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project-wiki:purchasing_and_travel:project_budget
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Project Budget
Capstone provides a team budget of up to $1,500 for the team's project-related expenses. It is your responsibility to stay within this budget and any additional funds approved by the sponsor.
Your project expense budget comes from University funds and is subject to
University purchasing policies. Failure to follow policy may make
you financially liable for a non-conforming purchase.
Project expense budget funds can be spent for any of the following:
- Supplies and hardware to design and build the project
- Cloud services, software subscriptions, or other expenses to complete work on your project, including printing artifacts and reports
- Local travel in BYU vehicles to visit sponsors or suppliers. (Long-Distance travel is handled separately; see Travel for more information).
CAUTION:
- Your project expense budget may not be used for food purchases of any kind.
- All purchases from your team budget need prior approval from your coach.
- Repeated failure to follow purchasing policies will lead to
a reduction in the
Team Professionalism grade.
- Significant violations may lead to a negative Team Professionalism grade.
- Significant individual violations of policies may result in a penalty on the individual's grade.
Your project budget funds are only to be used for your team's work on the project. You may not use the funds to purchase materials for the sponsor to work on the project or for any other reason, even if you have funds remaining in your project budget. Please contact the Capstone office if you have questions about this policy.
Tracking Your Project Budget
Your team has the responsibility of tracking your budget. You will not be allowed to make purchases if you do not have budget available. A member of your team should regularly check your team's finances.
Your team's financial statement can be accessed at any time from the Team Budget link on the Capstone website at byucapstone.byu.edu/dashboard. Please designate one person from your team to be the primary financial contact and inform the office staff of this person's name by email at capstonepurchasing@byu.edu.
Increasing Your Project Budget
Some projects will require more funds than the $1,500 provided by Capstone. If additional funds are required, the team is expected to work with the External Relations Managers, who will obtain approval from the sponsor for the additional project expenses.
Note that this approval in principle, or verbal approval, does not grant the team any additional budget funds. Whether or not you have informal approval, you will need specific, written approval for increasing your budget.
To obtain additional budget, you will need to prepare and obtain approval for an anticipated budget based on expected costs of developing a specific, sponsor-approved concept. Generally, the team should develop an anticipated budget and make one request for approval, rather than a series of small, incremental requests. Until the increased budget is approved in writing by the sponsor, the team will have access to only the Capstone-provided budget.
NOTE: The budget increase process will take time, so please
start early and allow extra time before orders will be approved.
The process for obtaining a budget beyond the initial $1,500 is as follows:
- Carefully prepare an anticipated budget. This should be the total budget for your project, including the $1,500 provided by Capstone. Include good estimates of the costs you know about. Add an appropriate amount for unexpected contingencies. Include $100 for printing costs. Work with your coach to ensure the budget is appropriate.
- Prepare a budget increase request for your external relations manager to use with your sponsor. This should include and explain your anticipated budget. It should also explain that in order to complete the project you will need approval to spend the amount in excess of the $1,500 Capstone project expense budget.
- Submit the budget increase request to your external relations manager by email, with a cc to
paulah@byu.edu - Your external relations manager will work with your sponsor to approve the budget increase.
- When Capstone has received the approval from the sponsor, your team will be given an additional budget allocation in the amount approved by the sponsor. Until this process is complete, your budget will be limited to $1,500.
project-wiki/purchasing_and_travel/project_budget.txt · Last modified: 2024/06/25 15:55 by mlhicks
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