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Budget Preparation Tips

A project budget is an essential part of a grant proposal. The simplest way to begin preparing one is to list all activities that the proposed project is going to entail and then to ask what is needed to carry out those activities.

Some sample questions:

  • Where will activities take place? Is appropriate space available? Will this involve costs?
  • Will equipment be necessary?
  • For faculty research projects, does the principal investigator need summer or sabbatical salary?
  • Are students involved in the research? Do they need to be paid?
  • Will presenters, consultants, or participants need to be paid?
  • Will anyone be traveling as part of the grant activities?
  • Will supplies (paper, pens, folders, computer disks, etc.) be needed?
  • Will books or other study materials be needed?
  • Are funds needed for publication costs?

A Couple of Hints:

If you are including faculty salaries as part of the grant request, be sure to add 16.5% for fringe benefits for stipends and 32.5% for annual salary. Student wages do not carry fringe benefits.

If a funding agency pays indirect cost (most federal ones do), Roanoke College's rate is 46.3% of salaries and wages of all personnel involved in the grant (faculty and students) and 31% of benefits.

A Course Buyout, in the context of academic grant funding, refers to a financial arrangement where grant funds are allocated to "purchase" a faculty member's released time, compensating them for a specific portion of their salary. The faculty member is then able to divert a corresponding percentage of their effort and work towards the successful execution of the funded project.

Faculty members may include “buy-out” funds in their grant’s proposal. The financial will vary case-to-case, and faculty are encouraged to talk to Heather Johnson (hljohnson@roanoke.edu) at the beginning of the grant writing process to determine specifics.  

Finally, please feel free to contact the Academic Grants office at 540-375-2041 for assistance in constructing budgets or if you have questions about some item or procedure.