How to Develop a Great Budget for Your Grant Proposal (Part 1)

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How to Develop a Great Budget for Your Grant Proposal (Part 1)

GrantWritingOnlineCourse.com - One of the greatest ways to ensure that your proposal is granted is to include a solid budget. It is important that the budget puts a dollar figure on each expenditure you need to make to carry out all that your proposal has defined. Conversely, many a proposal has failed because its budget does not correspond with the proposal narrative.

Some of the pitfalls. All too often a budget is prepared either before or after project development.

If prepared before the proposal narrative, you run the risk of limiting what you need to do to sufficiently address the need you've stated.

On the other hand, if you conceive a project without any thought of what it might cost, you may find yourself biting off more than you can really chew.

The best case scenario: Ideally, a budget should develop along with the project.

This practice helps the project creators focus primarily on developing a realistic project; a corresponding budget naturally follows.

There may be some tweaking needed along the way, depending on what money is available or how much you can realistically expect to carry out. You will need to make sure that if you change what you propose, you also change the budget.

At the same time, you may find that as you develop the budget, you realize there are other things you had not yet factored in to your plan.

Without exception, the budget must ultimately realistically reflect what is proposed in the text of the proposal.

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