Budgets

Budget information

Explanation of how to develop, build and revise team budgets.

BUDGET TIMELINE

Team Business Managers - Budget Training on September 8 at 1pm.

Funds will be assigned to each SCOPE team based upon the project’s needs and requirements. Each team must participate in the following budget process. The Business Manager is responsible for all aspects of budget reporting.

Initial Budget Proposal due September 29th: Business Managers will make an appointment to review the initial budget with Jessica. Once the project plan is approved by the sponsor, each SCOPE team develops an initial budget.

SIGN UP FOR MEETING TIMES

1) The Business Manager should bring an advisor-signed, hard copy of the completed SCOPE Budget Workbook to their appointment. Budgets will not be approved without the advisor's signature.

2) For single items costing $500 or more: print out 3 actual quotes from vendors and attach to the budget. If your sponsor has a specific item from a specific vendor that they want you to purchase that’s $500 or more, fill out and bring a Sole Source Form.

The Initial Budget Proposal should include the following information:

  1. Major Acquisitions: Develop a budget for all major or capital equipment acquisitions identified in the team’s Project Blueprint.

  2. Incidental expenses

  3. Travel: Identify the expenses for long distance travel. Attach actual quotes from airline, hotel and car rental.

  4. Hiring a Student: If the team needs to hire an Olin student to assist with the project work, submit the appropriate justification and forms now (it sometimes takes awhile to get through all levels of approval on this). Detailed information on this process is HERE.

The Budget Workbook 2020-21 must be used. The budget can be broken down into categories (travel, prototyping supplies, sprint budgets, etc.) and then line items can be updated at each revision. All budgets are reviewed by the SCOPE leadership team who gives final approval. Feedback is given to the Business Manager.

Updated Fall Budget due November 10th: Review and revise the initial budget so that it provides a more detailed and accurate list of all anticipated needs and estimated expenses. Estimates are based on actual pricing available online.

1) Bring a signed hard copy of the completed Budget Workbook and all back-up documentation (actual quotes).

Mid-Year Budget Revision due to SCOPE Office on December 8: Review and update the approved detailed budget submitted in November. Get signed by your advisor and bring actual quotes.

Feb. Budget Revision due February 23: Review and update the approved detailed budget submitted in December. Get signed by your advisor and bring actual quotes.

Spring Final Budget due on April 20: Bring one signed copy of the completed Budget Worksheet and all back- up documentation.