University of New Hampshire

Endowment Value: $401.3 million (2020)

The University of New Hampshire is a public research university with its main campus in Durham, New Hampshire. It has a student body of approximately 15,000 across its six campuses. The UNH Foundation manages the endowment.

UNH considers sustainability a core value underpinning university academics, research, and operations. UNH has received a perfect score on the Princeton Review’s Green College Honor Roll. In 2019, UNH was one of only four universities to receive a Platinum STARS rating from the Association for the Advancement of Sustainability in Higher Education (AASHE).

The University’s commitment to sustainability, largely thanks to conversations sparked by students, is now integrated into its investment practices. Since 2017, the UNH Committee on Investor Responsibility (CIR), with membership including students, faculty, alumni, endowment stakeholders, and external advisors, has helped support the Foundation in sustainable, socially responsible investment practices and policies through: 

• Researching sustainable investment opportunities
• Considering sustainable investment proposals from the UNH community 
• Making recommendations to the Asset Allocation Committee (AAC) of the UNHF Board of Directors on possible courses of action 
• Educating and informing the broader UNH community about sustainable investment practices in general and about UNH’s sustainable investment practices in particular.

UNHF’s investment policy takes a multi-pronged approach, including positive and negative screening, full ESG integration into financial analysis, and active ownership through shareholder engagement opportunities. Furthermore, ESG factors are strongly considered in manager selection. As a signatory of the United Nations Principles for Responsible Investment, much of the Foundation’s sustainable investment commitments are guided by those principles. 

UNHF currently has an environmental, social, and governance (ESG) endowment pool, which was created in 2015. The initial $1 million seed funding has grown to approximately $40 million as of March 2019. In 2017, the Foundation invested $3 million into the NH Community Loan Fund as a component of the fixed income segment of the main pool. NHCLF is the Foundation’s first direct impact investment to make affordable financing options available to economically disadvantaged individuals and communities in New Hampshire.

In 2020, UNH was featured in the Intentional Endowment Network’s case study on ESG investing. The study revealed that schools employing ESG investing practices saw the same or better returns as schools employing a traditional approach to investing. Read the full study here.

University of New Hampshire is a participant or member of the following Initiatives & Commitments:

• AASHE STARS: Yes, Platinum
• ACUPCC: Yes, Carbon Neutral By 2099
• Billion Dollar Green Challenge: Yes
• CDP: No
• Committee for Investor Responsibility: Yes
• Divestment Goal: No
• INCR: No
• Montreal Carbon Pledge: No
• Sustainable Investment Fund: No
• Sustainable Investment Policy: Yes
• Principles for Responsible Investment: Yes

Other Sustainable Investing Resources, Practices, and News:

• UNH President Dean signs IEN/Second Nature Call to Action for Higher Education Leadership | University of New Hampshire Website
  • On the 50th anniversary of Earth Day, President Dean signed a call to action that aims to accelerate climate solutions in higher education institutions

• Sustainable Investing at UNH | University of New Hampshire Website
  • Part of UNH's investment pool is composed of ESG-targeted assets and ESG-screened active and passive (index) funds, in order to achieve better operational performance, innovation, and risk management within their investments.
• UNH Expands Sustainability Leadership with Alignment of Investments and Values | UNH Newsroom, May 2019
  • UNH completed the transition of 16% of its investable assets to ESG investments as it works to align the university's investments and sustainable values
• Panel: An Introduction to The IEN Roadmap & How The University of New Hampshire Intentionally Invests l Intentional Endowments Network and WISE, May 2019
  • At the event, we heard University of New Hampshire stakeholders describe the why’s and how’s of the journey they are on to align investments with their campus-wide sustainability goals.
• Q&A Series: Making an ESG Impact Through Public Fixed Income l Intentional Endowments Network, April 2019
  • In this Q&A article, IEN approached industry experts to gain insight on opportunities and trends within the sector and how managers and asset owners measure the impact of their investments.
• Q&A Series: The Power and Impact of Community Investing l Intentional Endowments Network, September 2018
  • In this Q&A article, IEN approached specialists within the Community Investing space to get their perspectives on the value of Community Investing, understanding how to incorporate such investments in one's portfolio and how to truly make an impact regardless of varying levels of assets under management.
• Article: Feature School - University of New Hampshire l Intentional Endowments Network, Quarterly Newsletter, July 2018
  • This feature article in IEN's newsletter discusses the UNH Foundation's commitment to sustainable investing and UNH's history of sustainability and sustainable investing.
• Panel: What Might Community Investing Look Like for a College Endowment? l Intentional Endowments Network, Community Investing Roundtable, June 2018
  • On this panel, Kate Dumas (Principal/Consultant, Prime Buchholz) invited Erik Gross (Board Treasurer, UNH Foundation) and John Hamilton (Vice President of Economic Opportunity, New Hampshire Community Loan Fund) to illustrate what community investing might look like for a college endowment. 

Virginia Wesleyan University 

Endowment Value: $123.5 million (2021)

Virginia Wesleyan University is Coastal Virginia's premier university of the liberal arts and sciences. Situated on a 300-acre park-like campus in Virginia Beach, the University annually enrolls approximately 1,600 students in undergraduate and graduate programs, 1,400 credit and non-credit learners in VWU Online, and approximately 300 students at LUJ/VWU Global (Japan).

In 2021, VWU received a series of private gifts increasing its endowment to $123.5 million. Of those funds, $80.2 million are designated for the endowment of the Batten Honors College, a highly selective residential program of the University with a focus on environmental stewardship, global engagement, and leadership. The entire endowment for the Batten Honors College  has been invested following environmental, social, and governance criteria with Brown Advisory of Baltimore, Maryland. The remaining funds are invested with Commonfund of Wilton, Connecticut. 

Virginia Wesleyan University is deeply committed to studying and enhancing sustainability within the campus, the community, and the world. The state-of-the-art Greer Environmental Sciences Center received the “Conservationist of the Year” award from the Chesapeake Bay Foundation in 2018. The Gardens at the Greer are a spacious living instructional landscape maintained through a partnership with nearby Norfolk Botanical Garden. The 18-acre Wilson Arboretum was established in 1995. The 12-acre Beech Forest, a rare example of an old-growth stand of beech trees, was designated a Natural Heritage Resource by the Commonwealth of Virginia in 1992. The campus features over 13 miles of biking and hiking paths and trails. Through private funding, the University has completed a comprehensive stormwater management system including nearly three miles of underground distribution chambers and four new ponds. Through a partnership with the Virginia Aquarium and Marine Science Center, the University jointly owns and operates a research vessel, The Ocean Explorer. VWU’s Batten Honors College includes as a part of its mission: “to inspire, engage, and prepare academically talented students to become leaders, environmental stewards, and impactful citizens in the global community.” Sustainability efforts at Virginia Wesleyan "reflect a larger commitment to ethical conduct and social responsibility through environmental stewardship and education." In 2020, the Board of Trustees adopted “Environmental Guiding Principles” to be embedded in the permanent institutional mindset for future planning.

Virginia Wesleyan University is a participant or member of the following Initiatives & Commitments: 

• IEN Member (2016)
• AASHE STARS: No
• ACUPCC: Yes, Carbon Neutral by 2040
• Billion Dollar Green Challenge: No
• CDP: No
• Committee on Investor Responsibility: No
• Divestment Goal: Yes
• INCR: No
• Montreal Carbon Pledge: No
• Sustainable Investment Fund: No
• Sustainable Investment Policy: Yes
• Principles for Responsible Investment: Yes

Other Sustainable Investing Practices and Resources:

• Sustainability Efforts

Grinnell College

Endowment Value: $2.93 billion (2021)

Grinnell College is a private liberal arts college located in Grinnell, Iowa. Most of Grinnell's endowment assets are invested with external managers, who have been chosen following extensive reviews by the College’s internal investment staff and approved by the board’s Investment Committee. Investor partners Joe Rosenfield, alumnus, and Warren Buffet both sat on the Board of Trustees and worked with the administration to grow the endowment.  

Grinnell College first published a campus-wide sustainability plan in 2013 with the goal of reducing its carbon footprint and pursuing sustainability through three intersecting spheres: environmental (such as resource management), social (education, community, living standards), and economic (profit, cost-savings, fair trade). In 2017 and 2018, Grinnell College updated its plan to include carbon emissions reduction and renewable sourcing goals. 

In April 2017, the Board of Trustees (BoT) appointed a Board Fossil Fuels and Climate Impact Task Force to study divestment from fossil fuels and explore ways in which Grinnell College can have a positive impact on climate change. The Task Force’s recommendations that were endorsed by the BoT included a.) to maintain the current investment policy and not divest from fossil fuels, b.) increase the Investment Committee’s shareholder engagement in ESG-related issues, and c.)  assess the feasibility of creating a separate fund for donors wishing to contribute to an ESG-screened, fossil fuel-free fund in the endowment. The Task Force also recommended that the investment team continue to leverage alliances with like-minded investors, through organizations such as the Intentional Endowments Network (IEN) and Ceres.

Grinnell College is a participant or member of the following Initiatives & Commitments: 

• AASHE STARS: No
• ACUPCC: Yes, no set carbon neutral date
• Billion Dollar Green Challenge: No
• CDP: No
• Committee on Investor Responsibility: Yes
• Divestment Goal: No
• INCR: Yes
• Montreal Carbon Pledge: No
• Sustainable Investment Fund: In development
• Sustainable Investment Policy: Yes
• Principles for Responsible Investment: No

Other Sustainable Investing Practices:

• Sustainability Plan (updated 2018)
• Fossil Fuels and Climate Impact Task Force Recommendations (2018)
• Sustainable Endowment and Task Force FAQ (2018)
• Grinnell Sustainability
• Investor Responsibility at Grinnell College

Northland College

Endowment Value: $25.8 million (2020)

Northland College is a private liberal arts college in Ashland, Wisconsin. Northland College has a student body of 600 and centers the environment and sustainability in its education. The Board of Trustees oversees the management of Northland’s endowment. 

In 2017, Northland College formed the Committee on Investor Responsibility (CIR) to consider fossil fuel divestment. Since then, the CIR’s role has been expanded to include the full scope of sustainable investment including making recommendations on socially and environmentally responsible investment opportunities and proxy voting advice. In February 2018, the Board of Trustees authorized Northern Trust Company, its primary financial manager, to begin implementing the Board's proposal to remove fossil fuels from the endowment over the course of five years.

In early 2020, Northland College completed its divestment process. Roughly $823,000 of the college’s $25.8 million endowment was divested from the fossil fuel industry.

Northland College is a participant or member of the following Initiatives & Commitments:

• IEN Member (2017)
• AASHE STARS: Yes, Gold
• ACUPCC: Yes, Carbon Neutral By 2030
• Billion Dollar Green Challenge: No
• CDP: No
• Committee on Investor Responsibility: Yes
• Divestment Goal: Yes, full
• INCR: No
• Montreal Carbon Pledge: No
• Sustainable Investment Fund: No
• Sustainable Investment Policy: Yes
• Principles for Responsible Investment: No

Articles

• DNT: Northland College Finalizes Divestment from Fossil Fuels (2020)
• Sustainability at Northland College

Carleton College

Endowment Value:  $1.2 billion (2021)

Carleton College is a private college located in Northfield, Minnesota. The Carleton Responsible Investment Committee (CRIC) was established in 2005 and is composed of students, staff, and faculty. The primary purpose of the CRIC is to make recommendations about the management of the endowment to the Board of Trustees to ensure that the endowment embodies Carleton's values. For example, within the past three years, the Committee has supported multiple shareholder resolutions that strengthened environmental, social, and governance policies of companies in its investment portfolio.

In addition, in the wake of growing student mobilization for fossil fuel divestment, students from the CRIC organized a student-led town hall discussion on the pros and cons of divestment in the fossil fuel industry 

According to the most recent STARS Report, “while Carleton does not have a sustainable investment policy, the College aims to invest with managers whose standards of propriety, fairness, and ethical integrity align with those of the College. The College tries to select managers that will generate superior returns, but not at all costs, and make investments in a responsible manner that takes into account societal impacts.” The College also reports that a percentage of its endowment is invested in sustainable industries such as renewable energy and sustainable forestry.

Carleton College is a participant or member of the following Initiatives & Commitments: 

• IEN Member: No
• AASHE STARS: Yes, Silver
• ACUPCC: Yes, Climate Neutral by 2050
• Billion Dollar Green Challenge: No
• CDP: No
• Committee on Investor Responsibility: Yes
• INCR: No
• Divestment Goal: No
• Montreal Carbon Pledge: No
• Sustainable Investment Fund: Yes
• Sustainable Investment Policy: No
• Principles for Responsible Investment: Yes

Other Sustainable Investing Practices and News:

• CRIC Charter
• Sustainability at Carleton

University of Southern Maine

Endowment Value: $39.4 million (2020)

The University of Southern Maine (USM) is a multi-campus public university and part of the University of Maine System. The three campuses are located in Portland, Gorham, and Lewiston. Approximately 7,800 students attend USM across these three campuses. The Office of Sustainability works at all three campuses to promote sustainable living for students and sustainable work for faculty and staff. UMS’s investments are overseen by the Investment Committee.

In 2017, USM released a comprehensive campus-wide sustainability strategic plan to achieve the University’s goal of becoming carbon neutral by 2040, a goal undertaken as a signatory to American College and University Presidents’ Climate Commitment (ACUPCC).

USM also committed to divesting from coal in 2014, an accomplishment largely attributed to efforts by the student-faculty led Divest UMaine.

The University of Southern Maine is a participant or member of the following Initiatives & Commitments: 

• IEN Member (2017)
• AASHE STARS: No
• ACUPCC: Yes, Climate Neutral by 2040
• Billion Dollar Green Challenge: No
• CDP: No
• Committee on Investor Responsibility: No
• Divestment Goal: Yes, divestment from coal
• INCR: No
• Montreal Carbon Pledge: No
• Sustainable Investment Fund: No
• Sustainable Investment Policy: Yes*
• Principles for Responsible Investment: No

Other Sustainable Investing Practices and Resources:

• USM Campus Sustainability Strategic Plan (2017)
• Sustainability at USM

*USM is included in the broader University of Maine System

Chatham University 

Endowment Value: $95.4 million (2020)

Chatham University is a private university with an enrollment of over 2,200 students. Chatham University offers over 60 undergraduate and graduate programs in four areas of excellence: sustainability; health & lab sciences; business & communication; and the arts & humanities. All undergraduates, save for those in the nursing program, are required to take a course on sustainability.

Currently, Chatham is among the five higher education institutions out of Pennsylvania’s 164 colleges and universities to formally adopt and apply ESG practices as part of their investment strategy. The University’s sustainable investment policy outlines guiding principles that include reducing fossil fuel investments, advocating against corporations that deny climate change, and favoring investments that have positive environmental impacts, promote sustainability, and support positive local community development. More than 13% of Chatham’s investment pool is in sustainable investments.

The administration has worked closely with students on the Student Investment Team (SIT) and the committee on investor responsibility to assess the University’s exposure to fossil fuels and draft recommendations towards sustainable investing. In the Spring of 2017, the investment committee of the Board of Trustees voted to approve two new investment opportunities that are specifically aimed at excluding fossil fuels and supporting sustainable energy. Chatham’s Senior Vice President of Finance, Walt Fowler, said reducing the university’s support of fossil fuel companies is in line with its goal of pursuing sustainability in every part of its operations. “It’s important to us ethically, because we believe the world needs to reduce their use of fossil fuels,” Fowler said. At the end of this year, the university will replace a hedge fund with a private equity fund focused exclusively on supporting wind power. It will also swap investment in a standard equity fund for a BNY Mellon fund that is filtered specifically for green companies but matches the performance of the current fund.

Chatham University is a participant or member of the following Initiatives & Commitments:

• IEN Member (2017)
• AASHE STARS: Yes, Gold
• ACUPCC: Yes, Carbon Neutral By 2025
• Billion Dollar Green Challenge: No
• CDP: No
• Committee for Investor Responsibility: Yes
• Divestment Goal: No
• INCR: No
• Montreal Carbon Pledge: No
• Sustainable Investment Fund: Yes
• Sustainable Investment Policy: Yes
• Principles for Responsible Investment: No

Other Sustainable Investing Practices and News:

• Chatham University Moves Some Endowment Investments From Fossil Fuels To Green Companies, April 4, 2017
• Sustainability at Chatham University 

Villanova University 

Endowment Value: $1.12 billion (2021)

Villanova University is a private research university located in Radnor Township, Pennsylvania. Founded by the Order of Saint Augustine in 1842, VU is the oldest Catholic university in the Commonwealth of Pennsylvania. It has a student body of approximately 6,800 students. 

In 2007, Villanova President Rev. Peter Donohue signed the American College & University Presidents’ Climate Commitment (ACUPCC), vowing that Villanova would achieve carbon neutrality by 2050. To achieve this, Villanova will invest in improving campus infrastructure efficiency, purchasing carbon offsets, and financing renewable energy for Villanova’s campus. In April 2014, Villanova signed the St. Francis Pledge, committing the University to protect the Earth and to advocate on behalf of people in poverty who face the most severe impacts of global climate change.

In January 2019, over 200 students and faculty held a town hall meeting to discuss the issue of climate change. Proposals at the meeting included hiring new personnel to focus on climate change, moving the carbon neutrality goal to 2030, creating a new Center for Sustainability, and divesting from fossil fuels.

Villanova has a Committee on Social Responsibility Proxy Votes (CSRPV) that is composed of faculty, student, and staff representatives. The CSRPV conducts its activities in accordance with the investment guidelines issued by the US Conference of Catholic Bishops. The CSRPV guides Villanova in exercising its rights as a shareholder to vote in a socially responsible manner. 

Villanova’s School of Business is home to the first socially responsible student-managed fund in the country. 

Villanova University is a participant or member of the following Initiatives & Commitments: 

• IEN Member (2016)
• AASHE STARS: Yes, Silver
• ACUPCC: Yes, Carbon Neutral by 2050
• Billion Dollar Green Challenge: No
• CDP: No
• Committee on Investor Responsibility: Yes
• Divestment Goal: No
• INCR: No
• Montreal Carbon Pledge: No
• Sustainable Investment Fund: Yes
• Sustainable Investment Policy: No
• Principles for Responsible Investment: No

Other Sustainable Investing Practices and Resources:

• Villanova Sustainability on Campus
• Villanova Sustainability Plan