Budget

Project Budget. The project budget is an important document from both the construction and the development perspective. It includes construction costs and other costs directly and indirectly related to the project. The project budget must be sensible, arrived at in a rational manner by members of the project committees and their agents and consultants. It should support the facility program and stay within reasonable limits of your institution. The project budget illustrates, to prospective donors and to the campus community, the care with which you have proceeded in planning, and how this single project fits into institutional planning and priorities.

Operating Budgets. It is important in the planning stage to address the potential impact that the new spaces will have on your operating budget. The reasons are obvious: if annual operating costs increase, someone on your campus will have to pay attention to securing an equivalent increase in annual revenue and its source. In making these operating budget estimates it is critical to consider first intangible benefits and costs that might accrue.