Your budget should present all items of income and expense for the proposed activity.
Income: donations, service fees, tuition, sales of items, grants, and even contributions from the applicant’s other resources (not only the requested award from the Community Foundation of Otsego County). Identify known sources and sources yet to be secured.
Expenses: all costs related to the activity. If you are allocating a general administrative cost to the budget, this amount should not exceed 10% of the total project budget.
Income needs to equal expenses. Sources = Uses.
Footnotes explaining your assumptions would be helpful. If you are estimating in kind contributions, remember to also include the related expenses (volunteer carpenter labor can be considered income, but then the same labor cost is an expense).
See this sample budget for a one-night performance of a concert with three paid guest singers followed by a reception:
Admission fees $1,000
Individual Donations $1,000
Program Advertising $2,000 Note: $1,000 secured to date.
Foundation X $2,000 Note; secured
Foundation Y $2,000 Note: application submitted
Total Income $11,000
Facility Rent $500
Food $3,000 Note: per contract with vendor
Licensing Fee $1,000 Note: per agreement
Lodging and Travel $2,000 Note: 3 guest performers
General Admin $1,000 Note: under 10%
Total Expenses $11,000