Portland State University
Portland State University
Endowment Value: $80.3 million (2020)
Portland State University (PSU) is a public, nonprofit, coeducational research university located in Portland, Oregon with a student body of around 25,000. The Investment Committee of the PSU Foundation Board of Trustees oversees the endowment.
Portland State University is on its way to becoming the first university in Oregon to have no investments in the Carbon Underground Top 200 companies, the companies that own the most global fossil fuel reserves.
As a result of student advocacy on the Divest Portland State (DPS) campaign, an Environmental Social Governance (ESG) statement was added to the PSU Foundation’s investment policy in early 2015 and entails both a quarterly investment portfolio review and a negative fossil fuel screening across 100% of its portfolio. Nearly 50% of the value of PSUF’s holdings are in funds with positive SRI screenings.
PSU currently has a Green Revolving Fund (GRF), established after its pledge to the Billion Dollar Green Challenge. The GRF provides funding for energy efficiency projects across campus. The fund currently holds $1.5 million and has funded nearly 20 projects since its inception in 2013.
Portland State University is a participant or member of the following Initiatives & Commitments:
- IEN Founding Member (2016)
- AASHE STARS: Yes, Gold
- ACUPCC: Yes, Climate Neutral by 2040
- Billion Dollar Green Challenge: Yes
- CDP: No
- Committee on 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 Practices and Resources:
Lane Community College
Lane Community College Foundation Endowment Value: $37 million (June 2018)
Lane Community College (LCC) is the third-largest community college in Oregon, with five campuses and a total annual enrollment of over 36,000 students. The Lane Community College Foundation Board of Trustees oversees the endowment.
In 2006, LCC became one of the first signatories of the American College and University Presidents Climate Commitment (ACUPCC) and has since developed a comprehensive climate action plan for becoming climate neutral and regularly submits progress reports. As a participant of the Billion Dollar Green Challenge, the College has established its Living Green Revolving Loan Fund to finance energy efficiency improvements on campus.
Lane Community College is a participant or member of the following Initiatives & Commitments:
- IEN Founding Member
- AASHE STARS: Yes, Silver
- ACUPCC: Yes, Carbon Neutral by 2050
- Billion Dollar Green Challenge: Yes
- CDP: No
- Committee on Investor Responsibility: No
- INCR: No
- Divestment Goal: No
- Montreal Carbon Pledge: No
- Sustainable Investment Fund: Yes
- Sustainable Investment Policy: No
- Principles for Responsible Investment: No
Other Sustainable Investing Practices:
California State University, East Bay
California State University—East Bay
Endowment Value: $16.9 million (2020)
California State University, East Bay is a public university in Hayward, California. CSU East Bay is part of the 23-campus California State University system and has a student body of almost 16,000 students. California State University East Bay's endowment is directly managed by the Cal State East Bay Educational Foundation. The Foundation is governed by a board of trustees who work closely with the University.
According to the Foundation’s 2015 Investment Statement Policy, “the Foundation shall establish an SRI/ESG long-term portfolio to provide an option to donors who wish to maximize return, consistent with safety of principal, while “screening” to exclude companies that make products such as guns, cigarettes, etc., that are contrary to these donors’ values.” However, as of 2019, the SRI/ESG fund has not yet been utilized since no donor has requested to invest their gift in such a fund.
Following student and faculty activism efforts, the California faculty association’s CSU East Bay chapter passed a resolution supporting a petition calling on the California Public Employees’ Retirement System (CalPERS) to divest from the 200 largest fossil fuel corporations as well as other student-driven petitions.
California State University, East Bay is a participant or member of the following Initiatives & Commitments:
- IEN Member (2016)
- AASHE STARS: Yes, Bronze
- ACUPCC: Yes, Climate Neutral By 2040
- Billion Dollar Green Challenge: No
- CDP: No
- Committee for Investor Responsibility: No
- Divestment Goal: Yes, halt fossil fuel investments
- INCR: Yes
- Montreal Carbon Pledge: No
- Sustainable Investment Fund: No
- Sustainable Investment Policy: No
- Principles for Responsible Investment: No
Ball State University Foundation
Endowment Value: $212.8 Million (2019)
Ball State University is a public university located in Muncie, Indiana. Its endowment is managed by the Ball State University Foundation. The mission of the Ball State University Foundation is to “maximize sustainable support for Ball State University by obtaining, investing, and administering private gift support and prudently discharging its fiduciary obligations to the university, donors, and designated beneficiaries.”
In spring 2012, the university launched its geothermal heating and cooling system — the nation’s largest ground-source, closed-loop district geothermal energy system. Now, nearly fully operational, the system will cut the university’s carbon footprint in half and result in an annual savings of $2 million, said Jim Lowe, director of engineering, construction, and operations at Ball State.“When we shut down the coal-fired burners in March 2014, we not only reduced our dependence on fossil fuels, we also reduced carbon dioxide emissions and sulfur matter produced by burning coal,” Lowe said.
In 2015, board members of the Ball State University Foundation supported pursuing an alternative investment portfolio that adopts environmental, social, and governance (ESG) strategies. Currently, the foundation encourages its fund advisors and managers to incorporate ESG strategies into its investment portfolio. Further, foundation employees are developing opportunities for donors who wish to have gifts managed via more specific, restrictive criteria.
Ball State University is a participant or member of the following Initiatives & Commitments:
- IEN Founding Member
- AASHE STARS: Yes, Silver
- ACUPCC: Yes, Climate Neutral by 2030
- Billion Dollar Green Challenge: No
- CDP: No
- Committee on Investor Responsibility: No
- Divestment Goal: Yes
- Montreal Carbon Pledge: No
- Sustainable Investment Fund: Yes
- Sustainable Investment Policy: Yes
- Principles for Responsible Investment: No
Other Sustainable Investing Practices:
Arizona State University
Endowment Value: $922 million (2019)
Arizona State University (ASU) is a top-ranked research university in the greater Phoenix metropolitan area. ASU has a student body of over 80,000 students. The ASU Foundation manages ASU's endowment. The foundation also serves as the university’s entrepreneurial arm in technology commercialization, real estate investment, and other emerging initiatives.
In November of 2018, IEN published a Case Study for Arizona State University which provides in-depth coverage of the University's move toward sustainable investing. This case study was developed with significant input from the senior leadership from ASU and their investment advisors at BlackRock.
The Investment Committee advises the executive vice president, treasurer, and CFO in guiding the investment of university operating cash and endowment funds. The committee approves university investment policies, selects investment consultants and managers, monitors performance, and advises on investment strategies. Voting members of the committee include faculty from the W. P. Carey School of Business. Other voting members are appointed by the executive vice president, treasurer, and CFO.
Arizona State University’s on-site solar portfolio is one of the largest of any university in the United States, consisting of both ASU-owned and third-party-owned systems. ASU’s portfolio includes more than 24 MW dc equivalent of photovoltaic (PV), concentrated photovoltaic (CPV) and solar thermal capacity from 88 systems located throughout four major campuses and the ASU Research Park. ASU’s portfolio of renewable energy accounts for approximately 13% of ASU’s total electric use, avoiding approximately 21,000 metric tons of carbon dioxide equivalent emissions per year, roughly the same as the annual emissions of 4,500 passenger vehicles.
ASU’s revolving fund is called the Sustainability Initiatives Revolving Fund, or SIRF. The SIRF was established in 2010 to invest in projects that foster sustainability efforts and provide an economic return on investment. SIRF funds are available to ASU community members. With the exception of small SIRF grant projects (less than $5,000), SIRF projects have certain investment criteria (e.g., IRR, NPV, and payback goals). Projects include lighting retrofits, HVAC improvements, and central utility infrastructure improvements.
In January of 2015, the ASU Foundation partnered with the Intentional Endowments Network to host the Intentionally Designed Endowment Forum. Over 100 higher education administrators convened to discuss how endowments can be used to create a more sustainable and equitable future.
As of July 2019, the ASU Foundation offers a socially responsible investment fund for endowment donors to donate to rather than the traditional endowment pool.
Arizona State University is a participant or member of the following Initiatives & Commitments:
- IEN Founding Member (2016)
- AASHE STARS: Yes, Platinum (2020)
- ACUPCC: Yes, 0 emissions by 2025
- Billion Dollar Green Challenge: Yes
- 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
Sustainable Investing Resources from ASU:
- ASU Endowment
- Arizona State University Case Study (October 2018)
- Socially Responsible Investing at the ASU Foundation
- Investment Management Model
- ASU SIRF: Sustainability Initiatives Revolving
Articles:
University of Dayton

University of Dayton
Endowment Value: $609.7 million (2020)
The University of Dayton is a private Roman Catholic research university located in Dayton, Ohio. It has approximately 11,000 students. All University investments are overseen by the Investment Committee of the University's Board of Trustees.
In 2014, the board of trustees at the University of Dayton unanimously voted to divest from coal and fossil fuels. At the time of the announcement, Dayton was the largest university and first U.S. Catholic educational institution to divest from fossil fuels. Daniel J. Curran, president of the University of Dayton, cited the necessity of aligning investments with the university’s values as the reason for divestment, stating “Our Marianist values of leadership and service to humanity call upon us to act on these principles and serve as a catalyst for civil discussion and positive change that benefits our planet.” UD’s Roman Catholic background made it a fitting host to a 2015 conference titled “Acting on Pope Francis’ Call: Divestment and Investment in Care for Our Common Home,” which brought together a contingent of business leaders, health care professionals, academics, and environmental activists.
In 2016 and 2017, the University of Dayton made investments in sustainable funds.
For students interested in socially responsible investment, the University of Dayton offers the Hanley Sustainability Fund (HSF), a socially responsible student-managed equity portfolio.
The University of Dayton is a participant or member of the following Initiatives & Commitments:
- IEN Founding Member (2016)
- AASHE STARS: Yes, Gold
- ACUPCC: Yes, no date set
- Billion Dollar Green Challenge: Yes
- CDP: No
- Committee on Investor Responsibility: Yes
- Divestment Goal: Yes, full
- INCR: No
- Montreal Carbon Pledge: No
- Sustainable Investment Fund: Yes
- Sustainable Investment Policy: Yes
- Principles for Responsible Investment: No
Other Sustainable Investing Activities and Resources:
- Dayton divestment conference delves into ways to leave fossil fuels behind (November 2015)
- Sustainability at Dayton
-
University of Dayton Trustee, Georges Hanley speaking at the Intentionally Designed Endowment Forum in Denver, May 2015
- https://www.youtube.com/watch?v=HGo6zKNUvt8&feature=youtu.be
Pratt Institute

Endowment Value: $224.5 million (2021)
Pratt Institute is a private college located in Brooklyn, New York. Pratt Institute has shown strong support for sustainability at the local and national levels, as well as within the art, design, and higher education communities.
Pratt was one of the earliest signatories to the American College and University Presidents Climate Commitment (now known as the Climate Leadership Commitments) in 2007. That same year, the Institute accepted New York City Mayor Bloomberg’s 30/10 Challenge to reduce greenhouse gasses by 30 percent by 2017. Pratt Institute has been named one of the country’s most environmentally responsible colleges by The Princeton Review for several consecutive years.
While Pratt does not have an official Committee on Investor Responsibility, it does have a Sub-Committee on Investments which, in 2016, recommended and approved divestment from coal securities immediately and other fossil fuels over time.
Pratt Institute is a participant or member of the following Initiatives & Commitments:
- IEN Founding Member
- AASHE STARS: Yes, Silver
- ACUPCC: Yes, Carbon Neutral By 2040
- Billion Dollar Green Challenge: No
- CDP: No
- Divestment Goal: Yes, full divestment
- Committee for Investor Responsibility: No
- INCR: No
- Montreal Carbon Pledge: No
- Sustainable Investment Fund: No
- Sustainable Investment Policy: Yes
- Principles for Responsible Investment: No
Other Sustainable Investing Practices:
California State University - Northridge
California State University—Northridge
Endowment Value: $203.5 million (2021)
California State University, Northridge (CSUN) is a public university in the Northridge neighborhood of Los Angeles, California. It is the second-largest branch of the 23-campus California State University system with a student body of over 40,000 students. CSUN's endowment is directly managed by the California State University Northridge Foundation. The university’s Board of Directors has given the CSUN Foundation’s Finance and Investment Committee the authority to monitor investments and policies.
In 2015, students enrolled in Finance 437 were given the opportunity to manage $250,000 invested in ESG funds and companies. Students referred to Corporate Responsibility Magazine’s ranking of the “100 Best Corporate Citizens.” The class, taught by Dr. Mike Phillips, employs a different investment strategy each semester in an attempt to understand which ESG investing method is most effective.
Initiatives & Commitments:
- AASHE STARS: Yes, Gold
- ACUPCC: Yes, Climate Neutral by 2040
- Billion Dollar Green Challenge: No
- CDP: Yes
- Committee on Investor Responsibility: No
- Divestment Goal: Yes, halt fossil fuel investments
- INCR: No
- Montreal Carbon Pledge: No
- Sustainable Investment Fund: No
- Sustainable Investment Policy: Yes
- Principles for Responsible Investment: No
Other Sustainable Investing Practices:
-
California State University Undergraduate Managed Sustainability Fund
- This fund is sponsored by The University Corporation and it is a class project for FIN 491ABH, a Business Honors Seminar class.
- Northridge Foundation Endowment Portfolio Holdings Snapshot (June 2018)
- CSU Sustainability Policy
Resources from CSU, Northridge:
ESG Investing: A Simple Approach l James Chong and G. Michael Phillips, The Journal of Wealth Management (2016)
Warren Wilson College
Warren Wilson College
Endowment Value: $55 million (2020)
Warren Wilson College is a private college located in Swannanoa, North Carolina. It has a total undergraduate enrollment of around 600 students. The Board of Trustees' Investment Committee manages the endowment.
Warren Wilson College’s Board of Trustees voted unanimously in 2015 to divest endowment funds from fossil fuels over the next five years. In a move that aligns the college’s investments with its core values, the college will divest from the world’s top coal, oil, and gas companies. The Board adopted a Responsible Investment Policy that includes environmental, social, and corporate governance (ESG) considerations and management strategies. In addition to no new endowment funds being invested in fossil fuel companies, the College also conducts positive screenings based on ESG parameters. Within two years alone, the College successfully divested 84% of its portfolio.
In 2020, Warren Wilson College 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.
Warren Wilson College is a participant or member of the following Initiatives & Commitments:
- AASHE STARS: Yes, Gold
- ACUPCC: Yes, Carbon Neutral by 2025
- Billion Dollar Green Challenge: No
- CDP: No
- Divestment Goal: Yes, full
- Committee for Investor Responsibility: Yes
- 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:
- Endowment Management
- Responsible Investment Policy (2017)
- Resolution on Divestment from Fossil Fuels
- Sustainability at Warren Wilson
- 2022 Briefing Paper: Warren Wilson College
University System of Maryland
Endowment Value: $1.436 billion (June 2019)
The University System of Maryland (USM) is Maryland’s public higher education system. USM is made up of 12 institutions and two regional higher education centers. The University System of Maryland Foundation manages USM's endowment.
University System of Maryland (USM) students have been driving change at the USM Foundation for several years. In 2013, students circulated a petition to divest from fossil fuels with nearly 600 signatures from students at Towson University, the University of Maryland, Baltimore County, and other colleges. In response, in 2014, along with the United Nations, the USM Foundation was a seed investor in the iShares MSCI ACWI Low Carbon Target ETF. The ETF tracks the results of the MSCI ACWI Low Carbon Target Index and addresses two dimensions of carbon exposure – carbon emissions and fossil fuel reserves. The fund was designed for individuals and institutions interested in socially-responsible alternatives to fossil fuel divestment. On January 29th, 2015, a member of the USM Foundation investment team rang the NYSE's closing bell to officially usher in the new fund’s ticker onto the exchange.
After significant pressure from student organizers, the USM Foundation stated in June 2016 that it would stop investing directly in coal, oil, and natural gas companies.
The University System of Maryland is a participant or member of the following Initiatives & Commitments:
- IEN Member (2016)
- AASHE STARS: Yes:
-
ACUPCC:
- Bowie State University - 2019
- Coppin State University - 2025
- Frostburg State University - 2030
- Salisbury University, Towson University, University of Maryland Baltimore County, University of Maryland College Park, University of Maryland Eastern Shore, University of Maryland Global College - 2050
- University of Maryland Baltimore - Not date set
- Billion Dollar Green Challenge: No
- CDP: No
- Committee on Investor Responsibility: No
- Divestment Goal: Yes, full
- INCR: No
- Montreal Carbon Pledge: No
- Sustainable Investment Fund: No
- Sustainable Investment Policy: No
- Principles for Responsible Investment: Yes
Other Sustainable Investing Practices and News
- USM Foundation Statement on Socially Responsible Investing
- University System of Maryland to direct its endowment away from fossil fuels (June 2016)
- Maryland Endowment Plans to Cut Worst-Performing Hedge Funds (July 2016)