Many have observed challenges in translating internationalization policy into practice in universities. When key policy documents provide inconsistent messages, a gap can emerge between vision and practice. Understanding the complexities of an institution's local, national, and global context and its rationale for internationalization can shed light on why such gaps arise. This case study demonstrates how a thematic analysis of relevant international, national, state, and institutional policies can reveal tensions between these layers, and indicate possible reasons for the failure to translate policy into practice. The main rationale driving internationalization at the university studied here is economic; however, starting in 2016, a variation in key themes and, thus, rationales is found in the documents. This indicates a shift in the university's internationalization discourse may be occurring. We argue that a more comprehensive approach to internationalization is needed to address inconsistencies in policy directions and drive practice.