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(1) This Policy is effective from 1 October 2023. (2) This Policy is governed by the Deakin University Act 2009 (Vic). (3) This Policy establishes the University treasury framework to provide guidance on responsible and effective treasury management to manage financial risks. (4) This Policy identifies the financial risks and delivers a treasury management framework that allows the University to mitigate those financial risks whilst minimising the cost of debt and maximising returns on surplus funds held. (5) This Policy applies to all staff of the University and its controlled entities authorised to administer treasury management functions. (6) This Policy does not apply to the financial investments monitored by the Investment Committee. These are managed in accordance with the Investment Policy. (7) The University is exposed to treasury related risks arising from cash and liquidity, foreign exchange, interest rate, borrowing and debt management and associated cash management operational activities. The safeguarding of the University’s cash resources must be achieved with respect to the principles of public accountability and compliance with relevant legislation, including those established under the Deakin University Act 2009 (Vic). (8) The University will manage its liquidity risk to ensure the University has access to appropriate cash resources to meet all its operational requirements and financial obligations when they fall due by: (9) The University will manage credit risk and the potential loss arising from default or insolvency of a financial institution with the primary sources of credit exposure governed by the Policy being cash held in bank accounts, bank deposits, and the undrawn portion of committed credit facilities. (10) The overall level of counter-party credit exposure to individual financial institutions to acceptable levels will be through institution selection, diversification, term maturity, and related decisions. (11) Restrictions to minimise counter-party credit risk are set out in the Investment Governance Framework. (12) Borrowings may be utilised to support the University’s liquidity. Future borrowings requirements will be estimated during the annual Financial Planning process and included within Budget Financial Statements. (13) In accordance with section 45 of the Deakin University Act 2009 (Vic), the University must obtain approval in writing from the Victorian Treasurer prior to entering into any borrowings. The University must ensure all legislated requirements are met, including compliance with any terms and conditions of the borrowings specified by the Victorian Treasurer. (14) Borrowings will only be arranged with institutions that are judged to have sufficient financial strength to ensure that the funds committed under the facilities will be available as and when they are required by the University. The credit rating of the institution must be at or above Standards and Poor’s rating “A-1”. (15) Borrowing risk relates to raising funds in an orderly manner, as required and without penalty. The University will maintain a prudent level of debt and ensure debt service obligations are manageable and within the financial capacity of the University. Borrowings and debt risk will be managed by the following actions: (16) Consistent with clause 8f the University will ensure that the debt maturity profile is appropriately structured, taking into account the University’s infrastructure and working capital funding requirements, asset/liability matching and refinancing risks. (17) The University will mitigate its exposure to variations arising from exchange rate movements by: (18) The University will regularly monitor and analyse interest rate movements to optimise interest rate risk management strategies. The University will minimise the impact of interest rate fluctuations on its profitability by: (19) The Chief Financial Officer will establish robust levels of internal controls, ensure segregation of duties are in place and that key treasury processes, tasks are adequate and operate effectively. Operational risk will be managed by the following actions: (20) Where any aspect of this Policy requires adaption to address local legislative requirements in the jurisdictions in which the University operates, these must be approved by the Chief Financial Officer consistent with the purpose and principles of this Policy. (21) The Chief Financial Officer is responsible for: (22) Roles, responsibilities, delegations and authorities in relation to treasury transactions are set out in the Treasury Management procedure. (23) Deakin Finance, under the direction of the Chief Financial Officer, will regularly monitor compliance with this Policy. (24) Staff who breach this Policy may face disciplinary action in accordance with the Staff Discipline procedure. (25) The Chief Financial Officer must be immediately notified of any breach of this Policy. The Chief Financial Officer will: (26) The Treasury Management procedure documents how to comply with this Policy. Any breach of the Treasury Management procedure is deemed a breach of this Policy. (27) For the purpose of this Policy:Treasury policy
Section 1 - PREAMBLE
Governing Legislation
Section 2 - PURPOSE
Section 3 - SCOPE
Section 4 - POLICY
Principles, areas of financial risk and mitigation strategies
Liquidity risk
Counter-party credit risk
Borrowing and debt management risk
Foreign exchange risk
Interest rate risk
Operational risks
Operations in other jurisdictions
Implementation, review and reporting
Compliance and monitoring
Top of PageSection 5 - Procedure
Section 6 - Definitions