Budgeting

Naturally, translational research requires funding. This reality is not exclusive to IR translational research, but rather nearly all facets of research and in all fields of medicine. Most research projects receive funding in the form of grants, a defined sum of money allocated for an exact purpose and particular length of time, although some can be supported by contracts to perform specific tasks. Magnitude and allotted duration of grant funds vary based on the awarding body and grant category; however, the acquisition of grant funding is dependent on a scientifically strong grant application supported by a justified budget. The awarding body must be assured that the award recipient will use the funds properly. Thus, it is important to construct a budget that clearly demonstrates the intended utilization of funds by enumerating the categories/types of expenditures involved. Once awarded, the recipient, or principle investigator (PI), is responsible for ensuring that funds are expended in a timely and appropriate manner. 1 This chapter discusses the intricacies behind constructing a grant budget and some general policies regarding proposals and management.