Creating a Budget: How to Figure Out Your Real Project Budget

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Creative Capital prepared these notes for Creative Capital grantees, which may be useful for all grant seekers.

 

Expenses:

Pay yourself! This is a new concept for some artists, but it's smarter to figure out now what your time is worth, represent this time in your project budget, and raise money based upon these real costs than to underbudget the project and wind up maxing out your credit cards with expensive, last-minute charges and cash advances. Here are two ways to represent your time in your project budget:

 

If this project is not the primary source of employment or income for you as its director, producer, coordinator, etc., you need to make sure that all artists' fees, including your own, are included in the project budget, and that your organization is "paid" for its services to the project. Organizations typically budget up to 20% of a project's total costs to cover administration and overhead (A), which includes a portion of indirect costs such as bookkeeping, fundraising, audit, and so on. So the A for a $50,000 project would be $10,000, and the "real" budget for this project would be $60,000 (direct costs plus A) . . . read more at  ChicagoArtistsResource.org

 

 

 

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