Budget Review Checklist

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Basic Considerations

• Funding purpose. Check if the budget provides funds to the targeted audience
• Allocation terms. Figure out whether budgeted funds will be allocated on basis of cost reimbursement or fixed price
• Condition of payment. Confirm the funds will be available as either an lump sum or periodical payment
• Funding sources. Identify the source of budgeted funds (e.g. government grant, business investment, charity, etc.)
• Funding period. Know the period of time your budget is applicable
• Budget limits. Be sure the budget has an established limit (percentage of total budget or maximum amount) that prevents overspending
• Responsible personnel. Contact people responsible for budgeting to discuss funding matters and settle any issues before the funds are started to be utilized

Personnel

• Employee Types. Be sure the budget identifies key types of individuals involved
• Cost basis. Figure out what basis for determining personnel costs has been applied to the budget (e.g. effort days, percentage of assigned workload, person hours)
• Effort. Confirm the budget takes into account the time each employed person will require to complete assigned jobs
• Unit cost. Identify and audit the amount of a unit cost for each employee
• Consistency of costs. Be sure the budget takes into account anticipated increases (e.g. merit, bonuses, cost of leaving, etc.) in employee costs
• Recruitment costs. Check whether the budget counts hiring and orientation costs
• Staff training. Be sure the budget supports training and assistance service for students, new workers and qualified staff as well
• Fringe benefits. Confirm the budget supports fringe benefits, including but not limited to vacation/annual leave time, sick

Travel

• Travel Mode. Be sure the budget specifies what modes of travel are acceptable (air, auto, railway, etc.)
• Allowable costs. Determine whether your budget includes allowable travel costs
• Ground transportation. Confirm the budget allocates funds necessary for ground transpiration (e.g. taxi, rental car, limousine services) upon the termination of air travel
• Local Support. Check if there is a need to cover on-site transportation costs of travelers
• Additional costs. Check if your budget covers additional costs that may be required for special situations, for example excess baggage, long flights etc.

Supplies & Materials.

• Office supplies. Check if the budget covers the cost of purchasing supplies and accessories needed to conduct normal office operations
• Specialized materials. Confirm the budget allocates sufficient funds for unusual supplies and materials, including but not limited to reference books, specialized printing cartridges, computer software, data collection tools, others

Equipment

• Purchasing costs. Check whether your budget covers the cost of purchasing equipment, tools and machines necessary for your company/department/team
• Rental/Lease costs. Be sure there are funds allocated to equipment lease/rental
• Depreciation expenses. Check if there is a need to highlight depreciation costs in your budget

Communications

• Phone installation. Check if there is a need to include an article in the budget dedicated to any new installation of telephones, voice devices, speakers, and other communication equipment
• Phone usage. Check if funds necessary for the use of telephones, computers, and other communications equipment are allocated
• Virtual communication costs. Determine whether the budget covers......

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