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BUDGET PLANNING

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

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BUDGET PLANNING

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  1. BUDGET PLANNING Spring 2012

  2. Why does EPICS require a team budget?

  3. Ensures that the EPICS program will have enough money to cover your team’s expenses.

  4. Helps your team plan and set goals for the for the academic year.

  5. Your budget expenses should align with your project What are you building? A database? A soapbox derby car?

  6. 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.

  7. The EPICS staff will take the project scope into consideration when evaluating your budget submission.

  8. Setting a budget is part of any design team’s responsibility in the ‘real world.’ It is part of your EPICS learning experience.

  9. How do I get started?

  10. 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.

  11. 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.

  12. Guidelines for budgeting can be found on the EPICS website here Budget sheets can be found here

  13. SAMPLE BUDGET

  14. 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

  15. Once your budget is finished: • Post on Sharepoint • Print and obtain advisor approval • Submit to Pam Brown (ARMS 1207) • Wait for approval

  16. 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 • (pamb@purdue.edu)

  17. Familiarize yourself and your team with the Purchase • Request Form Located here • A sample of the Purchase Request Form follows:

  18. 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.

  19. Please make sure the web site allows for credit card purchases. We cannot make Pay Pal purchases and this could slow your order.

  20. Purchasing Guidelines can be found here

  21. 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!

  22. You can request a report at any time with up-to-date purchases. Please share this information with your team.

  23. If your team is exceeding your proposed budget please submit an amended budget as soon as possible.

  24. 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.

  25. Engagement Grants When you go to fill out a Purchase request form using your grant money, be sure to circle “Yes” when asked “Is this purchase related to grant funds?”

  26. Engagement Grants Treat the grants like your team account. You will need to watch the available money. If you go over your allowed amount, the difference will come out of your team account.

  27. Engagement Grants Try to use all of the money you received for the grant or it will be given back to your sponsor after the duration for it is up.

  28. Any questions? Contact Pam Brown ARMS 1207 pamb@purdue.edu OR Maddie Ramsey ramsey11@purdue.edu

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