Easily among the most tempting shortcuts many of us are guilty of committing when fine-tuning expenditure items in our grant proposal project budgets is rounding them at absurdly convenient dollar values in the thousands, tens of thousands or hundreds of thousands. Understandably some items will be rounded to the nearest thousand-dollar amount.
However, when the individual reviewing your grant proposal submission sees nothing but a sea of zeroes in a budget comprised of four-, five- and six-digit dollar figures, they may think your organization is merely selecting values for each item indiscriminately. Funders want to be sure that we exercised due diligence and not merely “ballparked” the approximate cost of each resource that is needed to make our projects a reality.
People reviewing your grant proposal want to feel assured that you have meticulously researched and scrutinized each expenditure based on fair market value. Our aim must be to demonstrate that we know the cost for each item as close to the dollar as possible. Aim to round most expenditure figures to the nearest ten- or hundred-dollar amount.
It is incumbent upon grant-seekers to provide evidence that they have researched each expenditure with a “fine tooth comb” and have accurately projected each item’s true value. Embracing this commitment to precision signals that we have a strong command of our project and places our organization in a competitive position in relation with other applicants. Funding decision-makers are more apt to say ‘YES” to our submitted proposals when we exhibit this great sense of ownership over our projects.
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In the meantime, the best of luck with your grant-seeking pursuits and be safe.
