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How to Write a Grant Budget in 6 Steps Implement Systems of Internal Control to Prove Financial Transparency. Understand Your Funders Requirements. 3 Work with Your Team to Estimate Realistic Costs. 4 Show The Funder Exactly What Their Grant Will Cover. 5 Compare Your Budget to Your Grant Narrative. 6 Check Your Work.
A budget justification is a narrative explanation of the budget basically, you are selling your idea to a sponsor for a price. Reviewers want to know as much detail about the technical project as possible, in addition to what they are paying for. Why does it cost this much for you to accomplish all your objectives?
The Budget Narrative should include descriptions of the work to be performed, rates, and specify whether the consulting contract is confirmed or projected. Indirect costs are overhead expenses incurred as a result of the project but not easily identified with the projects activities.
Your budget narrative should match your budget table and break down your expenses by categories. The categories may vary depending on your project and the funder, but some common ones are personnel, fringe benefits, travel, supplies, equipment, contractual, and indirect costs.
BUDGET NARRATIVE DEFINITION. A budget narrative explains or justifies the estimated costs by line item or category in the budget. Proper. budget narratives should explain how the costs associated with each line item or category relate to the. implementation of the project as outlined in the proposal being submitted.