Constructing a budget requires time and attention to detail
Constructing a budget requires time and attention to detail. This section of the grant proposal should include the narrative or justification and the financial details associated with funding the project. While the tabulated costs address the financial requirements associated with the budget, the narrative or justification should explain anything that is not apparent in the itemized budget. Be careful not to get redundant with the budget narrative. It is best to review examples to understand the required balance. Finally, as you consider developing your budget, make sure that you have fully examined the requirements of the RFP. Determine the timeline of the grant as well as your activity timeline and management plan to ensure you have covered all the nuances of project work that has associated costs. Ask yourself: Does this budget reflect all activities? Are all the project costs as well as the in-kind donations and volunteer resources documented? Is this budget realistic?
For this Assignment:
· Review the Final Project Guidelines provided in this module’s Learning Resources.
· Carefully review the University of Wisconsin-Extension resource as well as other Learning Resources focused on project budgets. You also may find additional online information from reputable grant-related organizations.
· With consideration to feedback in Discussion 1 that you received from colleagues and your Instructor, and to your continued evaluation of the literature and funder guidelines, finalize your project Budget, Budget Narrative, and Sustainability Plan.
For your Assignment:
Part I: Budget Template
· Use the budget template provided in the Learning Resources.
o Fill in the budget template for your project.
Note: Rationale for costs will be provided in the budget narrative.
Note 2: Budget line items should consider the non-personnel and personnel resources listed in the methodology section.
Part II: Budget Narrative and Sustainability Plan
· The Budget Narrative expands on the line items of the budget, providing a reviewer detail and justification for how you arrived at the projected dollar amounts. For example: If hiring a consultant for $2,000 is a line item, the narrative might explain that this is based on 40 hours @ $50/hour.
· The Sustainability Plan explains how your agency plans to continue operating this program once the funding has run out.
· It also indicates where future funding and other resources might be obtained.
Note: All relevant cost issues from the budget are addressed in the sustainability plan.