The endowment is overseen by the Investment Sub Committee of the Board of Trustees and College administration.

Other key players in the management of the endowment are Investure, Middlebury’s Investment and Treasury Operations, and Advisory Committee for Socially Responsible Investment.

Investment Sub Committee of the Board of Trustees

The Investment Sub Committee of the Board of Trustees (the “Sub Committee”) is responsible for oversight of the Endowment.  It establishes and approves appropriate investment policies, objectives, and strategies for all endowment and investment portfolio assets. It also regularly reviews the implementation of this Investment Policy and monitors the achievement of its objectives.

At any one time, Sub Committee consists of between 3 and 5 Trustees.  Sub Committee members, including the Sub Committee chair, will be appointed for one year, or until their successors are appointed, by the Chair of the Board in consultation with the President.

The Sub Committee meets a least four times a year and reports to the Trustees at each Board meeting.  At these meetings, a quorum is defined as a majority of members of the Investment Committee.

In addition, to the oversight of the institution’s endowment, other responsibilities of the Sub Committee include the following:

  • Selection of custodians and/or consultants
  • Oversight of debt management with administration, budget, and finance committees
  • Oversight of the deferred giving program and monitoring of funds held in trust
  • Management of the spending policy with the help of the budget and finance committees
  • Annual review of defined contribution pension plan performance


In 2005, the Investment Sub Committee recommended to the Board that the College engage Investure, an outsourced investment office serving a small number of prestigious colleges and foundations.

With a combined portfolio of some $12 billion, Investure provides a deep team of professionals and access to investment opportunities comparable to those of the larger endowments. Under this arrangement, the Middlebury Investment Committee and Board remain the fiduciary and are actively involved in making decisions regarding guidelines, asset allocation, and strategic changes in the portfolio as well as continually monitoring the balance between performance and risk.

For more detailed information about Investure, LLC, please visit Investure.

Advisory Committee for Socially Responsible Investment

In recent years, the College formed the Advisory Committee for Socially Responsible Investment ( ACSRI ), a student, staff, faculty, and alumni group whose primary charge is to make recommendations on how the Investment Sub Committee should vote the College’s proxies for securities held in the endowment. The group meets periodically over the course of the academic year to work on proxy voting issues and other projects related to social responsibility and sustainability as it relates to the endowment.

In recent years, the College’s endowment has evolved away from traditional separately managed portfolios of publicly traded securities and towards a portfolio comprised of investments in commingled vehicles or limited partnerships. As a result, the portion of the endowment for which the College is able to vote proxies is nominal.

The ACSRI has recently been exploring other ways to incorporate social responsibility into the endowment management process, including researching what other colleges and universities are doing in this area, identifying SRI investment vehicles that might be considered for investment, and collaborating with the Student Investment Committee (SIC) on proxy voting for the securities held in the separate account managed by SIC.

Investment and Treasury Operations

Investment and Treasury Operations Team at Middlebury is the primary liaison between the Sub Committee and Investure in the proper implementation of the investment and spending policies.  It also serves as the primary contact for all money managers and the custodian.

Finance Office
152 Maple Street
Marble Works, Suite 102
Middlebury, VT 05753