Main Capabilities -
Ability for people to join/add the App as an authorized app
Create projects (title + description + possibly a picture or icon for the project)
Add/Invite Friends to projects
Check-in to projects (a single text field similar to Twitter but specific to the project you are checking into - i.e. "Hey, I just finished the first section of our final paper!") - Default check-in text = Mike B. to The Odyssey Project and then under that with smaller text unbold put the text of anything the person said, and then under that a little smaller how long ago they checked in.
Check-ins can have comments and Likes
Each project should contain a running stream of all the check-ins
Give people the option to post their check-ins to their Facebook Newsfeed
Nice to haves
Project categories - Math, Science, Literature, etc.
Badges - Class Clown for a certain number of check-ins to a funny project, Mathemetician, Jock for so many check-ins to an athletic class, etc.
Budget is $300.