1
Funding Sources
Student's Name
Institutional Affiliation
Course Number: Course Name
Instructor's Name
Due Date
2
Funding Sources
Introduction
When engaging in project planning, the primary challenge is securing the needed funds to
complete the project. Project funding may be acquired from multiple sources. These sources
typically include government funding, such as government grant programs at the municipal,
provincial, and federal levels, and private funding or fundraisers, such as gifts and donations
from individuals, organizations, or foundations (Creative Placemaking, n.d.). In addition, the
funding may be acquired from partnerships, trusts, and loans, to mention a few. Given the critical
nature of funding to project success, it is vital to consider the program’s financial needs during
project planning (Creative Placemaking, n.d.). Since there is expected to be a limited amount of
private and public funding available, the project will source funds from both a federal grant and
private sources, specifically fundraisers, to ensure it acquires the requisite finances for project
completion. Further details of financing are discussed in the next section.
Budget Plan
A program budget plan provides the financial details relating to the costs of completing a
program. It combines the program activities with a detailed outline of the estimated cost for
completing each activity (Lee Jr. et al., 2020). For the current program, a Federal grant of
$70,000 will be sought from The Youth Build Program. It is a Federal Grant issued by the
Department of Housing and Urban Development (HUD) targeting young persons between 16 and
24 who are economically disadvantaged school dropouts who need assistance getting back into
schooling (At-Risk Youth Programs, 2022). Further, the funds are issued for cheap housing and
cover counseling and referral services, including education to private and not-for-profit groups
(At-Risk Youth Programs, 2022). The rest of the amount ($30,000) will be sought through
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fundraisers and donations. For example, crowdfunding involves collecting money from
individuals and donors through the internet, specifically social media (Bashir & Banze, 2020). In
addition, donations such as financial gifts and humanitarian aid to support programs (Giving
USA Foundation, 2020). The donations will ensure the community feels part and parcel of the
program and its success.
The spending plan covers the period of December 2022 - February 2023. The budget is
prepared in a Line-Item Budget format and is a budgeting approach employed when creating and
monitoring spending. The budgetary items are grouped based on departments, program activities,
or costs to highlight areas using most of the funds (Lauth, 2021). The items indicate specific
financial information for accounting and often expense reporting and comparatively reveal
previous, current, and future financial information (Lauth, 2021). The total budget for the
program is $100,000. The majority of the requested funds will be used toward project costs.
These are the direct and indirect costs of completing the project (Nalewaik, 2019). The finances
will be used to provide for the needs of the homeless children, which will cost $65,000. The next
highest cost will be towards salaries which is the set amount as compensation to an employee
(Lee Jr. et al., 2020). Salaries will comprise a total of $10,000 and will be used for maintaining
the staff for the three months. The overall budget lines will include income salaries, equipment,
rent, marketing, training, personnel costs, printing costs, utilities, travel, office, and project costs.
Saint Leo Core Value
Saint Leo’s core value is honesty. Devine Angels is built on honesty, meaning the
organization's members are always truthful with each other and the people they serve. It is
essential because it helps to build trust between the members of the organization and the people
they serve. It also helps to create a sense of respect between the two groups (Huberts, 2018).
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Therefore, by applying this value, the organization will gain trust and support from the funding
agencies and the community it serves.
Conclusion
At the core of a project's success is its capacity to acquire the relevant funds for
implementation. Funds can be obtained from multiple sources, and for the grant program,
funding will be sought from both Federal and private sources through grants and donations. The
spending of the funds should be outlined in a budget plan to offer insights into how the funds
will be spread into different program undertakings. More importantly, the program should be
founded on a specific core value, in this case, honesty which will ensure accountability and trust,
generating significant support.
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References
At-Risk Youth Programs. (2022). Different Federal grant programs to help at-risk youths. AtRisk Youth Programs. https://atriskyouthprograms.com/different-federal-grant-programsto-help-at-risk-youths/
Bashir, I., & Banze, R. (2020). Crowdfunding: The story of people. Mumbai: Project Nile.
Creative Placemaking. (n.d.). Sources of capital project funds. Artscapediy.
https://www.artscapediy.org/guide/sources-of-capital-project-funds/
Giving USA Foundation. (2020). Giving USA 2020: The Annual Report on Philanthropy for the
Year 2019. Chicago, IL: Giving USA Foundation.
Huberts, L. W. J. C. (2018). Integrity: What it is and why it is important. Public Integrity,
20(sup1), S18–S32. https://doi.org/10.1080/10999922.2018.1477404
Lauth, T. P. (2021). Public budgeting in Georgia: Institutions, process, politics, and policy.
Berlin: Springer Nature.
Lee Jr., R. D., Johnson, R. W., & Joyce, P. G. (2020). Public budgeting systems. Burlington,
MA: Jones & Bartlett Learning.
Nalewaik, A. (2019). Project cost recording and reporting. Oxfordshire: Taylor & Francis.
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Appendix
Budget Line Item
Amount($)
Grant
60000
Donation
40000
Total Income
100000
Salaries
10000
Equipment and Supplies
8000
Rent
5000
Project costs
65000
Media and Communication
4000
Office expenses
2000
Travel
2000
Miscellaneous expenses
2000
Maintenance
2000
Total Expenses
Table 1: Devine Angels program budget plan
100000
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