A modern-day fact of life is that Facility Managers also have to be accountants. Increasingly there is a requirement for at least partial cost recovery. In order to know how much income needs to be generated, careful budget planning is needed. A Core Facility must define how much money is needed in order to develop policies regarding funding and cost recovery.
- Budget creation. Take into consideration equipment costs including service charges, reagents, consumables, peripheral hardware and software, media costs as well as possibly utilities and buildings charges
- Have a basic knowledge and understanding of financial reporting
- Be able to verify that funding sources reach the Laboratory budget
With budget preparation in particular, it is important not to forget 'hidden' costs such as travel costs, meetings costs, staff development programs, postage, photocopy fees and journal charges.