for $65,000 in the first year, $200,000 in the second, and $450,000 in the third year, it will be a red flag. The foundation will take a much closer look at how you have outlined your planned programs, and how you intend to meet such grandiose revenue goals. It is important to have an evaluation plan. 

Have a reasonable, detailed budget.  Do your homework on costs prior to submitting your application and be sure to explain your budget even if there are no requirements to do so. Grantors want to know that the projects they fund are successful--that your project is meeting its goals. If possible, cite research that supports the program for which you are requesting funding.

And remember, if you win an award, your project and the grant proposal you wrote are a contract.

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