ENIAC inventors John Mauchly and J. Presper Eckert proposed EDVAC's construction in August 1944, and design work for EDVAC commenced before ENIAC was fully operational. The design would implement a number of important architectural and logical improvements conceived during the ENIAC's construction and would incorporate a high-speed serial-access memory.[1] Like the ENIAC, the EDVAC was built for the U.S. Army's Ballistics Research Laboratory at the Aberdeen Proving Ground by the University of Pennsylvania's Moore School of Electrical Engineering. Eckert and Mauchly and the other ENIAC designers were joined by John von Neumann in a consulting role; von Neumann summarized and discussed logical design developments in the 1945 First Draft of a Report on the EDVAC.A contract to build the new computer was signed in April 1946 with an initial budget of US$100,000. The contract named the device the Electronic Discrete Variable Automatic Calculator. The final cost of EDVAC, however, was similar to the ENIAC's, at just under $500,000.The EDVAC was a binary serial computer with automatic addition, subtraction, multiplication, programmed division and automatic checking with an ultrasonic serial memory.