Creating and managing a budget is a critical part of every sponsored project at UMB. A well-planned budget ensures that all costs are accounted for, aligns with sponsor requirements, and supports the successful completion of the project.
This section provides guidance on developing, reviewing, and managing budgets for grants, contracts, and other sponsored awards. You’ll also find resources for tracking expenses, understanding allowable costs, and applying UMB’s policies consistently.
What Happens During This Stage
During the Budget and Expenses stage, researchers may:
- Develop project budgets aligned with sponsor and institutional requirements
- Identify allowable and unallowable costs
- Estimate personnel effort, equipment, and other direct expenses
- Work with administrators to ensure accurate costing and compliance
Key Considerations
- Direct Costs: Expenses that can be directly attributed to a specific project, such as salaries, supplies, and participant payments.
- Facilities & Administrative (F&A) Costs: Sometimes called overhead or indirect costs, F&A costs support research, instruction, and other activities that cannot be attributed to a single project. Examples include building use, equipment depreciation, and administrative support.
- Budget Justification: Most proposals require a narrative explaining how the proposed costs support project goals and meet sponsor requirements.
- Compliance: All budgets must comply with sponsor regulations, federal guidance, and UMB policies.