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2.3 Standards for Financial Management Systems

Total Cost Budgeting and Accounting

To ensure adequate fiscal administration, accounting, and auditability of all Federal funds received, your records should be established using the Federal agency “total program cost” basis. This includes all of the following types of funding sources:

  • Federal funds
  • State funds
  • Match
  • Program income
  • Any other funds received for the program

You should submit budgets based upon the total estimated costs for the project including all funding sources. List anticipated expenditures according to the funding source from which they will be paid. The example below displays one sheet of a sample budget; additional back-up pages will further break out personnel and other costs, as well as the anticipated source(s) for match and program income.

Sample Budget
Budget Categories Projected Project Costs Federal Award 15% Match Program Income Balance
Personnel/Direct Labor $69,732 $59,272 $10,490 —  $(30)
Fringe @ 33% Actual $23,012 $19,560 $3,462 —  $(10)
Subtotal $92,744 $78,832 $13,952 —  $(40)
Travel $4,620 $4,620 —  —  — 
Equipment —  —  —  —  — 
Office Supplies $720 $220 $500 —  — 
Contractual $4,000 $4,000 —  —  — 
Other $2,618 $2,037 —  —  $581
Training Supplies $2,250 $1,200 $500 —  $550
Registration Fees —  —  —  $1,200 $(1,200)
Indirect @ 10% Actual $10,695 $9,091 $1,495 —  $109
Total Project Costs $117,647 $100,000 $16,447 $1,200 —