Financial reporting at the MIT Formula SAE team : a case study

Abstract

A case study was performed on the financial reporting at the MIT Formula SAE team. For each section of the car it was necessary to provide three main financial documents: Bill of Materials, Process Descriptions, and Fasteners. Additionally, the team had to adhere to specific guidelines for preparing these documents and for compiling them all together to create the team's cost report. The purpose of the case study was threefold. First, it was intended to improve upon the quality and score of the cost report from previous years. Second, it was intended to alleviate some of the pressure from the team managers by not having to worry about preparing the cost report themselves. Finally, the case study was intended to help facilitate the preparation of the cost report in future years, so it does not have to be overshadowed by the completion of the vehicle. Therefore, the trend of increasing performance of the cost report can be maintained. In the end, the study proved to increase the team's cost report score, allowed the team managers to focus more on the production of the vehicle, and yielded templates and instructions, as well as a standard, for preparing future cost reports.