The policy for Noaber Foundation is that at least 40% of funding received from the related trust fund is allocated towards program related expenses. During the past few years the Board decided to deviate from the policy and allocate all available means, beyond organizational costs, to donations and program related expenses. This decision was prompted by the level of commitments made, the pipeline for donations and the increasing level of proceeds from portfolio companies within Noaber Ventures enabling further impact investments without additional capital contributions and is expected to continue going forward.

Since 2019 program related expense (including organizational costs) are on the long term stable level. Variations are mainly due to accounting principles that deviate from the cash basis of budgeting within Noaber. In 2020 no capital contributions for impact investments through Noaber Ventures have been made following sufficient available proceeds from (prior) portfolio companies that are reinvested through Noaber Ventures. This trend is expected to continue in the next years as a results of which the need for capital contributions in the coming years is expected to be minimal.

Noaber Foundation takes a complete capital approach towards its activities. Our contributions are not merely measured by the financial resources directly granted to other organizations but also through our own activities, initiatives and resources. We believe we can increase the efficiency and effectiveness of our innovation programs through an active approach taking initiative, building multi-stakeholder collaborations, facilitating sharing of experience, knowledge, network and providing strategic and operational support to our projects and participations. This approach is reflected in the organizational costs. We regard these organizational costs investments into the impact achieved by the activities of Noaber Foundation.

During 2020 we have revisited the Noaber Foundation strategic approach as a results of which we will enhance and strengthen our commitment towards an initiating, active and engaged approach (driving change) to facilitate a system level change steered towards healthspan and quality of life (improving health) as a result of which we expect the organizational costs to increase in the coming years. Going forward they are considered an essential and integrated part of our innovation programs.