Developing a Budget
The budget should list all cost details for the year or other appropriate period of time. It should include salaries, wages, fringe benefits, operating services, supplies, equipment, publications, travel, other direct expenses, and any facility and administrative costs. A brief outline for developing a budget is included in Michigan Tech's policies and procedures manual.
Downloading a budget worksheet (Excel) to help you start this process.
Here are the considerations in developing your budget:
- Direct Costs—These are costs that can be specifically linked to your project.
- Fringe Benefits—Compensations made to an employee beyond the regular benefit of being paid for their work. At Michigan Tech, it is charged to a sponsored account using an approved pooled rate.
- Indirect Costs—Costs that cannot be attributed to a specific project.
- Cost Sharing and Matching—Funds provided by the University or a source other than the main sponsor.
- Allowable and Unallowable Costs—Funds provided by the University or a source other than the main sponsor.
- Subawards—When funds are being paid to an organization outside of Michigan Tech (university or other non-profit entity) to conduct a portion of the sponsored project activity.