Making sure it adds up
The early sections of the Application Form outline what you are going to do in your project and what outcomes you hope to achieve. In the final part of your bid you’ll be asked to describe the money you need to run your project. As you complete budget sections in the Application Form, the total costs will be calculated automatically for you. You might find it helpful to see further explanations about the different budget headings and what they include, as well as a budget sheet template, and a worked example.
Adding up costs
- Are your costs realistic: what inputs will be needed to manage and run your project to deliver each stage?
- Have you included any overhead costs that ULF allows you to include?
- You will have to complete a narrative explanation of the make-up of any costs so be careful not to overstate what you require
- Make sure that you do a final check. The Application Form will prompt you to complete all of the relevant sections and appropriate costs
- ULF funding doesn’t cover Value Added Tax (VAT). Speak to your union about how to deal with this
It is important to be clear about the financial requirements of your project in terms of staffing, equipment, materials etc. Asking for too little money will seriously hamper your ability to deliver the project in the way you would like, and too much money creates its own problems and will most likely mean you returning it to ULF.
Be as realistic as you can when compiling your cost estimates. If your bid is successful, it will be important for you to remember how you gathered your costings. Always seek to obtain quotations from reputable sources, and as far as possible within the financial structures of your union.
