TOPICS: Project Expenditures Project Accounting Project Budgeting IENG 464 / 465 FALL / SPRING 2015 – 2016 TOPICS: Project Expenditures Project Accounting Project Budgeting SENIOR DESIGN Project Finances

Project Expenditures Requirements & Documentation

Project Expenditures: Requirements Budget Performance is one of the primary considerations Part of the Triple Constraint of every true project ! Conceptual Design (Term One) Budget $ 50 assigned to each accepted project Can request more, if necessary to accomplish tasks documented in your accepted Project Proposal. Examples: Conceptual prototype materials Copying / printing costs for client materials Travel costs for client meetings Design Implementation (Term Two) Budget $ 5 000 (total) by IE Department for all IE Senior Design projects in a fiscal year Allocation is dependent upon the request in the Conceptual Design Presentation. Examples: Functional prototype materials Poster printing / mounting costs for SDSMT Design Fair Final report printing / binding costs for the client 11/20/2018 IENG 471 Facilities Planning

Project Expenditures: Requirements Funding is from State of South Dakota (ESF money) Subject to State rules for purchases – specified by SDSMT Business Office General Rules Must be appropriately documented. Documentation must show when purchased Documentation must show where purchased Documentation must show how much was paid Documentation must show what was purchased Documentation must show who paid CAUTION: Not all paper works – ATM receipt for the cash to pay for things DOES NOT WORK! Must have approval by authorized personnel Must be used for appropriate expenses at reasonably low cost Good rule of thumb: if it stays with the school afterward, it MAY be OK. CANNOT be used for personal or personal educational expenses. Examples: Clothing – unless the clothing stays with the school (uniforms) Food – unless the food is part of an educational / research activity (incentive for subjects) Copying / printing costs for materials normal to student expenses Travel costs normal to student expenses 11/20/2018 IENG 471 Facilities Planning

Project Expenditures: Paying Option 1: Purchase Order Plan ahead and save on tax or contract purchases Requires a PO Form, and possibly a RFQ , but no out-of-pocket $$$ Slowest way to acquire materials Get approval from Dr. Jensen Get PO started with Dept. Program Assistant Get purchased by SD Purchasing Agent Get shipped to IE Dept. Get received paperwork to Dept. Program Assistant Option 2: Pay For It and Get Reimbursed Fastest way to get things Requires a check request form, and some $$$ from your wallet Takes at least a week to get reimbursed Get receipt and attach to 8-1/2 x 11 sheet of paper Attach to Check Request Form (fill out and get approved) If sent by 11:00 Friday, checks are usually available the next Wednesday Both options will still require approval! Process the paperwork with Dept. Program Asst. before Noon on Fridays – RED FOLDER 11/20/2018 IENG 471 Facilities Planning

Project Expenditures: Paying 11/20/2018 IENG 471 Facilities Planning

Project Accounting Budgets Tool – Materials Page Spreadsheet

Project Accounting: Budgets Budgets Spreadsheet Located on the Materials Page, course website Download to your computer before opening and using Can be modified as you wish Can be used to summarize expenditures in your printed reports Requires effort to work, team cooperation especially! User Editable Fields: Starting Balance Index No. Description Date Reference Disbursements Receipts Encumbrances 11/20/2018 IENG 471 Facilities Planning

Project Accounting: Budgets 11/20/2018 IENG 471 Facilities Planning

Project Budgeting What’s going into YOUR wallet?

PROJECT Expenditures: Budgeting Conceptual Design Presentation Each team will need to address proposed budget for Implementation IEEM Projects with materials that will stay with outside clients to have a match ($ for $) ALL projects must account for all funds expended – including where materials end up Result of CDP term is an allocated budget Senior Design Project Budget Process: 1st Term (Conceptual Design) Report your budget expenditures in your presentation Report your budget expenditures in your Conceptual Design Report 2nd Term (Implementation) Carry over your 1st Term budget results Add your ALLOCATED Implementation budget amount – Available at start of next term Track your budget progress during the 2nd Term Results Presentation (Design Fair) Report your budget expenditures in your presentation poster Final Project Documentation Report your budget expenditures in your Final Project Documentation (part of your project results) Project Documentation is due at NOON on the Last Day of Finals Week