At some time in their careers, successful academic faculty will inevitably be asked to read and review a basic budget. Such reviews can be conducted as a department head, program director, or section leader. Faculty who seek grant funding will also be asked to build a grant budget and, in a senior capacity, review a grant budget. “How to Read a Basic Budget” offers a primer on budget basics, defining revenues and expenses and providing an overview of terms such as fiscal year, variance, and indirect and direct costs. In addition, accounting principles such as “the matching principle” and accrual versus cash-based accounting are described. Identification of the terms used to describe and account for faculty effort is noted at both the academic and federal levels. Unique characteristics of federal budgets are identified, particularly as these characteristics relate to federally funded grants. Finally, examples of some simple budgets are provided along with some generally accepted aesthetic conventions that are used when presenting a budget.