5-2 Program Budget
Thus far, you have identified a health or healthcare problem and completed your needs assessment for this program. You decided to use the logic model for your program planning and have already started building the model.
Now, you must plan the budget for your program. Budgeting is the process of creating a plan that shows when the money will be spent, why it will be spent, and whether it will be covered by income from a funding source. No matter what the need for a program is, it requires a well-planned budget. Without a well-estimated, pre-approved budget, no program can move forward.
In this assignment, you will fill in the Proposed Program Budget Template provided for your program with appropriate figures and then give the rationale for your budget estimations. Before your program plan can be implemented, your senior management needs to know the costs associated with the in-house and acquired resources for the first 12 months of your program, the costs incurred once, and the ongoing expenses. They also need you to determine the expected sources of program income, which may include revenue from billing, savings, donations, or grant funding, along with the amount expected from each source. You will provide the estimated program budget to your senior management to help them make financial decisions related to your program.
Prompt
Fill out your proposed first-year program budget, and write a reflection on the items you included in the budget, as well as their estimated costs or revenues.
Specifically, you must address the following rubric criteria:
Purpose of the Budget: Describe the purpose of your program budget, along with your approach toward budgeting.
Resource Costs: Estimate the resource costs for your program, including the in-house and acquired resources for 12 months, and explain why these resources are essential for the program. Consider the following questions to guide your response:
How would you differentiate between in-house and acquired resources?
Which calculations would you use to estimate resource costs for 12 months?
One-Time Costs: Determine the one-time costs for your program, and describe why this calculation is important for estimating the program budget. Consider the following question to guide your response:
Which resources would you include under the one-time costs? Provide a rationale for each inclusion.
Ongoing Costs: Determine the components of ongoing costs you would list under this category. Consider the following questions to guide your response:
Which resources would you include under ongoing (continuing) costs? Provide a rationale for each inclusion.
Expected Sources of Income, Savings, and Funding: Determine the expected income, savings, and/or funding sources for your program, and describe how they meet your expense needs. Consider the following questions to guide your response:
Which types of funding would you prefer for your program and why?
Would the program’s income sustain your program into the second year?
Note that all the claims in your deliverable should be evidence based. Your citations should be from your independent search for evidence (not from the scenario, textbook, or module resources) of credible sources and be current within the last five years. You are required to cite a minimum of one source overall. Refer to the Shapiro Library Guide: Nursing—Graduate located in the Start Here section of the course for additional support. If you need writing support, access the Online Writing Center through the Academic Support module of your course.
