8.5 Treasury Policy

Tilburg University’s treasury policy is based on the Treasury Statute, in line with the 2016 Ministry of Education, Culture, and Science regulations for Investment, Borrowing, and Derivatives. The Treasury Statute was approved by the Board of Governors on December 16, 2016.

In 2021, Tilburg University converted to Treasury Banking, and almost all liquid assets were deposited with the Treasury. As of December 21, 2021, the investment portfolio still contained one bond, which may be held until maturity. Within the framework of Treasury Banking, no new bonds will be purchased. No derivatives will be used.

Cash-flow planning for the next five years is based on the estimate of funding from the national government, tuition fees, multi-annual unit budgets, the strategic real estate vision, and historical data. Investments in fixed assets are financed from the entity’s own resources whenever possible.

The Treasury actively manages the size of the current account balance while ensuring continuity of operations.

In the annual statement of accounts, the bond was valued at fair value as of the balance sheet date. Unrealized changes in price since purchase (decreases to purchase price) are recorded directly in the securities revaluation reserve. Due to price appreciation, this reserve increased in 2021.

No other financial instruments were present at Tilburg University in 2021, and therefore no risks were incurred with respect to these instruments.