Financial statements

Donations in 2021

Notes to the financial statements

The Tilburg University Fund Foundation is included in the 2021 consolidated financial statements of Tilburg University. Tilburg University provides financial resources so that the University Fund can carry out its work. The University Fund is facilitated by the Development & Alumni Relations Office (DARO). Its employee and other expenses are therefore recognized in the financial statements of Tilburg University.

Donations received (income)

The income of the Tilburg University Fund Foundation amounted to €441,227 in 2021. The donations to the University Fund consist of:

• bequests and endowments

• other donations, gifts, and contributions

• grants

• sponsorship funding

• other lawfully acquired financial resources

Investments

In 2021, the Tilburg University Fund, together with a major donor, instructed an external party to begin investing part of its assets. As long as donations remain unappropriated, this external party will invest on behalf of the donor in accordance with a selected risk profile. This specifically concerns the assets belonging to the Women of Bethany named fund. An amount of €624,000 has been invested through an asset manager (ABN AMRO). Of this, €544,526 has been invested in equities and bonds. The remainder is still being held as liquid assets in a capital account. The investments began on November 8, 2021. As a result, negative interest was also paid on a large part of the donation up to that date. A return of €753 was received on the investments for 2021. 

Grants awarded (expenses)

In 2021, a total of €278,259 was disbursed to or for Tilburg University, staff, students, and alumni. Grants were made in accordance with criteria set by the Board of the Tilburg University Fund Foundation and in line with any wishes expressed by donors.

Other expenses

The other expenses of the Tilburg University Fund Foundation in 2021 amounted to €10,865. These comprised bank and transaction charges, interest expenses, and the charge for a review opinion issued by the auditor in respect of the 2020 financial statements.

Accounting policies

Liquid assets are carried at nominal value. The investment portfolio consists of securities valued at their current value (fair value). The income and expenditures have been included in accordance with the cash accounting method.

Operating results

The cash flow of the Tilburg University Fund is divided over a number of funds. Donations received and disbursed are allocated to these funds. Detailed notes can be found elsewhere in this annual report.

Many donations are pledged over a period of several years. Disbursements to projects can also be spread over several years. More was received than disbursed in 2021. This led to a positive operating result. This was mainly due to two large donations for which costs will not be incurred until 2022. The positive operating result for 2021 will be added to Tilburg University Fund’s reserves, where it will be earmarked for each fund. From 2021 a distinction is being made between the general reserve and the special-purpose reserve. The general reserve is freely available to the Fund (within clear parameters). The special-purpose reserve is linked to specific objectives set by donors.

Many donations are pledged over a period of several years. Disbursements to projects can also be spread over several years. More was received than disbursed in 2021. This led to a positive operating result. This was mainly due to two large donations for which costs will not be incurred until 2022. The positive operating result for 2021 will be added to the reserves of the Tilburg University Fund Foundation, where it will be earmarked for each fund. From 2021 a distinction is being made between the general reserve and the special-purpose reserve. The general reserve is freely available to the University Fund (within clear parameters). The special-purpose reserve is linked to specific objectives set by donors.