| TO: | Deans, Directors, and Department Chairpersons and Secretaries (for distribution to all Faculty) |
| FROM: | William J. Vance, Assistant Dean |
| SUBJECT: | New Standard Budget Format and Spreadsheet |
Research and Sponsored Programs is pleased to announce the availability of a new tool for developing budgets for extramural support sponsors that do not have a mandated format or a required budget form. This tool, developed with the assistance of a campus-wide focus group, is a spreadsheet in MS Excel 97 & 5.0/95 format. It is available for download from the RSP Web Page at https://rsp.wisc.edu/forms/standbudget.html. Instructions and help are also provided at this URL. The tool contains macros developed by RSP. After downloading the spreadsheet, please enable these macros when prompted by Excel.
The standard budget format was created to aid in developing your budget by providing a series of individual worksheets. Each worksheet, representing one of the main categories (Salaries & Wages, Fringe Benefits, Equipment & Other Capital, Supplies, Domestic Travel, Foreign Travel, Services, and Sub-Agreements) contains frequently used items that you may wish to include in your budget. The worksheets for salaries and wages feature automatic calculations of the corresponding fringe benefits. The spreadsheet also provides correct indirect cost calculations. Tables of current negotiated indirect cost rates and fringe benefit rates are included for your reference.
Attached is an example of the format of the budget to be supplied to the sponsor. The benefits of using the standard budget format include:
Increased accuracy: The standard budget format can be created through an RSP spreadsheet that calculates correct fringe benefits, indirect costs and totals.
Easier to monitor project spending: The standard budget format categories are more closely tied to the current Accounting Control Ledger Statement�s categories making it easier to monitor expenditures on a project.
Improved timeliness of reviewing budgets: The standard budget format ensures that expenditures are always grouped in the same budget categories; this budget category standardization should reduce the time necessary for the UW to review and process proposed budgets.
Improved timeliness of processing financial transactions: Budget category standardization and improved abilities to monitor project spending should reduce the time necessary to review and process requisitions, travel expense reports, and payment to individual reports.
Improved timeliness of financial reporting and invoicing: Budget category standardization and improved abilities to monitor project spending should reduce the time necessary to prepare and submit required financial reports and invoices.
Improved accountability: The standard budget format provides a sufficient level of financial information detail, reducing the need for Sponsors to request additional information.