Budget Process Overview
Preparation
The PI should generate a draft budget using the GS Budget Template or another appropriate template.
- The GS Budget Template has embedded calculations to facilitate budget preparation and modifications so PIs are encouraged to use this tool.
- The PI will be responsible for securing cost estimates/quotes, as deemed appropriate by the PI, as part of the initial budget drafting process. Quotes will only be requested for upload if they are required by the sponsor.
- The PI is also responsible for drafting a budget justification that aligns with the budget categories; there is an example Budget Justification (aligned with the GS Budget Template). The primary purpose of the justification is to explain the need for the requested funding with respect to project-specific objectives and to clearly demonstrate how total amounts were determined.
Budgets may include institutional commitments or Subrecipients/Vendors/Consultants. Special considerations must be addressed in both cases prior to budget completion.
- Institutional Commitments. If there are any institutional commitments, then the PI must complete the Institutional Commitment Form with the assistance of the GC. The PI will generate brief explanations/justifications to be included with the form and should undertake preliminary discussions with the units involved prior to initiating the signatory process for the Institutional Commitment Form. The GC will forward the form for signatures. This form must be approved prior to generating a final budget. The signed form (and attachments) will be uploaded to the electronic project file by the GC.
- Subrecipients/Vendors/Consultants. The involvement of subrecipients within a grant generates additional complexity. In brief, funds flowing through the grant to another entity/individual that is working in support of the grant goals must be (1) categorized, (2) supported by appropriate documentation, and (3) vetted. Documentation and vetting can vary depending upon how the entity/individual is categorized. Note: categorization is based on the role, not on the budget line.
Review
The GC will review budgets and budget justifications to verify calculations and suitability, noting that some budget requests may require project-specific justification or be explicitly prohibited by a solicitation or sponsor.
- The GC will work with the PI to track and review suggested budget or budget justification modifications (e.g. shared documents, tracking).
- After the final budget and budget justification are reviewed, the GC will upload the documents to the electronic project file and a confirmation email will be sent to the PI.
Changes
If internal approvals have been completed and budget revisions arise, contact your grant coordinator.
Last updated: 4/27/2021