Capstone Project Budgeting
Use this link (Capstone Project Proposal Budget Requirements Download Capstone Project Proposal Budget Requirements) to find the template that you need to fill out, including the information below.
- Budget item: List the item(s) required for your project.
- Description: Describe the item and state what it will be used for.
- Amount needed: State the quantify and dollar value for each item and identify an estimate of the total purchase.
- Proposed Sources: Who will be responsible for purchasing or supplying the item(s), and where the item will be purchased from?
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Capstone Project Budgeting
Identify Budget Items
Start by listing all items you will need to carry out your capstone project successfully. These might include educational tools, digital devices, software subscriptions, or presentation materials. For example, if your project involves fieldwork, you might list transportation, printed surveys, or recording equipment. By identifying these early, you ensure nothing is left out.
Describe the Purpose of Each Item
Explain why each item is necessary for your project. For instance, you might use a digital recorder to collect interviews for qualitative analysis. Describing how you will use each item helps reviewers understand its importance and relevance. This step justifies your choices and shows that you have thoughtfully planned your budget.
Estimate Costs and Quantities
Calculate how many of each item you need and how much they will cost. Use current market prices to guide your estimates. For example, if you plan to print 15 posters at $4 each, you will budget $60. By estimating accurately, you prevent overspending and make your proposal more realistic and acceptable to funders.
Identify Funding Sources
Clarify who will provide or purchase each item. You might secure funds from your academic department, sponsor, or personal savings. Also, specify where you plan to purchase each item—whether from online retailers, campus stores, or local vendors. When you define your funding sources clearly, you demonstrate responsibility and avoid delays in acquiring resources.
