Budget presentation
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BUDGET PLANNING Spring 2012
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BUDGET PLANNING
Spring 2012
Why does EPICS require a team
budget?
Ensures that the EPICS program will have enough
money to cover your team’s expenses.
Helps your team plan and set goals for the for the
academic year.
Your budget expenses should align with your
project
What are you building?A database?
A soapbox derby car?
Databases, although time consuming do not require a
lot of material expenses.
Some projects however can be very costly such as the
Mars Rover project.
The EPICS staff will take the project scope into
consideration when evaluating your budget
submission.
Setting a budget is part of any design team’s
responsibility in the ‘real world.’ It is part of your
EPICS learning experience.
How do I get started?
All teams have been given $200 in their account. If your team will not be spending over $200 you will not need a budget. If you go over $200 you will not be allowed to purchase until a new budget has been filed and approved.
• The $200 needs to be included in your budget form, and you need to take it into account when you are thinking about how much you’ll need.
Guidelines for budgeting can be found on the EPICS website here
Budget sheets can be found here
(KES) BUDGET FORM
Total Predicted Expenses Over All Projects (Fall 2009/Spring 2010) $605.61
Total Actual Expenses Over All Projects (Fall 2009) $550.51
Predicted Funds from Other Resources (Fall 2009) $0.00
Project 1: (USA State Project) $370.51 $345.51 $0.00
Project 2: IN History $215.10 $205.00 $0.00
Project 3: (Continuation of USA) $20.00 $0.00 $0.00
Project 4: (Project Name) $0.00 $0.00 $0.00
Project 5: (Project Name) $0.00 $0.00 $0.00
Instructions for this formAt the beginning of the fall semester, fill out the predicted expenditures for both the fall and spring semesters. For each project, use the full project name, not an acronym. This makes the purpose of your expenditures much clearer. When you print this form, please print it in the landscape layout, as it is given to you. Having all the budgets with the same layout makes them much more manageable.
Each month, you will receive an update of what your team has spent. This may differ from the actual price of your product because of costs like shipping. Please enter the total cost you received under "actual expenditures" when you receive this form.
Thanks for your help! Following these instructions carefully really helps Pam and others who have to work with these forms. If you have any questions, you can ask your advisors, TA, or Pam. They would all be glad to help you.
Project 1: (USA State Project)
Description & Justification
Fall 2009 Predicted Expenses
Fall 2009 Actual Expenses
Spring 2010 Predicted Expenses
Total Predicted Expenses
Total Actual Expenses
Funds from Other Resources
1.1 Super Bright LED 181.7 181.7 0 $181.70 $181.70 $0.00
1.2 Toggle switch (on-off-on : SPDT) 66 66 0 $66.00 $66.00 $0.00
1.3 Prototype Board 11.8 11.8 $11.80 $11.80 $0.00
1.4 Extruded Polystrene (styrofoam) 7.27 7.27 $7.27 $7.27 $0.00
1.5 Acryl Sheet 19.99 19.99 $19.99 $19.99 $0.00
1.6 Electrical tapes, Liquid electrical tape 11.35 11.35 $11.35 $11.35 $0.00
1.7 Jumbo 7 segment display 38 38 $38.00 $38.00 $0.00
1.8 100 ohm resistors, Push buttons 9.4 9.4 $9.40 $9.40 $0.00
1.9 Large & Small Prototype Boards 25 $25.00 $0.00 $0.00
1.10 Bundles of wires $0.00 $0.00 $0.00
TOTAL $370.51 $345.51 $0.00
SAMPLE BUDGET
Average team expenditures is $600 per year.
•There is no penalty or profit to spending more or less than average
• Can spend more if EPICS approves• Consider shipping costs - estimate
• Once your budget is finished:• Post on Sharepoint• Print and obtain advisor approval• Submit to Pam Brown (ARMS 1207)• Wait for approval
• Minor purchases allowed until your budget is approved• Allow 2 weeks for budget to be approved• Will receive an email when your budget is approved• If you have not received an email in 2 weeks please check with Pam Brown ([email protected])
• Familiarize yourself and your team with the Purchase
Request Form Located here
A sample of the Purchase Request Form follows:
• Fill out the form, get your advisors signature and take the
form to ARMS 1200.
• If you are purchasing from a web site, please print out the
product page from the web site and attach with the order form.
•Please make sure the web site allows for
credit card purchases. We cannot make Pay
Pal purchases and this could slow your order.
Purchasing Guidelinescan be found here
EPICS Reports for the Financial Officer
You will receive a monthly report, on Sharepoint, showing
expenditures and an accounting of what is left in your budget. Please make sure MYEPICS shows your role of financial
officer!
You can request a report at any time with up-to-date purchases.
Please share this information with your team.
If your team is exceeding your proposed budget please
submit an amended budget as soon as possible.
Engagement Grants
Information about grants will come in weekly emails. If you get an
approved grant, this money will be on its own account. You will get a separate grant report with your
monthly team report on Sharepoint.
Engagement Grants
When you go to fill out a Purchase request form
using your grant money, be sureto circle “Yes” when asked“Is this purchase related
to grant funds?”
Engagement Grants
Treat the grants like your teamaccount. You will need to watch the
available money. If you go over your allowed amount, the difference
will come out of your teamaccount.
Engagement Grants
Try to use all of the money youreceived for the grant or it will
be given back to your sponsor after the duration for it is up.
