Do you have a budget template or sample budgets I can use in developing our budget?
Yes, but please remember that a full budget is not required at the letter of inquiry stage. Applicants who are contacted by Fund staff regarding the development of their letter of inquiry into a full proposal will find budget guidelines and templates available on the Applicant and Grantee Resources page.
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Do I need to develop a line item budget?
Yes, the Fund requires a line item budget, with justification, for all projects that are recommended for funding. Remember, the Fund does not require a detailed budget at the letter of inquiry stage.
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Is there a limit on the indirect rate?
The Commonwealth Fund allows overhead to be charged at a rate not to exceed 10 percent of total direct costs. We consider direct costs to be those costs directly related to carrying out the project for which the Fund is providing support (i.e., project staff salaries and fringe benefits, travel, consultants, meeting expenses, office expenses). Subcontracts with an institution and direct educational support (including fellowships, scholarships, tuition, and stipends) are excluded from the indirect cost calculation. The 10 percent allowance is intended to include space rental, furniture, equipment, heat, electricity, accounting services, library services, and the like. If any of these charges is to be listed separately, then the sum of that charge and indirect charge cannot exceed the 10 percent allowance.
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Do I need to show other project support?
If the Fund is providing only a portion of the funding for the project, the budget should have separate columns both for the entire budget and for the Fund's grant. The source, project period, and amount of other funding should be specified. Letters of commitment from the other funders should also be attached.
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Do I need to show in-kind support?
Yes, in-kind support, or support provided by the applicant institution itself, also should be detailed in the budget. The Fund encourages cofunding, which includes in-kind contributions.
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