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Budget Development

Budget Developmentbudget planning image

Carthage policy requires all project budgets, along with other proposal details to be reviewed and approved by the Office of Sponsored Programs (OSP) prior to submission to the sponsor. 

Below are the information and resources you need to develop budgets that are complete and compliant with federal regulations and Carthage policies.

Overview

The proposal’s budget section has two components: budget and budget justification. The budget presents each line item and the justification explains why each item is necessary for the project; the justification explains why each item is necessary for the project.

As you prepare your project’s budget, thoroughly review the solicitation as well as the sponsor’s grant preparation guide. It is important to be cognizant of any sponsor restrictions regarding specific budgetary requirements, such as cost-share, and allowances or dis-allowances. Budget preparation is an important part of the proposal development process. Ideally, the budget should be considered as you are developing the project itself – not something hastily put together. This is important for two reasons:

  • Developing your budget alongside your narrative assures that the budget items are specifically related to activities described in the proposal.
  • Reviewers often examine the budget in the context of the program narrative, evaluate whether sufficient and appropriate personnel to perform the work have been included, and match the overall budget to the work proposed.

Definition of “Budget”

A detailed statement outlining estimated project costs to support the sponsored project. A budget should include all the Direct Costs and Facilities and Administrative (F&A) (or overhead) costs required to carry out the project objectives. Proposal budgets should match the level of detail submitted to the sponsor. Specific requirements, including cost principles as defined by the federal government in the Office of Management & Budget (OMB) Circular A-21and OMB’s Uniform Guidance, must be adhered to at Step 4: Submitting a Proposal and when the funds are expended. Proposals to non-federal sponsors requesting approval of direct costs which are unallowable for federal reimbursement should clearly include and justify those costs in the budget.

  • Direct Costs – Expenses that are specifically associated with a particular sponsored project or activity and/or can be directly assigned to that project or activity with a high degree of accuracy.
  • Indirect Costs – Institute expenses that cannot be specifically identified with a particular project or activity.

Budget Categories 

The budget should list all cost details for the year or other appropriate period of time. It should include any applicable salaries & wages, fringe benefits, services, supplies, equipment, publications, travel, other direct expenses, and any facility and administrative costs. Click here to learn more about cost considerations for budget categories.

  • Quick Facts

    • Carthage is named a Best Midwestern College by The Princeton Review (2017), a designation given to only 25 percent of four-year schools.

    • Scheduled to open in fall 2018, a new residential tower will offer suite-style housing and two floors of shared campus spaces for gaming, cooking, group meetings, or quiet studying. Learn more about The Tower

    • You’re going to need brain fuel. Grab a morning coffee and a snack and Starbucks or Einstein Bros. Bagels. Later, meet friends at “The Caf,” where the specials change daily but the staples are constant, or swing through “The Stu” for wins, a burrito, or a sub. A new option, Carthage Cash, even covers some off-campus meals.

    • 96% of Carthage alumni report that they have secured a job or are continuing their studies six months after graduation. Visit Career Services.

    • 91% of employers say critical thinking, communication, and problem-solving skills matter more than your major when it comes to career success. Learn more about how the liberal arts prepare you for a successful career.

    • Lots of schools wear the four-year label. Carthage stands behind it. 95% of Carthage graduates earn their degrees in four years. Learn more

    • Oscars. Emmys. Tonys. Golden Globes. The playwrights we’ve brought in have them. Each year, the Carthage Theatre Department commissions an original script by a renowned playwright for its New Play Initiative. Carthage students then work with the writer to stage it. 

    • As a freshman in the highly selective Honors Program, learn how to gain expertise in anything from music to forest ecology. After that, tackle a contemporary social, economic, or political problem. If you like, you can live on an Honors-only floor of a Carthage residence hall. 

    • In 2016 and 2017, Carthage was named a top producer of Fulbright Scholars by the U.S. Department of State’s Bureau of Educational and Cultural Affairs.

    • Things look new at Carthage because they are. Our athletic and recreation center, student union, computer labs, audiovisual production suite, and numerous residence halls have all been constructed or newly renovated in the last 10 years. Our new science center caps it off.

    • Carthage offers majors, minors and concentrations in more than 50 areas of study, from archaeology to athletic training, neuroscience to music theatre.

    • Our Summer Undergraduate Research Experience offers select students a research budget, one-on-one mentoring with a professor, and 10 weeks of analyzing, deciphering — and getting paid.

    • So the lake is kind of a focal point, but there’s a lot more to love about our campus — like the fact that our 80-acre campus is also an arboretum and wildlife sanctuary. Focused on keeping campus lush forever, we plant between 50 and 75 new trees every year from a variety of species.

    • Carthage was founded in 1847. That’s more than 170 years of leaders, makers, and go-getters going out and going forth. Read more about Carthage’s rich history.

    • More than 90 percent of our students receive financial aid, a hefty chunk of which is scholarships and grants — including $1.25 million annually from the Presidential Scholarship Competition and numerous Merit Scholarships. Learn what’s available.

    • Abraham Lincoln was an early Trustee of the College, and U.S. Secretary of State John Hay was a Carthage alum. The two still have a proud place on our campus. Spend some time with them in our Sesquicentennial Plaza. On warm days you’ll find professors leading their classes here.

    • Come to Carthage; hear yourself think — think … think …
      Legend has it that Sesquicentennial Plaza holds a perfect echo. Just stand with both your feet on the “1847,” face Straz, and start talking. “You’re the only one who can hear you, but you’ll be crystal clear,” promises English and theatre alumna Mikaley Osley.

    • Our Great Lake provides Carthage students with some amazing views. Think classes on the beach, lake views from the lab, and sunrises from your dorm room. “I love waking up in the morning with the sun shining off the lake. Nothing compares to the view in the morning,” says biology and neuroscience major Ann O’Leary.

    • Carthage awards up to 30 Presidential Scholarships each year, which range from 75% tuition up to full tuition, room, and board. Learn more.

    • For a full decade, NASA has selected Carthage students to conduct research aboard its zero-gravity aircraft. Lately, the stakes have risen. A team of underclassmen is grinding to prepare a tiny but powerful Earth-imaging satellite for launch to the International Space Station. Learn more about the space sciences at Carthage

    • Carthage is the only college or university in the Midwest where every freshman takes a full-year sequence of foundational texts of the Western intellectual tradition. Learn about the Carthage core.

    • With a student-faculty ratio of 12:1, your professors will know who you are. They will also know who you want to be — and how to get you there. Meet our faculty.

    • There are more than 120 student organizations on campus, from Amnesty International to Chemistry Club, to Frisbee and Latin Belly Dancing. See how easy it is to get involved.

    • True story: There are more than 27 art galleries, a dozen museums, and nine theatres within 25 miles of Carthage. Some highlights: The nationally recognized Racine Art Museum, the world-renowned Art Institute of Chicago, and the Milwaukee Art Museum. Learn more about our location.

    • What’s better than one professor? Two professors. What’s better than two professors? Two professors from totally different fields teaching a single class. There’s debate. Discussion. Differing perspectives. This is where the magic happens. That’s why every student takes a Carthage Symposium.

    • Imagine presenting your original research at an international conference — as an undergraduate. Carthage is dedicated to undergraduate research. Learn more about current opportunities.

    • You can’t hide here — not with only 17 other students in the classroom with you. That’s going to be rough some mornings. But later, when you’re able to argue your point of view thoughtfully, express your opinions succinctly, and meet challenges head-on, without fear … Yep, you’ll thank us.

    • Carthage is ranked No. 11 in the country for student participation in short-term study abroad. Every J-Term, hundreds of students travel all over the world on faculty-led study tours. Imagine a month in Sweden, Rome, Cuba, Senegal, India, Japan …

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