Ready to Write a Proposal?

Creating a Budget

How to Create a Budget

A well-planned budget is a critical component of any grant proposal and can greatly increase your chances of securing funding. Here’s how to create one:

1. Review the grant guidelines: Thoroughly review the grant guidelines to determine what expenses are eligible for funding.
2. Create the Budget: The TAMU Budget template has built-in formulas to assist you in calculating your budget with categories for all potential expenses that you anticipate incurring during the grant period, such as personnel costs, travel, supplies, and equipment. It also accounts for fringe rates, indirect cost rates, and tuition reimbursement. We strongly recommend using this template to efficiently create an accurate budget.
3. Estimate Expenses: Estimate the cost of each expense category based on the information you have available. For personnel costs, include the salaries (the template will calculate fringe). For travel, estimate the cost of transportation, lodging, and meals. For supplies and equipment, research the costs of the items you will need.
4. Calculate Indirect Costs: If the grant guidelines allow for indirect costs, input the approved indirect cost rate. Indirect costs are expenses that are not directly tied to the project but are necessary to support it, such as rent, utilities, and administrative costs. If the grant guidelines do not specify indirect costs, then reference Tarleton’s Federally Negotiate Indirect Cost Rate Agreement (NICRA) (Connor, link the document to this). for the current rate.
5. Create a Budget Justification: The budget justification is a narrative that briefly explains why each expense is necessary for the project. Be sure to tie each expense to the goals and objectives of the project.
6. Send to Pre-Award for Review: Once your budget and justifications are ready, send them to the pre-award team for review. They will check your calculations and ensure that everything matches between the budget and justification.

By following these steps, you can create a budget that is well-organized, accurate, and justifiable. Good luck with your grant proposal!

Commonly Needed Institutional Information:

• Stephenville Institution Address: 1333. W. Washington Street, Stephenville, TX 76402-0001
• Fort Worth Institution Address: 10850 Texan Rider Drive, Fort Worth, Texas 76036
• Campus Locations: Stephenville, Fort Worth, Waco, Online
• TSU Established Date: September 4, 1899; joined Texas A&M System in 1917
• DUNS: 073161697
• Unique ID / Sams ID: CARNQUWDBRPY
• Cage No.: 1H5N2
• Congressional District: TX-025