Budget Guidelines

To insure that there are adequate and equitable resources for all the EPICS teams, each EPICS team is required to submit a budget to be approved by the EPICS administration.  These budgets allow EPICS to manage to resources available to EPICS teams and insure there are resources available for projects over the entire year. 

Team Budgets

Each team submits a new budget every semester as part of the semester planning process following the procedure detailed below.  

Team Expenditure Reports

Each team will receive a monthly report of the expenses they've incurred in the current semester folder in the team's budget channel in MS Teams.

Budget Request Process

  • One official Budget Request should be submitted by no later than the end of week four.
    • Gather estimated expenditures from all sub teams. Use of a spreadsheet will aid in keeping track of requested funds and purchases. Sample Team Spreadsheet. Keeping your spreadsheet in the MS Teams budget folder will make it accessible to others on the team.
    • Compile information to submit for approval using the Budget Request form
  • The EPICS administrative team will review each team's budget request and notify the team within two weeks of either an approval or requested modifications.
  • Notifications will be made in the MS Teams budget channel.
  • Once a budget has been approved, teams may purchase items related to the budget using the purchasing guidelines.
    • Teams may not purchase items beyond the $200 seed allocation until a semester budget has been approved.

Budget Modifications

Budget modifications must be made if the team will exceed the approved budget for the semester. Internal changes within projects that keep the project within the approved budget limits can be managed by the team and do not require approval from EPICS administration.

If modifications to the approved budget are needed at any time during the semester, the team must submit a modified budget using the budget request procedure. The approval process may take up to two weeks, so significant changes in requested funding need to be identified early in the semester.

Guidelines and Tips for Preparing Budgets for Approval

    • Individual items over $500 require a detailed justification, and should be cleared with your advisor before being including in the budget request.
    • If machining or other labor is requested, an explanation should be made why this cannot be done by member a of the team.
    • Include shipping costs in the budget estimates. Shipping charges are counted against the team's expenses.
    • Estimates should provide an appropriate representation of planned expenses, but do not have to be made in excruciating detail.
      • (e.g. knowing the exact number of screws in a project is not needed but including funds for things like screws is needed. Small items can be lumped together into a common category)
      • Use your advisors as a resource for preparing a budget.
      • If possible, use previous experience to estimate future expenses.