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Getting the budget right in your grant proposal
A logical and well supported budget will provide the assessor with confidence in your capacity to deliver the project.
Detail all the costs (including a contingency factor) involved in completing your project, such as:
- your contribution to the project
- the grant amount
- any other contributions from any project partners.
The budget should detail both cash (e.g. capital or loans) and in-kind (e.g. volunteer time, borrowed equipment) contributions to the project.
It's helpful to show how the value of in-kind items has been calculated. Donated materials and equipment can be valued at the cost to buy items new or hire the costs. Labour should be valued at the going hourly rate.
Make sure you have provided current information (e.g. quotes that were sourced over a year ago may no longer be valid to support your application).
- Check your requested funding is within the minimum and maximum limits of the grant.
- Read the guidelines thoroughly to make sure your costs are eligible for grant funding.
- Include all costs, factoring in administrative overheads (do not include GST).
- Check that your project dates align with the funding period indicated in your application (e.g. if you are seeking 6 months of funding, indicate that your project will be completed within 6 months), that your project start date is realistic and that you have factored in the time needed to assess your application.
- Provide detailed invoices/quotes from suppliers (include the supplier's business name ABN/ACN and contact details) as evidence of your project costs, how you will achieve your aims and that they:
- are for activities that are eligible costs under the grant guidelines rather than a broad range of activities that may help grow your business
- are issued/dated for the eligible time period
- are legible
- outline all relevant services to be provided including itemised costs
- specify personnel providing services, their number of hours and hourly rate.
- Explain how the requested funding amount was calculated as this is especially useful if the requested amount differs to the amounts included in the invoices/quotes supplied.
- Detail what you are purchasing if you plan to submit a catalogue of services from a supplier.
- Explain how multiple service provider quotes for your project all piece together to achieve the project outcomes.
- Check that your organisation has the financial capacity to carry any costs before funding is able to be paid to you.
- Review your budget to make sure it's accurate and adds up.
- Be ready to provide evidence about what approved items you have spent the grant money on, as part of the acquittal process.