Managing Your Money/ Budget Planning

Summary covering Chapter 7 of Get That Grant Book  by Weisblat

Make your budget correctly, because throwing one together on a whim can destroy your chances of receiving funding. Copying and pasting a financial plan from the finance department is also not going the cut it. When creating or explaining your budget, stay away from the if-then statements.

For example: If the students sell candy every Saturday, then we will have sufficient funding to send everyone on the trip.

When structuring the budget plan, begin by forming a list of everything needed to run the desired program. This list will be reiterated and broken down about three times.

• The first iteration will include a detailed list of costs such as staff, paper, printer/ ink, rent/leasing fees, computers, heat and air conditioning costs, water, transportation, etc.
• The second iteration will group multiple items from the first list together. An example of this might be to group together supplies like paper, pencils, paint, and assignment printing costs.
• The third iteration will consist of a list of items you already have versus item you still need to purchase. By addressing the items that you or your partners already have, it demonstrates personal contribution. Examples of items you or your partners already have could be a facility, water, heat, air conditioner, paper and other supplies or resources you have.

The budget section of the proposal needs to have a summary with the total funding you are seeking. It also requires a breakdown of the staff expenses/wages, along with any other expenses. In this section, compare what is needed from the funding agency versus what is or can be donated. This section should conclude with a justification for each expense explaining in detail why it is necessary to your program. Below is an example of an excellent budget plan from the Get That Grant book.

After creating your program’s budget, keep in mind the longevity of the program. If this is an ongoing program, how will you continue to support its needs financially? How long will the funding from the financial agency last? Brainstorm with your partners on promising a creative way for funding the program over time. It is a negative sign to the financial agency that is awarding said funds if you give hypothetical examples of steps you will take to continue funding. If you want your grant approved, design a solid and well thought out budget plan.

Download the Book here: