Costingyourproject

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Make sure you cost your project out to meet all the needs of the project and the organisation.

Make sure you cost your project out to meet all the needs of the project and the organisation.

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  • 1. Costing your project Make sure you cover all the costs required for your proposed project.www.get-funding-ideas.com
  • 2. Introduction  There is a difference in Core Costs and Project Costs.  When funding, you need to look at the core cost of the project, not the overheads of the organisation.  Full cost recovery was recognised by the treasury in 2002.  You need to calculate the real cost of each project and this presentation will help you do that.www.get-funding-ideas.com
  • 3. Direct Costs  You need to divide the costs into categories  Some costs will be directly attributed to the product or service. This is the direct costs  Materials, travel incurred for the project are classed as direct costs  Deducting the directs costs from the income for a service will give you its contribution.  These costs should be put against your overheads.  Surplus is then considered gross profit.www.get-funding-ideas.com
  • 4. Fixed Costs  Things such as rent, insurance, accounting etc are considered fixed costs as they do not change over a short period of time  These are sometimes considered core costs by voluntary groups  However they are not the core costs of the project or service, they are overheads for the organisationwww.get-funding-ideas.com
  • 5. Surplus  It is often thought that the voluntary sector cannot make profit.  However making a profit that will go back into the organisation is allowed and creates more sustainability  Surplus is required to purchase capital equipment and maybe to provide working capital.  This will help you build a reserve for your organisationwww.get-funding-ideas.com
  • 6. Staff Costs  It is important to know how many hours a staff member will be working on the project.  If the staff member works solely on the project, this is easy to calculate  If the staff member is working on a number of projects, then you need to know how much is spent on this particular project  Staff will need time for training, sickness etc.  Make sure you calculate how much time other staff in the organisation may spend on the projectwww.get-funding-ideas.com
  • 7. Project Costs  This is the direct costs + its share of the staff costs + its share of the overhead costs.  If you get this right and you raise the funds needed then you will break even  You may even make a surplus through the cost of products of serviceswww.get-funding-ideas.com
  • 8. Planning  This should be part of your planning process for funding  Use a spreadsheet or a pre planning process  The planning will also give you a breakdown of your project/s and you can produce management accountswww.get-funding-ideas.com
  • 9. Further Information For further information on funding, please go tohttp://www.get-funding-ideas.com