Creating a proposal budget

Developing a program budget is an important first step in planning a faculty-led study abroad program. When creating your budget, keep the following basic budget goals in mind.

Basic Budget Goals

Keep Costs Down	All costs associated with faculty-led programs are covered 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. Less expensive choices are often more culturally appropriate. Keep this in mind!
Student Numbers	Your proposal budget should be written for a set number of students that can feasibly be recruited and supported All program costs must be covered using this number of students If you select fewer or more students, this spending plan may incur a deficit or surplus See the Surplus or deficit policy to learn how money carries over from one program to the next
Exchange Rates	Exchange rates constantly change; Protect your budget by budgeting a bit more than you expect to pay
Research Prices	Research and get actual prices from vendors in your program location, using local currency whenever possible
Economic Conditions	Ensure that political and economic conditions will not present barriers to the success of your program. Make sure you will be able to make advance payments and withdraw cash in country
Program Staff	Budget for yourself and extra staff where appropriate
Allowable/Unallowable Expenses	Know what program funds can and cannot be used to purchase Program funds CANNOT be used to pay for alcohol, gifts, or donations. Avoid purchasing durable goods that will have a life after the end of the program. These become property of the program and will be stored by UW Study Abroad. Know and abide by the UW’s Conflict of Interest Policy.

Vendor Selection

As you plan your program, you should begin to select the companies and individuals who will provide goods and services for your program. Here are some factors you should think about while researching suppliers:

• Have you or a colleague used this vendor before? If not, are you able to find other favorable reviews or ratings? A web presence can indicate a more established company.
• How do their prices compare with other vendors who provide similar services?
• What are their payment terms and how do they accept payment? Note that payment by credit card is by far the fastest method.

Financial and economic climate of your destination

SAFA would also like to mention that it is important to be aware of the financial restrictions of the country. Many countries will have limitations and their own set of rules when it comes to payments and the movement of funds.

We highly encourage you to research these restrictions so that when you are in country, you are equipped to mitigate many of these problems. If your program will need a large cash amount, this may be a stress during your program. It is best to plan early and consider how to either have SAFA pay your vendors in advance or create an action plan while you are in the country.

THINGS TO CONSIDER

• Do vendors in your location accept credit cards without chips?
• Are there severe ATM withdrawal limitations? What is the maximum amount that can be withdrawn daily?
• Are there high fees for using ATM machines? Are there ATMs at certain locations or banks that charge lower or no fees?
• Can you pay some of your vendors with U.S. dollars withdrawn in the U.S. before you leave?

RESOURCES

The Economist Intelligence Unit, available through UW Libraries, provides country-level information and analysis.

Spending Plan Tool

Use the UW Study Abroad Spending Plan Tool to map out expenses. All program proposals must include a preliminary spending plan created with the Spending Plan Tool. For more information, see the

 

 

Next steps

• Complete your proposal spending plan using the Spending Plan Tool.
• Submit a PDF of your spending plan with your proposal using the online proposal tool.