St. Olaf College Endowment

The Board of Regents' Investment Committee holds fiduciary authority over the endowment. President Susan Rundell Singer serves as an ex-officio voting member, and Vice President and CFO Mike Berthelsen manages treasury and investment operations. Day-to-day manager selection and asset allocation are likely supported by an outsourced CIO or investment consultant, a common model for endowments of this size.

The endowment uses a total-return spending policy, distributing roughly 4-5% of a rolling three-to-five-year average market value annually. Recent distributions have been in the $28-$35 million range, covering approximately 15-20% of the college's annual operating expenses. The spending rule is designed to balance current budgetary support with long-term purchasing-power preservation.

Yes. The college committed to carbon neutrality in 2019, and the endowment incorporates environmental, social, and governance factors into investment decisions. St. Olaf also operates a utility-grade wind turbine on campus that supplies approximately 25% of the college's electricity — reflecting an institution-wide sustainability ethos that extends to how the endowment evaluates managers and asset classes.

The Investment Committee is a standing committee of the Board of Regents. It includes regents with investment experience, the college president as an ex-officio voting member, and the CFO. The committee meets quarterly to review asset allocation, investment performance, and spending policy, and it relies on external consultants or an outsourced CIO for manager due diligence and portfolio construction.

Beyond the investable endowment, the college owns a 920-acre campus including the St. Olaf Natural Lands, additional research land on Industrial Drive in Northfield, the Flaten Art Museum collection (which holds works by Edvard Munch), and a charitable gift annuity pool. These assets are held separately from the endowment and are not part of the investable portfolio overseen by the Investment Committee.