How do I concider the 1000 students in my matrix budget?
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I have to do the following assignment but I am confused about how to incorporate the 1,000 students in the budget:
You are the executive director for a local government workforce agency that focuses on providing career- and work-related skills. The Department of Education has awarded your agency with grant funding of $1.6 million to provide training programs to high school dropouts. The funded programs are a basic work skills training program and a vocational program. You are preparing a budget matrix to present to the awarding agency. The matrix budget consists of line-item, functional, and program budgets.
Operating Expenses: Per Year
Rent
$125,000
Utilities
$100,000
Office supplies
$25,000
Equipment/lease
$50,000
Transportation and travel
$100,000
Outside consultants
$100,000
Overhead costs
$100,000
Personnel expenses: Annual Salary Number of FTEs
Executive director
$100,000
1
Training supervisor
$80,000
1
Trainers
$50,000 10
Administrative coordinator
$45,000 1
Administrative staff
$25,000 3
Employee-related benefit expenses @ 25%
$200,000
All costs excluding the salary of the executive director and training supervisor will be allocated according to this formula:
60% to basic skills program
40% to vocational program
Number of eligible students: 1,000
Use the information above to create each of the following:
1. A line-item budget table showing all associated costs implementing the training programs.
2. A combined functional and program budget to calculate all costs per enrolled student.
HSM220 - pam, Saturday, November 20, 2010 at 6:16pm
I have to do the following assignment but I am confused about how to incorporate the 1,000 students in the budget:
You are the executive director for a local government workforce agency that focuses on providing career- and work-related skills. The Department of Education has awarded your agency with grant funding of $1.6 million to provide training programs to high school dropouts. The funded programs are a basic work skills training program and a vocational program. You are preparing a budget matrix to present to the awarding agency. The matrix budget consists of line-item, functional, and program budgets.
Operating Expenses: Per Year
Rent
$125,000
Utilities
$100,000
Office supplies
$25,000
Equipment/lease
$50,000
Transportation and travel
$100,000
Outside consultants
$100,000
Overhead costs
$100,000
Personnel expenses: Annual Salary Number of FTEs
Executive director
$100,000
1
Training supervisor
$80,000
1
Trainers
$50,000 10
Administrative coordinator
$45,000 1
Administrative staff
$25,000 3
Employee-related benefit expenses @ 25%
$200,000
All costs excluding the salary of the executive director and training supervisor will be allocated according to this formula:
60% to basic skills program
40% to vocational program
Number of eligible students: 1,000
Use the information above to create each of the following:
1. A line-item budget table showing all associated costs implementing the training programs.
2. A combined functional and program budget to calculate all costs per enrolled student.
ok so where is the answer?
To consider the 1000 students in your matrix budget, you will need to follow these steps:
1. Determine the total budget: Start by identifying the amount of money you have available for the budget. This could be a fixed amount or allocated funds.
2. Determine the per-student budget: Divide the total budget by the number of students to calculate the per-student budget. In this case, divide the total budget by 1000.
3. Consider different cost factors: Think about the different cost factors that need to be considered for each student. This could include expenses such as textbooks, supplies, equipment, field trips, transportation, and any other relevant expenses.
4. Calculate the cost for each student: Multiply the per-student budget by each cost factor to determine the cost for each student. For example, if the per-student budget is $500 and you need to allocate $100 for textbooks per student, then the total cost for textbooks would be $100 * 1000 students = $100,000.
5. Allocate the budget: Once you have determined the cost for each student, allocate the budget accordingly. Allocate specific amounts for each cost factor, ensuring that the total amount allocated is within the total budget available.
6. Monitor and adjust: Regularly monitor the spending and adjust the budget as needed. Keep track of actual expenses to ensure that you are staying within the allocated budget and make adjustments as necessary to meet any unforeseen expenses or changing needs.
By following these steps, you can effectively consider the 1000 students in your matrix budget and allocate the budget to meet their individual needs.