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.