Bursar's Office ordinary

The Bursar's Office Ordinary (T.O.) is made up of the funds necessary for the ordinary activity of the current financial year. It is generated with the resources obtained from tuition fees, patient care, contracts and subsidies for research, etc. It is used to cover the ordinary expense : payroll, suppliers, general expenses, equipment, etc. If any surplus is budgeted, it is transferred to the Savings Fund (FAHUN) or, if necessary, reimbursed from it.

Each centre with an independent management (academic centres, Clinic or IESE) is responsible for forecasting monthly collections/payments. The available balances of Bursar's Office are invested in fixed income products with minimal risk (bank deposits and monetary investment funds) following a very conservative policy.

During the 2020/21 academic year, interest rates have continued, for another year, at historically low levels and , as a consequence, the return on lower risk assets (such as bank deposits or sovereign bonds) has been close to zero or negative.

The main data of the Bursar's Office Ordinary in recent years are:


The evolution of interest rates explains the evolution of the yields obtained in recent years at leave .

The level of bank debt, mainly generated by the opening of the Clínica's new headquarters in Madrid and the effects of the pandemic, was reduced from an initial balance of €19.72m to €7.66m at year-end.


Savings Fund (FAHUN)

Since April 2012 the University's treasuries have had the Savings Fund (FAHUN) to invest surpluses from Bursar's Office. This fund was set up to efficiently manage theUniversity 's savings, which are earmarked for projects for which payments are not expected in the current year but in the following years.

The Fund's investment policy is conservative, although to a lesser extent than Bursar's Office Ordinary. It invests primarily in fixed income products, with a small portion in equities (maximum 15%) and alternative products (maximum 10%). It has a currency limit of 10% for exhibition and the maximum volatility allowed is 3%.  

The management is carried out with a time horizon of 3-5 years and seeks to preserve capital and obtain a return of at least one point above the Bursar's Office Ordinary. The most important reference letter for the return analysis are annualised figures for average periods such as 3 and 5 years.

Currently, the Savings Fund (FAHUN) is fully advised by the investment team of the Fundación Universitaria de Navarra (FUNA), with the limits and guidelines approved in the investment policy and with the advice of the University's committee de Inversiones.

data relevant

The Savings Fund, which in the 2019/20 academic year and due to the uncertainty created by the pandemic and a possible need for liquidity was disinvested almost entirely, re-established its position prior to the pandemic during the 2020/21 academic year. The return obtained was 4.24%, outperforming the previous year's decline of -3.39%. Most of the return was contributed by equities, 87.45%, despite an average weighting of 11.77% of the portfolio. 

As it is a short term fund deadline, it mainly invests in fixed income, which means that in view of the status interest rates, a large part of the amount allocated to this asset subject will be in monetary assets, which translates into a weight of 52% at the end of the year. For the 2021/22 academic year, the goal in equities is to maintain a similar weight to that which the portfolio had at the end of the year (14%) and to continue investing in fixed income assets, diversifying and being very selective in terms of risk.



Portfolio composition as at 31 August 2021