approval. Variances are differences between the original
budgeted amount for an item or category of spending and
the actual cost. Substantial variances are defined differently
by funders. Some define “substantial” as a 5-10 percent
change on an individual line item, while others call a 10
percent overall change in spending on the whole grant.
Read your grant agreement carefully at the beginning of
the grant period and make sure everyone involved in the
project understands the requirements. If your grant award
letter does not include information on budget variances,
ask your