![]() ![]() The cost principles address four tests that NIH follows in determining the allowability of costs. In general, NIH grant awards provide for reimbursement of actual, allowable costs incurred and are subject to Federal cost principles /grants/policy/nihgps/HTML5/section_7/7.2_the_cost_principles.htm. Information on the applicable cost principles and on allowable and unallowable costs under NIH grants is provided in the NIH Grants Policy Statement, Section 7.2 The Cost Principles Statement under Cost Considerations /grants/policy/nihgps/HTML5/section_7/7_cost_consideration.htm. Any resulting award will include a budget that is consistent with these requirements. (Note: these tips do not supersede the budget instructions found in the relevant application instruction guide found on the How to Apply - Application Guide page.Īn applicant's budget request is reviewed for compliance with the governing cost principles and other requirements and policies applicable to the type of recipient and the type of award. What Facilities and Administrative (F&A) costs rate should I use?īelow are some additional tips and reminders we have found to be helpful for preparing a research grant application, mainly geared towards the SF424 (R&R) application.What is the graduate student stipend rate?.What should be considered a direct cost or indirect cost?.Your best resources for answering these questions are the grants or sponsored programs office within your own institution, your departmental administrative officials, and your peers. Whether you pick to pay off your smallest balance to start or choose to end the debt with the highest interest rate first, the point is to stick with it! Once you’ve retired one debt, move that payment to your next creditor on your Debt Reduction Spreadsheet.Īnd don’t forget: How to set money goals that slay and get my free budget spreadsheet.As you begin to develop a budget for your research grant application and put all of the relevant costs down on paper, many questions may arise. ![]() Don’t take more than three years to pay it off, ok? You’ll feel frustrated, so aim for under three years. Look at how much money you owe, and roughly divide your payments into months. Your debt-free day is projected because life comes at you fast and who knows what your income, housing, and life’s needs will look like in two to three years. Your debt-free date is the projected day you plan to pay off all your debt. If you have two debts with similar balances, then pay off the debt with the higher interest rate first. You’ll feel good seeing results quickly and be motivated to tackle the next credit card. Option Two: Pay off your lowest balance: Need a mental win? Work on the card with the lowest balance to give you the psychological boost of accomplishing debt repayment. Attack your highest interest rate debt first and when it’s paid off, move on to the next highest interest rate. Option One: Target your highest rate: Go with the mathematical reality that your highest rate debt is costing you the most money. How do you choose what to pay down first? You can attack the balances in one of two ways: ![]() Yes, you must pay more than the minimum payment on your credit cards to get out of debt. Step 4: Make extra payments against ONE of your debts. In the next step I’ll deal with how to apply this extra repayment against your debt. See How to negotiate a lower credit card interest rate for the script. And since most credit cards charge anywhere from 0% to 20% in interest, making a five-minute phone call could save you hundreds, even thousands in interest charges.
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