Sample Budget - UW Departments Web Server

Document Sample
Sample Budget - UW Departments Web Server Powered By Docstoc
					Exploration Seminar Program Name & Location: Program director: Exchange rate per USD$:



PLEASE READ INSTRUCTIONS ON SEPARATE TAB/WORKSHEET (see tabs at bottom) Cost (use one) Days/Wk/
US $ Foreign Currency Persons Mo

Subtotal in $USD

Student Program Fees Additional Support $ 916 15 13,740

Total Revenues Expenses
Room & Board Student Housing (per night) Student Food (if included in program fee) Director housing (max 4 total days before/after program) Director per diem (max 4 total days before/after program) Instructional & Staffing Costs Program Director Salary (split between all faculty/staff unless over 20 students) Stipend for other help (non-appointed assistant or grad student) Honoraria (pay according to local norms) Local Coordinator (in-country, $1000 is norm) Student Course Materials (incl photocopies) Classroom rental Travel Faculty on-site travel (for needed non-group travel) Program Director flight (lowest coach fare) In-country group transportation (i.e. bus/taxi/group tickets) Entry and/or exit taxes Other (parking, tolls, etc.) Program Enhancement (add or edit as needed; account for faculty/staff as appropriate!) Field Trip 1 (write in or delete) Tour 1 (write in name or delete) Excursion 1 (write in or delete) Entrance Fee 1 (write in or delete) Last night / end-of-program event Other Other Pre-departure Expenses (max $200, no alcohol) Cell phone(s) and other communication (internet & local phone) Miscellaneous: Supplies, tips, postage, other Instructor texts Additional Insurance (only if required by UW) Wire transfer fee(s) - $25 per transfer ATM transaction fees (approximate $3-5 per transaction) Overhead & Reserves Administrative Overhead Subtotal Expenses Program Reserve (buffer) - 2% of subtotal expenses Emergency Reserve (overhead) - 4% of subtotal expenses $ 1 15 15 1 1 1 1

$ 13,740

$ $ $ $

15 -

$ 7,500

1.223 1.112

$ $ $ $ $ $

9,173 -


1 1 16 16

$ $ $ $ $


16 16 16 16 16 16

$ $ $ $ $ $


$ $ $ $ $ 25 1 $ $

25 -



$ $ $ $ $

3,750 12,963 259 519 916

Total Expenses
Cost per Student

$ 13,740

Exploration Seminar Budget Development Guide

General Instructions: Your planning budget should be written for 15 students, which is the minimum you will take on your program. The program budget must zero-out (all costs must be covered) by 15 students. If you end up taking more (and we hope you do) this will leave your budget with a slight surplus, used to cover the costs generated by the additional student(s). Any leftovers will be directed towards Exploration Seminar administration, reserves and student scholarships. Start by filling in all the expense items and prices in the “Expenses” section. If you obtain exact costs or price estimates in local currency, please use the local currency column, and enter the appropriate exchange rate at the top of the worksheet. The budget template is only a guide. You do not have to use or limit yourself to the items you see there – they are merely some typical program expenses. You can remove or leave blank any that do not apply to your program, and you can insert more as needed (insert -> line). Remember to budget for yourself and extra staff as extra persons where appropriate! Some costs (admin fees, salary, benefits, reserve) are pre-set as noted. Do not change these. Wherever possible, please try to budget items as per-student costs. For example, instead of estimating $150 for a museum entrance fee, budget for $10 per person X 15 students. For some items this will not be possible (like honoraria, or renting a bus) as they are fixed group/program costs which do not change depending on the number of students. Breaking out costs as this way helps us plan for the future, and make more accurate refunds to students who need to withdraw. Once all your costs are included, there will be a total at the bottom of the “Expenses” section, as well as a large balance showing. The next step is to enter a program cost at the top under “Revenues” and adjust it so that it makes the balance at the bottom as close as possible to zero (make sure it is positive). Round up your program fee to a multiple of $25, and that’s your program fee! If you have or expect additional revenue from a departmental contribution, donation, or other source, add a line in the revenue section at top. Please remember these fiscal policies: no UW funds may be spent on alcohol under any circumstance; gifts and donations are not allowable expenses; avoid purchasing durable goods that will have a life after the end of the program - these become property of the UW/IPE office; and please know and abide by the UW's conflict of interest policy! Protecting your budget: It isn’t always easy to get reliable numbers in advance for faraway costs that you will incur in the future. Do your best to get a sense of actual expected costs, and take into account factors like the exchange rate, which may tend to change over time. It is OK to budget a bit more than you expect to pay for some items, or to expect a worsening exchange rate, to be safe. The three best things you can do to budget accurately are: Don’t guess – do research and use local contacts to get actual prices. Get commitments from vendors on how much they will charge you – and get documentation that you can bring with you as back up. Get price quotes & commitments from vendors in U.S. DOLLARS whenever possible to avoid risks associated with currency fluctuations. Your budget will be calculated in dollars, so committing to pay for things in U.S. dollars is highly preferable. Keep Costs Down: All costs associated with Exploration Seminars are generated by student program fees, and hence are ultimately borne by students. We want to keep costs down to make these programs as affordable and accessible as possible to students. While you are just as free to choose a 5-star hotel or a campground, we strongly encourage you to make every effort to keep down the costs of your program, within appropriate bounds of health, safety, comfort and convenience. Less expensive choices are often more culturally appropriate as well. Keep this in mind! Getting a head start on your price research helps a lot, and while this can require a bit more effort on your part, it will mean a lot to your students, many of whom have to take out loans to make these programs possible.

Notes on Line Items

Administrative Fees: This fee is set and is the same for all students on all programs. This fee supports: UWbased staff supporting the Exploration Seminars throughout the year, marketing, scholarships, assessment, IT management, reserve funds, program development, orientations and other administrative costs. Faculty/Staff Salary: This is a flat rate for all programs and is intended to cover all UW staffing costs on the program. If your program includes a second faculty/staff/grad member, this amount is to be shared, unless you have over 20 students or are otherwise generating additional revenue to cover added staff costs. If not hiring a local coordinator, you may increase total salary expenses by a maximum of $1000 for a second person. For 2008, the salary is $7500, plus benefits. You may choose to take less, but not more. You decide how to split this amount if shared by two or more people.

Per Diem: Per diem for Exploration Seminars is less than standard government rates. As an ExpoSem program director, we expect and encourage you to “explore” alongside your students to the greatest extent possible. For this reason, and to keep student costs down, we use the Economist’s “Big Mac Index” to determine rates that are modest yet sufficient and equitable. Per diem is calculated as the cost of 10 Big Macs for your country or the nearest equivalent. See: Room and Board: As director, your housing costs are covered and can include a few (2-4) days before your program. Your board (food) costs should be included in the budget as per diem. Student housing should be included in your budget for the entire program. Student board (food) may be included as you see fit. Some programs include all meals, some none. This depends on the logistics of your program. Most programs only include meals in cases where eating as a group is the only option, or where food is included with housing (i.e. home stay) or activity costs (i.e. a tour with lunch). Student housing is typically the biggest expense so try to keep it down - students dont mind "adventurous" housing, and they like to live "authentically" with regard to local norms, not in 5-star hotels. Classroom Rental: This is an acceptable expense, but remember - Exploration Seminars are for exploring students do not want to spend their time abroad in a classroom (they can do that at the UW!). For lectures and discussions, try to use local sites - a park, amphitheater, cafe - by making creative use of your program site you can keep costs down and students happy at the same time. Program Reserve: This is calculated as a percentage (2%) of your program’s total expenses and is the extra, unbudgeted amount you will take with you for contingencies and unforeseen expenses only. You are expected to return it to the UW after your program except in the case of special circumstances. Emergency Reserve: This is calculated as a percentage of your program’s total expenses and is based on the number of students on your program. The reserve is a minimum of 4%, and increases slightly with the number of students you take. The reserve money is kept by the university to pay for withdrawal refunds, currency fluctuation, emergencies, and student scholarships. Local Coordinator: Most programs make use of a local coordinator with good local knowledge, contacts, and language skills. This person typically helps with program research (finding housing, lining up activities, getting price information, making reservations). The typical payment for this service is approximately $1000. This may vary depending on whether your local coordinator is doing more or less than average. This person may not be a family member or anyone else who would violate the UW’s conflict of interest policy. Communication & Phones: You MUST have a working cell phone for the duration of your program. You can obtain this either by renting one from the UW, renting or borrowing one abroad, or purchasing a phone abroad. If you will be in remote areas or areas with little or unreliable service, you might consider a satellite phone to ensure reliable contact. Make sure you budget adequately for this. More information on UW rental rates is at

The Hamburger Standard (based on July 24th, 2008


Big Mac Price
in Local Currency $3.57 Peso 11 A$ 3.45 Real 7.5 £ 2.29 C$ 4.09 Peso 1550 Yuan 12.5 Peso 7000 Colones 1800 Koruna 66.1 DK 28 Kroon 32 Pound 13 3.37 HK$ 13.3 Forint 670 Kronur 469 Rupiah 18700 ¥ 280 Lats 1.55 Litas 6.9 Ringgit 5.5 Peso 32 NZ$ 4.9 Kroner 40 Rupee 140 New Sol 9.5 Peso 87 Zloty 7 Rouble 59 Riyal 10 S$ 3.95 Koruna 77 Rand 16.9 Won 3200 Rupee 210 SKr 38 SFr 6.5 NT$ 75 Baht 62 Lire 5.15 Dirhams 10 Hryvnia 11 Peso 61 in US dollars 3.57 3.41 2.32 3.35 3.94 3.50 2.45 1.83 2.98 3.21 3.62 5.10 2.78 2.34 4.58 1.71 3.58 4.47 1.91 2.78 2.96 2.71 1.57 2.52 2.96 6.43 1.76 3.04 1.84 2.68 2.25 2.66 2.68 3.41 1.83 2.57 1.94 5.34 5.74 2.32 1.80 3.68 2.72 2.07 2.81

Per Diem
x10 = daily per diem $ 36 $ 34 $ 23 $ 33 $ 39 $ 35 $ 24 $ 18 $ 30 $ 32 $ 36 $ 51 $ 28 $ 23 $ 46 $ 17 $ 36 $ 45 $ 19 $ 28 $ 30 $ 27 $ 16 $ 25 $ 30 $ 64 $ 18 $ 30 $ 18 $ 27 $ 23 $ 27 $ 27 $ 34 $ 18 $ 26 $ 19 $ 53 $ 57 $ 23 $ 18 $ 37 $ 27 $ 21 $ 28

United States Argentina Australia Brazil Britain Canada Chile China Colombia Costa Rica Czech Republic Denmark Estonia Eygpt Euro area Hong Kong Hungary Iceland Indonesia Japan Latvia Lithuania Malaysia Mexico New Zealand Norway Pakistan Peru Philippines Poland Russia Saudi Arabia Singapore Slovakia South Africa South Korea Sri Lanka Sweden Switzerland Taiwan Thailand Turkey UAE Ukraine Uruguay

$ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $

Forecasting Exchange Rates: how to forecast exchange rates for programs taking place 9 months from now, in an era of a battered U.S. dollar? The dollar has been in decline in relation to many global currencies. This is critical to take into account in budget planning - the tanking dollar adversely affected many 2007 and 2008 ExpoSems. All programs should hope for the best yet prepare for the worst. If you ever thought it impossible that the Canadian dollar would be worth more than the U.S., you now know that anything is possible. Surprises are inevitable, but this will help us maximize the chance that any surprises are good ones.

Example: the EURO From Feb 08 to Aug 08 ago the dollar floated at close to $1.6 per Euro (see chart below) a rate virtually no one anticipated. To be safe, all programs should plan for a minimum exchange rate of $1.55. See chart below. If you plan conservatively and rates turn out better than expected, you will have extra funds in your budget - far preferable to the alternative.

Payroll Load Rates
Click here for a printable version of the table below Instruction Auxiliary Residents Graduate Post Doc Classified & Research Teaching & Chief Student Trainees Staff Faculty Residents Appointments

Decreases in the 2009 rates are largely the result of a one-time decrease in the Health Care premiums in 2009 to adjust for low

Effective Dates

From To 7/1/2008 6/30/2009

10-Jan 22.30%

20-Jan 23.90%

01-20E 22.70%

01-30 / 01-40 13.30%

Jan-50 15.50%

Jan-60 29.60%

Care premiums in 2009 to adjust for lower than expected Health Care Authority costs and other factors. The rates will likely increase significa

Professional Staff

Jan-70 26.20%

Professional Staff, Exempt from Retirement 01-70ER 18.10%

Professional Staff, Exempt from Health Care 01-70EH 15.70%

Hourly & O. T.

Graduate Stipends

Jan-80 12.00%

Jan-90 11.20%

The rates will likely increase significantly in 2010 when the premium cost goes back to the normal range.

Shared By: