Budget Advice:, Study notes of Banking and Finance

Your budget must demonstrate that you have worked through the costs of your research program. If the committee feels that the budget is unwarranted or ...

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2022/2023

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Budget Advice:
1. There must be a clear link between what you ask for in your budget and the tasks you
have identified in the proposal the two must be complementary.
2. Your budget must demonstrate that you have worked through the costs of your
research program. If the committee feels that the budget is unwarranted or unjustified,
that then may lead them to think that the research program itself has not been
adequately thought through. Make certain that whatever you request is not only
carefully explained in the budget justification but is also accounted for in the detailed
proposal.
3. It is very important to justify every item in your budget.
4. The amounts in the budget justification must be the same as the amounts in the budget.
This seems logical but we often see differing amounts in the two sections.
5. Some budget requests are out-of-line with others submitted to the program. The range
of average budgets can vary widely and therefore it is useful to do some research and
find out what the typical budget is for the agency (and committee) to which you will be
applying. This is not to say that the reviewers will not fund any more than the median,
but it at least gives you some sense of their comfort zone, and when more
explanation/justification is called for.
6. The budget request should be realistic for the project and reflect the goals of the
project. It must also be consistent with the requirements of the particular program. It
should request sufficient resources needed to carry out the project, but it should not be
excessively high. Avoid padding at all costs reviewers are willing to recommend an
appropriate amount but can easily become annoyed if they suspect the budget is
inflated.
7. The budget should be sufficient to perform the tasks described in the proposal. Don’t
economize too much not asking for adequate funding is also grounds to reject an
application.
8. Avoid global estimates whenever possible as these can imply that you are pulling figures
from the air.
9. Make sure that requests for hardware (computer, printers, cameras, etc.) are justified
by the tasks that they need to perform. The reviewers will entertain requests for
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Budget Advice:

  1. There must be a clear link between what you ask for in your budget and the tasks you have identified in the proposal – the two must be complementary.
  2. Your budget must demonstrate that you have worked through the costs of your research program. If the committee feels that the budget is unwarranted or unjustified, that then may lead them to think that the research program itself has not been adequately thought through. Make certain that whatever you request is not only carefully explained in the budget justification but is also accounted for in the detailed proposal.
  3. It is very important to justify every item in your budget.
  4. The amounts in the budget justification must be the same as the amounts in the budget. This seems logical but we often see differing amounts in the two sections.
  5. Some budget requests are out-of-line with others submitted to the program. The range of average budgets can vary widely and therefore it is useful to do some research and find out what the typical budget is for the agency (and committee) to which you will be applying. This is not to say that the reviewers will not fund any more than the median, but it at least gives you some sense of their comfort zone, and when more explanation/justification is called for.
  6. The budget request should be realistic for the project and reflect the goals of the project. It must also be consistent with the requirements of the particular program. It should request sufficient resources needed to carry out the project, but it should not be excessively high. Avoid padding at all costs – reviewers are willing to recommend an appropriate amount but can easily become annoyed if they suspect the budget is inflated.
  7. The budget should be sufficient to perform the tasks described in the proposal. Don’t economize too much – not asking for adequate funding is also grounds to reject an application.
  8. Avoid global estimates whenever possible as these can imply that you are pulling figures from the air.
  9. Make sure that requests for hardware (computer, printers, cameras, etc.) are justified by the tasks that they need to perform. The reviewers will entertain requests for

computers and related equipment and software; however, the request must be necessary for the conduct of the research activity described in the application.

  1. Try to combine research trips wherever possible.
  2. If you are asking for funds for conference travel , try and give the committee some idea of the conferences at which you intend to present. It is important that the committee concludes that these conferences are not only appropriate in terms of your program of research, but that they will also provide an opportunity for maximum impact.
  3. If the training of graduate students is an important and integral part of your proposal, consider including students in your requests for conference travel, particularly if they will be presenting papers.
  4. For those committees which do not rate conference presentations as highly as others, limit your requests to perhaps one a year.
  5. Institutional and other leveraged commitments toward the budget is one way to demonstrate institutional support of the project. Institutional and other contributions in terms of matching funds or released time are usually looked upon by reviewers as a positive sign of institutional commitment.
  6. The budget should correspond to the agency's guidelines with respect to content and detail.
  7. Budget information should be complete and unambiguous. Carefully review your budget to ensure that ineligible items do not appear in the budget and that adequate attention has been given to cost sharing. Consult the Program Announcement for eligible and ineligible items. Most reviewers and all Program Directors/Officers look carefully at the proposed budgets to find evidence of careful reflection and realistic project planning.
  8. A clear, realistic budget request can strengthen a proposal.
  9. Remember that committee members can call on their own personal experience to know what is appropriate and what is not.