Budget / Vendor Table Assignments

General Budget Information:

  • Funds cannot be used for personal travel or for salaries.
  • Each team will be given $300.00 for each competition to purchase items needed to create and package your product.
  • If you make one product that contains both soy and corn and are entering both competitions, all expense will be split 50/50 between the corn and soy competitions. You will have one budget of $600.00.
  • If you make one product out of soy only and one product out of corn only you will have one budget for corn and one budget for soy that will be kept completely separate. You will have two budgets of $300.00 each.
  • Some items may be borrowed from various sources and will not need to be purchased.
  • Items that may be purchased with the competition monies include; long distance phone calls to vendors, official lab notebook(s), items for awards ceremony display table, items used to package your products for marketing, copying/printing for the final reports, boxes and packaging materials to transport your final products to ISA/ICMC, two small flash drives to save your final report and power point for ISA/ICMC, items purchased from vendors including shipping costs, NO TAX WILL BE REIMBURSED.

Budget Assignment Format:

  • State the competition, corn or soy, you are participating in at the top of each budget form.
  • Turn in one or two budgets. See above for explanation.

Budget table should including…

  • items you plan on purchasing during the competition. We understand that as you proceed with your products there may be unforeseen expenses, but this initial budget should be as thorough as possible.
  • Potential vendor for these items (if you aren’t sure ask your advisors for ideas)
  • Estimated costs for each item
  • Timeframe for when you will need to purchase items
  • A running total category showing amount left in budget

Vendor Table Assignment Format:

(this will be a template only when you turn in the assignment, you will fill this out during the remainder of the competitions)

This table should be updated each time you make a purchase to keep a running total of your purchases and money left in your account. Your vendor table should include the following divisions:

Vendor Name, Vendor Address, Vendor Email, Vendor Phone Number, Contact Person, Item Ordered, Product #’s/Codes/Identification, Quantity Ordered, Description of how item will be used, Price per unit, Shipping Costs, Total Costs, Beginning Budget Amount, Amount left in your budget after each purchase.

 

Budget / Vendor Table Assignment Rubric

Categories

34

27

20

0

Total

Procedures Followed Correctly
All directions were followed and team presented an excellent and through budget and vendor table
Most directions were followed
A budget was turned in but it did not meet the specified directions or did not include a vendor table
Directions were not followed
 
Completeness of Budget
Well thought out, inclusive budget
Most budget items included
Few budget items listed
Not even the given items were listed in the budget
 
Assignments turned in on time with advisors' signatures
Turned in at meeting with advisor’s signatures
Turned in after the meeting with advisor’s signatures
Turned in after the meeting with no advisor’s signatures
Turned in late
 
         
 
Total Points
 
 
 
 
/ 100
Not Pass
Pass

You must earn an 90% or better to continue in the competitions. You will be given one opportunity to redo this assignment if you do not earn an 90% or better. Even if you earn an 90% on this assignment you may be asked to redo a portion of this assignment to more accurately meet the rubric criteria. If you are asked to redo a portion of the assignment and it is not turned in by the due date set by one of the competition administrators your team may be eliminated from the competitions.

Budget/Vendor Table Assignment in pdf format

If your team has any questions regarding this assignment please direct them to:

Micky Creech

mcreech@purdue.edu

NLSN 3259       

496-8326


How to Purchase Items:

      If the item was in your original budget follow these procedures…

  1. Completely fill out a purchase request form (ABE Form 12). On the top right hand side of the form legibly state which competition(s) you are in and your team #. (See sample copy attached, form available online www.soycorninnovation.com under forms.)
  2. Set up a time for MICKY to sign your form. The budget office will NOT accept your form without her signature.  mcreech@purdue.edu  496-3837.
  3. Take signed form to the business office in ABE (second floor). Office hours are M-F 8:00am-4:30pm.
    1. Check out a credit card from the Business Office. Be prepared to show a photo id if necessary. Leave your form 12 with them.
  4. Make your purchases. Save all receipts and make sure the vendor itemizes them (all items are listed separately with individual costs assigned to each item).
  5. Return to the ABE business office.
    1. Return credit card.
    2. Write your team number on your itemized receipt and circle it.
    3. Make two copies of your purchase request form 12, and your itemized receipt(s). Give the originals to the ABE Business Office. Place one copy in Micky’s mailbox, and keep one copy for your team records.

   If the item is new and was NOT in your original budget follow these procedures…

  1. Send an email to your advisors asking for approval for the purchase. State what the item is, what it will be used for, the quantity, and the exact dollar amount including shipping and excluding tax. Have your advisors cc both you and Micky mcreech@purdue.edu approving the expense.
  2. Add the item to your budget assignment.
  3. Completely fill out a purchase request form (ABE Form 12). On the top right hand side of the form legibly state which competition(s) you are in and your team #. (See sample copy attached, form available online www.soycorninnovation.com under forms.)
  4. Set up a time for MICKY to sign your form. The Business Office will NOT accept your form without her signature.  mcreech@purdue.edu  496-3837.
  5. Take signed form to the business office in ABE (second floor). Office hours are M-F 8:00am-4:30pm.
    1. Check out a credit card. Be prepared to show a photo id if necessary. Leave your form 12 with them.
  6. Make your purchases. Save all receipts and make sure the vendor itemizes them (all items are listed separately with individual costs assigned to each item).
  7. Return to the ABE business office.
    1. Return credit card.
    2. Write your team number on your itemized receipt and circle it.
    3. Make two copies of your purchase request form 12, and your itemized receipt(s). Give the originals to the ABE Business Office. Place one copy in Micky’s mailbox, and keep one copy for your team records.