Borrowings

Controlled Entities may apply in writing to the Treasurer, stating the purpose of the borrowing, amount required, proposed term of borrowing and sources of repayment. It is important to note that such borrowings will form part of the University’s overall annual Loan Council Allocation. Applications for a Loan Council Allocation are completed in January each year and are for the following financial year July to June.
Responsibility

Proposing Party
Recommendation to the VP Finance as to whether the purpose for the borrowings and the terms applicable are acceptable. Monash University will determine the best way for the funds to be sourced given the overall borrowing requirements of the University.
Responsibility

Treasurer
Ratification of decision by Resources & Finance Committee
Responsibility

Treasurer
Confirm the details of the borrowings to the proposing party.
Responsibility

Treasurer

Initial application for Loan Council allocation, generally in January of each year for the following July to June financial year.
Responsibility

Treasurer
State Government through the Department of Treasury and Finance approve/non-approve the amount of borrowings. This is generally advised in May of each year.
Responsibility

Treasurer
Monash University tenders to major trading banks for loan facilities to meet this requirement, generally June/July of each year.
Responsibility

Treasurer
Approval of the recommended loan facility is sought from Resources & Finance Committee, generally July/August of each year.
Responsibility

Treasurer
Monash University seeks the approval of the Minister for Tertiary Education and the Treasurer of Victoria of the facility approved by Resources & Finance Committee. This approval is received some time after this request.
Responsibility

Treasurer

Content Enquiries: Finance Policy