Despite nearly 600 petition signatures and counting, written support from the founder of Earth Day, and articles from the Indy and the Columbian, the Foundation continues to dismiss our efforts. In a response from the Foundation on November 17th, 2021, they state "the foundation does have a small percentage of indirect investments that are made by large fund management organizations that we work with, but this exposure is less than 5 percent". A conservative estimate (4.5%) based on their 81 million dollar endowment - the fourth largest in the nation for community colleges - means the Foundation is investing 4 million dollars a year into the Fossil Fuel Industry! When asked for clarification on our numbers, the Foundation simply responded that we can check Guide Star for financial questions, which was last updated for the 2019 year. Our questions remain:

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• As of November 2021, what is the Foundation's endowment?; sent to Rhonda Morin, Daniel Rogers, Calen Ouellette, November 18, 2022

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• Due to the success of the Promising Pathways Campaign [a fundraising campaign concluded in June 2022], what are your plans to increase monetary support for the student body of Clark College?; sent to Rhonda Morin, Daniel Rogers, Calen Ouellette, November 18, 2022

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• In a response from Rhonda Morin on June 3rd, 2022, she states “Clark College foundation’s board of directors continuously monitors these kinds of funds [mutual funds that may mix fossil fuel entities] to see where disinvestment is possible without impacting student and college programming needs”. Who is monitoring these funds?; sent to Rhonda Morin, Daniel Rogers, November 18, 2022

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• Of the $32.4 million raised from the 5,279 donors of the Promising Pathways Campaign, what percentage of that sum goes directly towards student scholarships, capital support, and Clark programs?; sent to Daniel Rogers, Calen Oullette, November 18, 2022

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• What percentage of the foundation’s endowment is actively invested? What is the annual return on these investments?; Sent to Daniel Rogers, November 18, 2022

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• What factors are preventing the Foundation from withdrawing mutual funds that include fossil fuel investments?; Sent to Daniel Rogers, November 18, 2022

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Unfortunately, their response on November 29, 2022 did not address any of our questions. In another response from the Foundation on November 17th, 2021, they stated "We believe that the fund management industry is evolving on its own and is looking at ways it can make positive changes in many areas, including the climate, the economy and social issues. Because of these ongoing efforts, we believe nonprofit organizations like Clark College Foundation are doing the right thing for our environment and our society while also maintaining critically necessary funds to support our students and programs at Clark College."  According to our estimates, 3.8% of their entire endowment funds Clark College. Of the 3.8%, 1.4% goes directly to students for scholarships (around 1.25 million annually). Should divesting cause the Foundation's return on investments to decrease in the short term, the Foundation should protect students and Clark College by assuring the significant minority of their endowment (3.8%) continues to fund them. We do not have information on where the remaining 96.2% of their 81 million dollar endowment is invested. The Clark College Foundation has the ability to maintain critically necessary funds to support students and programs at Clark College while also doing the right thing for our environment and our society, which is divesting from the Fossil Fuel Industry. Both can be achieved. 

 

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