**** OSRP staff will be attending the Virtual NCURA Conference August 11-14 and will have very limited ability to provide immediate assistance. Please plan accordingly and contact us in advance if you have a proposal due during this time. ****
UNCP has taken steps to slow the spread of COVID-19. Nevertheless, the Office of Sponsored Research and Programs is available to faculty and staff for all the research development, proposal submission, and award management services that we routinely provide; please reach out to us through email firstname.lastname@example.org or by phone.
Effective June 1, 2020, OSRP will be open by appointment. To schedule an appointment, please contact the office by phone 910.775.4249 or email email@example.com.
What is a budget and why budgets are so important?
A budget is a project “blueprint” and it helps your sponsor determine if the proposed project.
- It justifies your request and shows how you calculated costs.
- It provides a financial "blueprint" for your project if you are funded.
- It shows that you—and the university—will manage the sponsor's funds, which are usually public money, responsibly.
Three key words to keep in mind when preparing your budget: Allowable, Allocable & Reasonable
What does allowable, allocable, and reasonable mean?
- “Allowable Costs” refers to items of cost can be funded with federal grant dollars as long as the cost fits within a framework of responsible stewardship of public funds. To be an allowable cost, the cost must not be expressly prohibited by the sponsored program regulations, the sponsored agreement, the university's own policies, or the Federal Cost Principles (found in the Uniform Guidance). Costs must be treated consistently by applying the generally accepted accounting principles appropriate to the circumstances (such as the Federal Cost Principles).
- Allocable: Costs are incurred solely to support or advance the work of a specific sponsored research award (and only during the sponsor-approved project period).
- Reasonable: Costs must be able to withstand public scrutiny, i.e., objective individuals not affiliated with the institution would agree that a cost is reasonable and appropriate.