Borrowing, Debt & Foreign Exchange
Treasury and Investing Services manages, under the direction of the Chief Financial Officer, the debt portfolio and debt agreements of the university, including strategy, monitoring and reporting. Debt agreements include long-term financial arrangements and short-term arrangements such as leases for equipment.
Individual schools and departments are not permitted to enter into debt agreements on behalf of the university.
Consultations required for borrowing
If your area is considering entering into a short-term leasing arrangement, for example an equipment lease, Treasury and Investing Services must be consulted. We will evaluate the financial arrangement, determine suitability and assist with providing analytical support.
Foreign exchange
Foreign currency transactions are recorded at rates set by the Financial Services department.
Departments expecting to process a large payment or receiving a large cash inflow denominated in a foreign currency can work with Treasury and Investing Services to determine if locking in future exchange rate is appropriate.
Treasury and Investing Services will work with you and our financial institutions to discuss options and strategies to hedge your currency exposure by locking-in a guaranteed exchange rate for your future transaction. Requests for a locked-in future exchange rate must include:
- Amount of the payment or receipt
- Approximate date of the payment or receipt
- Foreign currency
- Reason for the request
- Approval by your school or department’s dean or leader to proceed, once exchange rates have been provided
All foreign exchange hedging transactions must be approved by the Chief Financial Officer or their designate.
If departments are expecting to receive a large foreign currency cash deposit then Financial Services may consider recording the transaction at the prevailing exchange rate at the time the funds are received by the university.