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A project budget is the estimated financial plan for a specific project, for which funding is required. A budget document or proposal should include the expenses anticipated for a specific period of time, as well as any earned income or financial input generated during the course of the project. The budget is a core component of any proposal, and a well-written budget will enhance a funders understanding of the implementation of a project.

Costing is an essential component of an effective project proposal. Aspects that need to be considered include:

• Staff and personnel costs, including research staff and administrative support
• Consumables, including stationery, postage, photocopying, telephone costs, room hire, website development, and equipment
• Travel and subsistence

In respect of personnel and directly-incurred costs, figures should be given for salaries and any related benefits if appropriate. Full-time employees assigned to work on a specific project should be included in the budget with an appropriate percentage of time indicated. Many funders often include specific policies on providing overhead funding in their guidelines. Some bodies do not allow for any overheads to be included in an application, while others allow overheads to be included as a specific percentage of total costs.

If any additional funding or grant support has already been committed from an alternative source it may be necessary to include this in the budget statement.

In costing a project for the first-time individual departments and central support services in your institution will be able to provide advice. There is a requirement for universities to cover full economic costing, that is the true cost to the University for undertaking the research.