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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.
| Expenditure | 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 Revenue/Expense | $117,647 | $100,000 | $16,447 | $1,200 | — |