Dickinson College

Dickinson College
Endowment Value: $558 million (2021)
Dickinson College is a private college located in Carlisle, Pennsylvania. In 2006, Dickinson joined the Investure consortium, an outsourced chief investment office that serves the needs of a select group of prestigious colleges and foundations. In 2010, Investure created a Sustainable Series within its Global Equity Fund in response to requests made by clients. A joint effort with Investure produced a set of proxy voting principles so that Dickinson College can participate in shareholder engagement.
In addition to its relationship with Investure, the Dickinson Sustainability Investment Group (DSIG) advises the endowment board on ESG strategies and is responsible for providing a forum for the Dickinson community to raise and discuss questions regarding ESG investing practices. The most recent forum was held in October 2018 to discuss the college’s endowment structure and approach to sustainable investing.
In April 2020, Dickinson College became one of the first colleges in the country to achieve carbon neutrality. To achieve this goal, Dickinson reduced its carbon emissions by 25% from its 2008 levels and purchased carbon offsets. In addition, 65% of Dickinson’s electricity is provided by solar power.
Dickinson College is a participant or member of the following Initiatives & Commitments:
- AASHE STARS: Yes, Gold
- ACUPCC: Yes, Carbon Neutral by 2020
- Billion Dollar Green Challenge: No
- CDP: No
- Divestment Goal: No
- Committee on Investor Responsibility: Yes: The Dickinson Sustainable Investment Group
- INCR: No
- Montreal Carbon Pledge: No
- Sustainable Investment Fund: Yes
- Sustainable Investment Policy: Yes
- Principles for Responsible Investment: No
Other Sustainable Investing Practices and Resources:
- Sustainable Investments Task Force Recommendations
- Dickinson Initiatives in Sustainable Investing
- Recommended Proxy Voting Principles (Investure, LLC)
- Dickinson Sustainability
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Sustainable Investments Funds:
- Green Revolving Fund - a revolving loan fund established in 2014 to finance climate action plan projects
- Sustainability Global Equity Fund - $8 million of our endowment is committed to this sustainability fund, which is managed for use by Investure.
Pitzer College

Pitzer College
Endowment Value: $144.3 million (2021)
Pitzer College is a private college located in Claremont, California with a student population of about 1,000. From innovative, green buildings to food waste initiatives, Pitzer College is a model of sustainability in the modern era. Such initiatives have earned it a second place rank in the 2018 Princeton Review Guide of 399 Green Colleges.
In 2014, Pitzer adopted several responsible investment practices such as considering ESG factors in portfolio manager selection and monitoring, establishing a sustainability fund as a subset of its endowment holdings, and divesting from fossil fuels (making Pitzer the first college in Southern California to divest from fossil fuels). Don Gould, trustee and chair of the investment committee at Pitzer College, published an article in the Chronicle of Higher Education outlining their rationale for divesting from fossil fuels. In this article, he shares responses to some of the most common concerns regarding divestment, including fiduciary duty, financial performance, the impact on fossil fuel companies, the hypocrisy of continuing to use fossil fuels after divesting, sacrificing returns, and politicizing the endowment.
In 2017, Pitzer College became the founding investor to the first-ever global equity index that is both ESG-focused and fossil fuel-free. According to the press release, “the fund is designed to help endowments, foundations and other nonprofit organizations meet their Responsible Investment goals.”
Pitzer College is a participant or member of the following Initiatives & Commitments:
- IEN Member (2017)
- AASHE STARS: Yes, Silver
- ACUPCC: Yes, Carbon Neutral by 2050
- Billion Dollar Green Challenge: No
- CDP: No
- Committee for Investor Responsibility: Yes
- Divestment Goal: Yes, divestment from fossil fuels
- INCR: No
- Montreal Carbon Pledge: No
- Sustainable Investment Fund: Yes
- Sustainable Investment Policy: Yes
- Principles for Responsible Investment: No
Other Sustainable Investing Practices:
- Passive ESG Strategies Webinar (November 2017)
- Fireside Chat: The Pitzer College Story - IEN Bay Area Roundtable (September 2017)
- Pitzer College and BlackRock Launch First Ever ESG-Focused, Fossil Fuel-Free Global Equity Index Fund (September 2017)
- Pitzer to Divest 99% of Endowment (April 2014)
- Sustainability at Pitzer
San Francisco State University

San Francisco State University
Endowment Value: $140.8 million (2021)
San Francisco State University is a public university located in San Francisco, California. It is a part of the California State University system. The endowment is managed by the San Francisco State University Foundation, an organization dedicated solely to philanthropy.
In 2013, after working with student activists, the SF State Foundation voted unanimously to divest from all coal and tar sands companies, becoming the first public university and the first school on the west coast to do so. It also committed to researching the possibility of divestment from all fossil fuel companies.
In 2015, the SFSU Board was in the process of allocating $5 million to establish a green fund, as well as establishing a $500,000 student-managed investment fund. The goal of the student-managed fund is to expose students of different academic backgrounds to SRI investing. The SF State Foundation also calculated the carbon footprint of its portfolio and will measure the change in its footprint over time.
In 2016, SFSU partnered with IEN to host the Intentionally Designed Endowment Forum to promote conversation on endowment investing by bringing together campus decision-makers such as presidents, trustees, CFOs, CIOs, and others from campuses in California and the region.
San Francisco State University is a participant or member of the following Initiatives & Commitments:
- IEN Founding Member (2016)
- AASHE STARS: Yes, Silver
- ACUPCC: No
- Billion Dollar Green Challenge: No
- CDP: No
- Committee for Investor Responsibility: Yes
- Divestment Goal: Yes, divestment from coal and tar sands
- INCR: No
- Montreal Carbon Pledge: No
- Sustainable Investment Fund: Yes
- Sustainable Investment Policy: Yes
- Principles for Responsible Investment: No
Other Sustainable Investing Practices:
- Agenda for Forum on Intentionally Designed Endowment at SFSU, co-hosted by IEN, August 2016
- "SF State Strengthens its Commitment to the Environment" April 2014
- San Francisco State University Sustainability
Resources from SFSU:
Colorado State University

Colorado State University
Endowment Value: $558 million (2021)
Colorado State University is a public university located in Fort Collins, Colorado. The CSU Foundation manages the endowment. The University’s strong commitment to sustainability has earned it the highest rank in the Sustainability Tracking, Assessment & Rating System (STARS).
In 2016, the CSU Foundation published the sustainability strategic plan for the purpose of establishing a set of goals and timelines. The plan includes an effort to increase sustainable investments. The Committee on Investor Responsibility, composed of students, faculty, foundation board members, and other stakeholders, is “explicitly charged with developing and supporting initiatives in sustainable investment as outlined by the Socially Responsible Investment Policy.” According to its most recent STARS report, The CSU Foundation has invested into three different funds that focus on supporting Colorado technology and on improving social and environmental conditions in Colorado. The CSU Foundation continues to pursue other socially responsible investment opportunities that preserve the endowment.
Colorado State University is a participant or member of the following Initiatives & Commitments:
- AASHE STARS: Yes, Platinum
- ACUPCC: No
- 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 Resources from Columbia University:
Swarthmore College
Swarthmore College
Endowment Value: $2.90 billion (2021)
Swarthmore College is a private liberal arts college located in Swarthmore, Pennsylvania. The college's Finance and Investment offices manage the endowment. The Board of Managers oversees the endowment.
Swarthmore students are among the first to establish a campus fossil fuel divestment campaign. In 2010, students established Swarthmore Mountain Justice to call on the administration to divest after witnessing mountaintop removal mining in West Virginia.
Although it has yet to fully divest from fossil fuels, Swarthmore does consider ESG factors, including making it a criterion in manager selection, engaging in dialogue with existing managers, and divestment from coal companies. Furthermore, Swarthmore has pledged to expand the environmental studies curriculum and improve on-campus energy efficiency. Its Committee on Investor Responsibility provides proxy voting recommendations on shareholder resolutions addressing social issues.
In 2015, the Board established a fossil-fuel free fund for donors that wish to contribute to Swarthmore’s endowment. Swarthmore currently has several environmental sustainability funds designated for green project grants, environmental studies scholarships, and internships.
In 2019, Swarthmore College was awarded an Excellence in Sustainability Award by the National Association of College and University Business Officers (NACUBO). NACUBO commended Swarthmore’s commitment to carbon neutrality by 2035 and its Carbon Charge Program, which creates an internal price on carbon emissions.
Swarthmore College is a participant or member of the following Initiatives & Commitments:
- AASHE STARs: Yes, Silver
- ACUPCC: Yes, Climate Neutral by 2035
- 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: No
- Principles for Responsible Investment: No
Other Sustainable Investing Practices and Resources:
- NACUBO Awards Excellence in Higher Education Finance, Sustainability (July 2019)
- Swarthmore College Sustainability
- Swarthmore Environmental Sustainability Commitments
Brandeis University
Endowment Value: $1.3 billion (2021)
Brandeis University is a private college in Waltham, Massachusetts. The Brandeis Sustainability Fund provides financial support for Brandeis undergraduate students willing to undertake projects and/or activities to improve Brandeis’s environmental sustainability.
Brandeis University has a strong history of leadership in social justice, a legacy that has impacted its endowment management policies. Since its adoption of a Responsible Investor General Guideline by the Board of Trustees in 1973, Brandeis University has strived to be conscious of the social and environmental impact of its investments and exercises its ethical responsibilities as an investor. Following significant student activism and the recommendations of an exploratory committee on fossil fuel divestment, in November of 2018, the president of Brandeis officially announced the Board of Trustee’s decision to adopt a coal divestment policy. Furthermore, the president’s announcement stated that the investment office and the board’s investment committee would take measures to find investments in renewable energy sources and technologies focused on the reduction of greenhouse gas emissions.
Brandeis University is a participant or member of the following Initiatives & Commitments:
- AASHE STARS: No
- ACUPCC: Yes, Climate Neutral by 2050
- Billion Dollar Green Challenge: No
- CDP: No
- Committee for Investor Responsibility: No
- Divestment Goal: Yes; continued divestment from fossil fuels, investing in the “green sector”, ESG considerations
- INCR: No
- Montreal Carbon Pledge: No
- Sustainable Investment Fund: Yes
- Sustainable Investment Policy: Yes
- Principles for Responsible Investment: No
Other Sustainable Investing Practices:
Humboldt State University

Humboldt State University
Endowment Value: $32.1 million (2020)
Humboldt State University is a part of the California State University System located in Arcata, California. The Humboldt State University Advancement Foundation (HSUAF) oversees the endowment and uses negative screening to reduce its investments in harmful industries.
In 2013, students approached the HSUAF at an associated students meeting to advocate for divestment from fossil fuels. In response, the HSUAF took many steps to advance its tradition of environmental sustainability. The Social and Environmentally Responsible Offset Policy (SEROP) was adopted in April of 2014, making HSU the first state University in the US to commit to full fossil fuel divestment. That same year, the HSUAF decided to direct 10% of its portfolio to green funds and explored creating a “Green Challenge,” allowing for another 10% of the portfolio to be shifted to green funds for every $500,000 donated to the endowment.
In 2016, the HSU Office of Sustainability published a comprehensive Climate Action Plan that outlines more than 50 action items to achieve its goal of becoming carbon neutral by 2050. HSU also became a Charter Signatory for the Campus Climate Commitment, which encompasses the goals of achieving both carbon neutrality as well as improving community resilience.
Humboldt State University is a participant or member of the following Initiatives & Commitments:
- IEN Founding Member (2016)
- AASHE STARS: No
- ACUPCC: Yes, Carbon Neutral By 2050
- Billion Dollar Green Challenge: No
- CDP: No
- Committee for Investor Responsibility: Yes
- Divestment Goal: Yes, fossil free divestment
- INCR: No
- Montreal Carbon Pledge: No
- Sustainable Investment Fund: Yes
- Sustainable Investment Policy: Yes
- Principles for Responsible Investment: Yes
Other Sustainable Investing Practices: