Budgeting Information
   
Salary Computation:
  12 month faculty - To calculate the monthly pay rate, take your annual salary and divide by 12 to compute your monthly pay rate.
  9 month faculty - To calculate your annual salary for grant purposes, take your 9 month salary and divide by 9 to obtain your monthly pay rate.  Then multiply by 12 to calculate your annual salary rate for grants.

Note:  Yearly inflation for salaries should be 5% per project year. 
 

Fringe Rate:

  The current fringe rate is 22.61% for FICA, retirement, worker's compensation/unemployment + $4,332 for health insurance.

   The fringe benefit rate for student workers should be calculated at 8%.

 

Travel Expenses:

   When calculating travel expenses, refer to the University's Policies and Procedures for Travel.

Supplies/Commodities:

   Use best estimate when calculating your cost for supplies and commodities.  You are encouraged to add 5% for inflation for each contractual year.

 

Contractual Services:
   Use best estimate when calculating your cost for contractual services.  You are encouraged to add 5% for inflation for each contractual year.

 

Equipment:
   Use best estimate when calculating your cost for equipment purchases.  You are encouraged to add 5% for inflation for each contractual year.  You will be required to follow the University's Policies and Procedures for equipment purchases.