Budget guide for public funds

Before the spreadsheet: define what the fund finances

Read the instrument's goal and its eligible expenses first. Many funds do not cover fixed assets, previous debt or general company costs; if you include an ineligible line, the evaluator may reject the whole application, not just that line.

Do not start from the amounts: start from the activities. Make a short list and assign each one what it needs (work hours, materials, outside services, licenses, travel). Also check whether the fund requires your own or valued co-financing.

Line items you cannot leave out

• Human resources: role, function, hours or months, and rate.
• Operating costs: materials, supplies, equipment rental, software licenses, prototyping.
• External services: consulting, labs, design; justified when the team lacks the in-house capacity.
• Outreach and transfer, and travel: only if the fund allows it and the project needs it; check caps and allowed destinations.
• Administration: some funds accept a percentage, usually capped. Check the call.
• Each line with a clear name and a total amount. Avoid "miscellaneous" or "contingencies": evaluators distrust generic items.

How to calculate and justify each amount

• Do not invent round numbers: use quotes, market prices or reference rates, and keep them even if nobody asks for them.
• Human resources: set an hourly or monthly rate by role; consider the employer cost or the market rate, and respect fee caps.
• External services: get at least one real quote and break down what it includes (sessions, deliverables, timeline).
• Materials: unit prices and quantities, so every line can be verified.
• If the project has stages, split the budget by stage or activity.

Mistakes that sink a budget

• Asking for less than you need out of fear of rejection: it makes the project unviable and the evaluator notices.
• Padding line items without justification, or duplicating costs across lines.
• Forgetting taxes or withholdings, so the amount falls short.
• Ignoring the cash-flow gap when the fund reimburses after the expense is incurred.
• Mixing project costs with the company's regular operations.
• Not checking caps per line (fees, travel, administration).

Make budget, form and schedule tell the same story

• Every activity in the schedule must have resources assigned.
• If a milestone needs a large payment, that cost must appear in the matching stage.
• Everyone on the team must appear under human resources with their dedication.
• If you commit to an ambitious indicator, the budget must back the resources to reach it.
• Before submitting, read the project as the evaluator would and look for logical gaps: an unfunded activity, a cost with no activity.

Final review

Spend an afternoon reviewing it with a teammate who did not build it: do they understand what the money will be used for? Are any lines unclear? Does the total match the scope? If the fund accepts questions, use them for doubtful costs and caps.