Budget Development for Research Proposals

Do you support budgeting for research funding proposals? Do you wonder how these budgets are developed? This workshop, presented by staff from the Division of the Vice-President, Research & Innovation (VPRI) and the Office of the Vice-Principal, Research & Innovation, UTSC, explored general principles, common research-related expenses, challenges, and tips for building effective budgets in research funding proposals. Topics included: 

• equipment purchasing; 
• cash-vs-in-kind contributions; and
• alignment with both Tri-Agency guidelines and University of Toronto financial policy.

Learning Outcomes

1. Support staff and faculty in developing budgets for funding proposals with more accuracy and confidence.
2. Identify the most common research-related expenses and how to project their costs
3. Draft a budget that aligns with a research proposal’s goals

Key Takeaways

1. Two strategies for budget justification in a research funding proposal are:
   1. Build your justification in line with the chronological order of project milestones
   2. List your expenses in the same order as they’re listed in the sponsor’s budget/reporting template
       
2. Develop your budget early in the application process. This allows time for revisions as the research proposal evolves and to incorporate input from partners/collaborators.
    
3. To develop an effective research budget, you need to understand:
   1. The requirements of your target program/funding opportunity (e.g. expense eligibility, indirect cost policy). For instance, TAGFA and specific program requirements govern all Tri-agency grants;
   2. University of Toronto policies, procedures, and standard rates (e.g. procurement, staff benefit rates, collective agreements, travel policy); and
   3. Your Faculty/Department’s relevant requirements, costing methodologies, financial thresholds, and research supports