It seems as if most project outcomes are often decided by finances. So, it is well worth your while to check out the budget section of the Request for Proposal. It is widely believed that the key element in a project proposal is the project budget. If you are able to secure the grant, it is a tool that will be used by your project manager to ensure that your project is on the right track. The project budget will also be used by evaluators to determine the success or failure of your project.
In the Request for Proposal, potential applicants will find out exactly what they should include in their budgets. For the most part, proposal budgets are geared toward those items for which pricing is key to the proposal.
For example, if you were looking to develop a homeless facility, one of the key cost areas would be the cost of the renovation of the potential facility site. If you were developing an education program for certification, you may want to include some of the following items:
- Project Instructor Costs
- Cost of Renovation of the teaching area
- Cost of books and other instructional material
- Cost of items needed for the course
- Cost of equipment needed for the course, such as video projector, computers, etc.
Please be careful to read the RFP carefully in regard to this area. The funder may request that you list or describe the budget items in a particular way. The RFP may request that you price your items in a particular manner, such as unit pricing. The RFP may request that you include or exclude specific items in your budget section of your proposal.
You will need to review the project scope in order to ensure you are including all items in the budget that are necessary to complete the task. Cost should be identified as one-time costs or non-recurring costs or recurring costs.
The budget section of the proposal often eliminates many contenders for the prize – make sure that yours isn’t one of them!