How to create a budget for your Norec project

Building a budget is an important step when planning your Norec project. Use these tips to create a realistic and effective budget.

When working on the budget in your Norec application, we encourage that you:

Work with your partner organisation(s)

• Create the budget as a team.
• Ensure the total budget is divided between all partner organisations.
• Make sure every partner understands and agrees with the budget allocation.

Budget for Actual Costs

• Research and document costs to ensure they are as accurate as possible.
• Think about currency fluctuations, especially if funding is received in one currency but spent in another.

Use the Budget Template Provided

• The budget template includes detailed instructions for each line item. This also includes the maximum rates (when applicable).
• Use the instructions actively to ensure you complete the budget correctly.

Provide Detailed Notes and Calculations

• Justify your cost estimates in the “Notes and Calculations” section.

Request Additional Funding When Necessary

• If you need funding for specific purposes beyond the main budget, consult your programme adviser. They will guide you on how to apply for and include these costs in your budget.

Norec E-Learning Resource for Project Applications

All partners are encouraged to complete the Norec e-learning module during the feasibility study phase. This resource provides guidance on results frameworks, budgets, and other essential topics related to collaboration agreement applications.

If you are currently working on your application, the e-learning module underneath can be a valuable resource. We highly recommend exploring it.

Use the guidelines

We also encourage all partnerships to source the Norec website and Norec guidelines for further information on the application requirements and guidance.

Norec Introduction Seminar