|Navigating the Cost-Sharing Process|
|Tuesday, 25 April 2006 07:11|
In theory, a project budget is a pretty straightforward exercise; one asks for money and then spends it. Would that it were so easy! As evidence of commitment or capability, a sponsor will occasionally require a university to provide its own funds to a project. This is known as cost-sharing and is a common tool through which universities can maximize their limited resources.
Cost-sharing may come from department and/or deans' offices, grants, tuition, salaries, equipment, and several other sources. To complicate matters further, sponsors sometimes make locating the funds more difficult by limiting the source of cost-share to a few possibilities (thus the test of commitment!). As such, when the PI needs to identify and get funds approved, few grant activities aggravate people more than cost-sharing.
Yet, all hope is not lost and the PI has many resources available to help develop a sound cost-share based budget. Below is a link to the SRS webpage that defines the various types of cost sharing and when to implement them. Since cost-share money leads back to someone's budget, approval is a necessity before a grant can be submitted.
Included below is a flow chart to help direct the PI through the correct approval process for the various scenarios. If cost-sharing is coming from multiple sources, be sure to give yourself time to get all approvals!
Cost-Sharing Explanation and Guidelines (SRS Website)
Cost-Share Approval Process Flow Chart
As always, if you have any questions, please feel free to contact your SRS representative.