How do you determine your budget?

It is important to understand the full financial picture of a project -- the funds needed both to support the activity and to assure that MIT is kept whole.

Principal Investigators often find that they are asked to put a dollar value on a project before it is well defined and costs fully understood. For major international engagements, a best practice is to build in a project definition period of six months or so for both MIT and the sponsor to assess priorities, feasibility and costs.

The ICC can help you:

  • Evaluate the costs. Before providing an estimated project total, consult with the ICC along with the appropriate administrator in your department regarding the specifics of the statement of work so all costs can be identified and factored into the total. Additional taxes or legal fees must also be considered.
  • Understand the details. The overhead rate for non-research activities, contributions to the endowment, and other potential MIT internal costs are specific to each project. We will work with you to determine these costs as the project is outlined.

Please contact the ICC for assistance.