Embedded Files
Competition Rules & Eligibility
Grant Spending Guidelines
Grant Spending Guidelines
Purpose: Use these guidelines to help you when making a decision to spend your funds (this is very limited, do not hesitate to spend money on something that you don't find here, but always make sure it is to advance your prototype/idea/team).
Reasons: Other than meeting the goals for the competition. As a potential start-up/company it is always important to make sure you are aware of how much and where you are spending your money. We want to teach you how to be successful as you grow your start-up/company, and to accomplish that you need to know how to manage your money appropriately.
Budgeting: As a team it is important to know how much money you have as the competition develops. Before you spend any money, come up with a plan for all the money that you have been given, always allocate it before you spend.
Spending: It is always important to know where, why and how much when it comes to spending money. Before buying think of the following questions:
Where: Why am I spending money here? Is it possible to find it cheaper elsewhere? Is this the only location that sells it?
Why: Is this for the team/prototype/idea? Is this to benefit personal situations or the team/prototype/idea?
How Much: Is the amount being spent appropriate? Can less be more?
Recommendations/Guidelines: This is information gathered from previous competitions and does not reflect all the options when it comes to spending your funds (consider this a resource):
Prototype: You should aim to spend at least 60% of your funds on your prototype/idea.
Food/Team Meals: 10% of your funds should be the maximum you spend on food/team meals.
Purchasing Meals should align with the PSU Per Diem Policy
Travel: 10% of your funds should be the maximum you should spend on travel.
Promotion Materials/Clothing: 20% of your funds should be the maximum you should spend on promotion materials/clothing.
Ex. Banners, printed materials, team shirts
General examples of questionable expenditures without explanation from teams:
Purchasing multiple electronics (computers, tablets, etc) for one team without explanation is allowable, but must provide reasons for why it moves the prototype/idea forward.
Purchasing clothing that goes beyond the recommended amount for promotional materials/clothing. While t-shirts are usually the type of clothing teams buy, there are exceptions where more is needed, but always be aware of where you buy and how much you spend. If you have questions about the allowable amount spent on clothing check with PSU-CE staff.
Expense Log Guidelines
Expense Log Guidelines
Keep an accurate record of all transactions and receipts as required by the Grant Agreement.
Keep all of your receipts until the end of the competition.
Only PDF format of receipts will be accepted, pictures or other formats will be rejected.
Please use (TeamName_File#) naming convention for your receipts, upload the PDF, and link it to your spreadsheet entry.
Example: PortlandTrailBlazers_File1
Always keep you expense log up to date and if you have any questions, please reach out to Thom @ ThomLark@pdx.edu
Expense Log Criteria:
Expense Log Criteria:
Fill out Team Name in appropriate cell. (B1)
Recording a Transaction:
File Number: (Ex. 01) You will Hyperlink your receipts to this cell. Check Helpful Tips for a how to link in google sheets.
Date: (Ex. 08-12-2024)
Vendor: (Ex. Amazon)
Explanation: (Ex. Batteries for prototype)
Student Responsible: (Ex. Ron Smith)
Amount: (Ex. $10.00 - include cents)
Receipt Filed Date: (Ex. 08-13-2020)
Expense Log Signatures
Program Staff Signature: At the end of the end of the competition a signature is needed from Invent Oregon Staff. Signature will be provided once all receipts and expense log have been submitted.
Claimant's Signature: Your signature acknowledging that you have submitted all the required documents and that you are responsible for re-submitting any documents that have been rejected.
Helpful Tips:
Helpful Tips:
Do not wait till the end of the week to record your expenses.
Make sure you are constantly updating as you use funds.
Check your email for communications from CE Team
Receipt Guidelines
Receipt Guidelines
Keep an accurate record of all transactions and receipts as required by the Grant Agreement.
Keep all of your receipts until the end of the competition.
Only PDF format of receipts will be accepted, pictures or other formats will be rejected.
Please use (TeamName_File#) naming convention for your receipts, upload the PDF, and link it to your spreadsheet entry.
Always keep you expense log up to date and if you have any questions reach out to the appropriate Center for Entrepreneurship staff member.
Receipt Criteria
Receipt Criteria
Receipts:
A receipt is any document that contains the following five IRS-required elements:
Name of vendor (person or company you paid)
Transaction date (when you paid)
Detailed description of goods or services purchased (what you bought)
Amount paid
Form of payment (how you paid - cash, check, or last four digits of credit card)
Please keep all of your receipts until your final team final log is submitted incase of additional questions from the financial team.
Proofs of Payment - Last Resort: please keep all receipts with you
Credit Card or Bank statement- obliterate cardholder address, account number, summary of account information and all other details not relevant to the particular transaction.
How to prepare documentation/receipts
Obscure or remove and sensitive or confidential information, including:
Social Security Numbers
Credit Card Numbers (except the last four digits)
Debit Card Numbers (except the last four digits)
Credit or debit card security codes
Bank account numbers
Passwords
Passport numbers
Driver's license numbers
Date of birth information
Helpful Tips
Helpful Tips
For Amazon only "Final Details for Oder #0000-00-00-00" receipts are accepted (Click Here To Learn How To Retrieve)
Receipts will only be accepted in .PDF form
You are required to scan your receipts (if you do not have access there are APPS on your phone that will do the job.)
Photos of receipts will not be accepted.
Example of Rejected Receipt (Proof of payment was not included)
Gift Card Policy
Gift Card Policy
You CANNOT buy gift cards with the prototyping grant funds.
You CANNOT purchase items for your prototype/idea/team with a gift card.
If receipts are submitted with a gift card as a proof of payment, they will automatically be rejected (no exceptions).
Mentee Guidelines
Mentee Guidelines
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