How to Budget Your Grant

In this blog post, I provide grant budgeting tips for your project (I also included a sample Excel file below). I hope this is helpful, and let me know if you have any questions:

1. Understand the Grant Requirements

Thoroughly read the terms and conditions to ensure you know exactly how the funds can be spent and what documentation is required for reporting. Often, there are restrictions on items like overhead costs, administrative fees, or personal expenses. Identify the grant’s specific goals to prioritize your spending and align it with the objectives of your project. Also, determine if you need to pay taxes on the funding

2. Create a Detailed, Realistic Budget

Break down your costs into categories such as materials, supplies, transportation, marketing, permits, or stipends for volunteers or collaborators. As a student, you may not have prior experience, so research to get realistic cost estimates for venues, printing, or travel. Include contingencies by setting aside a small percentage of your budget (5-10%) for unforeseen costs.

3. Prioritize Your Spending

Allocate funds to the most critical areas first, ensuring essential parts of your project are fully funded (e.g., supplies, venue rentals, promotional materials). Be mindful of non-essential expenses and cut costs where possible, such as using social media instead of flyers for promotions.

4. Track Your Spending in Real-Time

Use simple tools like Google Sheets, Excel, or budgeting apps to track expenditures in real time. Keep every receipt and document each purchase immediately. Regularly review your spending at least once a week to stay on track and adjust as necessary. Be sure to create a system for keeping receipts and invoices using a digital folder or scanning app like QuickBooks for Nonprofits, Expensify, or Receipt Bank to keep all documentation easily accessible. You can also seek additional oversight from trusted mentors and delegate financial tasks to team members skilled with numbers.

5. Leverage Resources

Collaborate with faculty or departments and tap into partnerships, free resources, or crowdfunds from alumni, friends, and other grants to increase your impact or reduce expenses. Seek discounts or donations from local businesses, and involve alumni who might be willing to support your project with resources or mentorship.

6. Track Volunteer Time as In-Kind Contributions

If you’re working with volunteers or receiving donated goods, track these contributions as part of your budget. Document all in-kind contributions for reporting purposes and recognize volunteers with certificates or letters for their contributions.

7. Communicate with Funders

Be transparent about any changes in the budget by communicating early with your funder. Provide regular progress updates to build trust and potentially secure future support. Prepare for final expenses, such as thank-you notes and wrap-up events, ensuring your budget covers these closure costs. Always keep the broader goal of serving the community in mind as you manage your grant.

See a sample Excel sheet here:

Sample Excel Sheet Columns for Grant Expense Tracking_.xlsx

Download XLSX • 20KB