(based on Synergy Academy materials as of 19.06.2019)
There are different kinds of grant applications in terms of form and content. However, one part always remains the same. It is grant application budget.
Thereby, Dina Volynets conducted a separate lecture on the topic of budget within Synergy Academy. Thus, let us remember life hacks!
Budgeting is one of the most important and complicated process within grant application. Thus, you should think a lot before starting your budget planning:
- Will the budget structure meet the objectives and content of the technical part of your project?
- What is the best possible way to allocate costs over time?
- Who is in your team? Will your staff have the competencies to implement the project or should you attract additional staff?
- What do you need? For example, do you have any equipment? Is it better to buy it or to rent?
- Read the terms of the grant contest carefully!
Tip: You should always pay attention to the fine print and the references! Some comments on eligible budget cost are likely to be there.
Grant application budget. Are there any standards?
No, because each call has its own specificity. However, each budget contains:
- Labor costs
- Direct expenditure
- Indirect expenditure
- Unexpected expenses, which are likely to be a part of large projects.
Tip: primarily, you should plan the labor costs. You should always remember that your team is the core part of your project.
Direct costs. Pay attention to the limitations! This is “the financial essence” of your project. As a rule, it is not less than 70% of the total budget.
Indirect costs. Do not forget about them, because this is support for your project.
Remember, your budget must be sustainable!
It is time to maintain your balance…