Because the University is subject to federal cost accounting standards, as well as to university and sponsor guidelines, all budgets must be prepared in collaboration with and approved by Office of Sponsored Projects before being submitted to sponsors.
- Read the RFP (Request for Proposal) for the budget criteria. Often included are limits on the types of expenses, spending caps on certain expenses, and overall funding limits.
- Identify all of the costs that are necessary and reasonable to complete the work described in your proposal.
- The best strategy is to request a reasonable amount of money to do the work, not more and not less.
Additional Budgeting Resources
Current Fringe Rates
|Social Security||6.20% of the first $160,200 earned (effective January 2023)|
|Medicare||1.45% (no limit)|
|State Retirement||17.40% of the first $305,000 (effective July 1, 2023)|
|State Health Insurance||13.77% ($459 premium per month) (effective January 2024)|
|Term Life Insurance||0.24% ($.10 times 80 units = $8.00 divided by $3,333.33)(Covers twice annual salary up to $100,000)|
|Flex Spending Fee||0.04% ($1.40 per month/$3,333.33 per month-based on $40,000/yr)|
|Unemployment Insurance||0.06% (rate 0.3538% of the first $7,000 earned)|
|Workers Compensation||0.62% of salary per month|
|Terminal Leave Rate||1.24% of salary per month|
|Student Rate||0.62% which includes the following categories:
- Workers Compensation (0.62% of salary per month)
25.73% which includes the following categories:
|Other Intermittent Worker Rate||
Rate 8.33%, which includes the following categories:
|9-Month Summer Rate||
25.67%, which includes the following categories: