{"id":327,"date":"2020-10-19T18:39:33","date_gmt":"2020-10-19T23:39:33","guid":{"rendered":"https:\/\/sites.sccs.swarthmore.edu\/divestmentdocuments\/?p=327"},"modified":"2020-10-20T10:20:20","modified_gmt":"2020-10-20T15:20:20","slug":"swarthmore-investment-objectives-and-policies-2020","status":"publish","type":"post","link":"https:\/\/sites.sccs.swarthmore.edu\/divestmentdocuments\/2020\/10\/19\/swarthmore-investment-objectives-and-policies-2020\/","title":{"rendered":"Swarthmore Investment Objectives and Policies (2020)"},"content":{"rendered":"\n
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note<\/a><\/div>\n\n\n\n
email text<\/a><\/div>\n\n\n\n
email scans<\/a><\/div>\n<\/div>\n\n\n\n

Note<\/h2>\n\n\n\n

This correspondence contains identifying information about College administrators. I have chosen to redact such information. The administrators are referred to as “admin A” and “admin B.” <\/p>\n\n\n\n

Email Text<\/h2>\n\n\n\n

Date:<\/strong> October 4, 2020<\/p>\n\n\n\n

Subject:<\/strong> Swarthmore Investment Objectives and Policies<\/p>\n\n\n\n

From:<\/strong> Daniel Fernandez<\/p>\n\n\n\n

To:<\/strong> [admin B]<\/p>\n\n\n\n

Text:<\/strong> <\/p>\n\n\n\n

Dear [admin B],
I am interested in learning more about Swarthmore’s investment policies. Do you know how I can find a copy of the College’s “Statement of Investment Objectives and Policies?”<\/p>\n\n\n\n

Thank you,<\/p>\n\n\n\n

—
Daniel Abel Fernandez. Swarthmore ’23. Pronouns: he\/him\/his<\/p>\n\n\n\n

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Date:<\/strong> October 5, 2020<\/p>\n\n\n\n

Subject:<\/strong> re: Swarthmore Investment Objectives and Policies<\/p>\n\n\n\n

From:<\/strong> [admin B]<\/p>\n\n\n\n

To: <\/strong>Daniel Fernandez<\/p>\n\n\n\n

Text:<\/strong> <\/p>\n\n\n\n

Dear Daniel,
Thanks for reaching out to me with your questions regarding the College’s investment policies.  The policy statement is not a public document, so I’m unable to share it with you.  However, most of what you’re requesting can be found within two documents on the Finance & Investment page of the College’s website.   In particular, I draw your attention to footnote 3 of the College’s financial statements for June 30, 2019 (https:\/\/www.swarthmore.edu\/sites\/default\/files\/assets\/documents\/finance-and-investment-office\/Swarthmore%20College%202019%20Financial%20statements_Final.pdf<\/a>) and also to the Swarthmore College Endowment Report (https:\/\/www.swarthmore.edu\/sites\/default\/files\/assets\/documents\/finance-and-investment-office\/Endowment%20Report%20FY%202019%20FINAL.pdf<\/a>). These two documents provide an overview of the investment objectives, historical spending over time, and the general guidelines for the endowment and similar funds. 
Both reports are based on the audited financial statements from June 30, 2019.  The FY 2020 audit should be finalized early this week, so we’ll post it as soon as we have a final sign-off from our external auditors. .  The endowment report will be updated later this year, most likely in December.
I hope this is helpful and is as responsive as possible to your questions.
Best,
[admin B]<\/p>\n\n\n\n

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Date:<\/strong> October 5, 2020<\/p>\n\n\n\n

Subject:<\/strong> re: Swarthmore Investment Objectives and Policies<\/p>\n\n\n\n

From:<\/strong> Daniel Fernandez<\/p>\n\n\n\n

To: <\/strong>[admin B]<\/p>\n\n\n\n

Text:<\/strong><\/p>\n\n\n\n

Dear [admin B],
Thanks for your response,
These documents are helpful, but I\u2019m also looking for one that mentions the College\u2019s divestment policy. I\u2019ve seen this line but I was wondering where it came from: “Investment Committee manages the endowment to yield the best long term financial results, rather than to pursue other social objectives.\u201d Is that available?
Best,<\/p>\n\n\n\n

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Date:<\/strong> October 5, 2020<\/p>\n\n\n\n

Subject:<\/strong> re: Swarthmore Investment Objectives and Policies<\/p>\n\n\n\n

From:<\/strong> [admin A]<\/p>\n\n\n\n

To:<\/strong> Daniel Fernandez<\/p>\n\n\n\n

Text:<\/strong><\/p>\n\n\n\n

Dear Daniel,
[admin B] shared your note with me since your subsequent question is one about Board policy and communication — and my role as [a certain administrator] includes tracking such things. 
It’s clear that you have been doing your research on this, so please pardon me if I’m sending you things you’ve already seen before — but since this is a question the Board has considered multiple times over the period of many years, I wanted to share with you several open communications from the Board of Managers on the question of divestment and on the College\u2019s commitment to addressing the climate crisis.
September 2013, from former Chair Gil Kemp: https:\/\/www.swarthmore.edu\/board-managers\/open-letter-divestment<\/a><\/p>\n\n\n\n

May 2015, from former Chair Gil Kemp: https:\/\/www.swarthmore.edu\/board-managers\/sustainability-and-investment-policy<\/a> (This letter references the line you mention in your note)<\/p>\n\n\n\n

February 2017, from President Val Smith and former Chair Tom Spock: https:\/\/www.swarthmore.edu\/news-events\/president-valerie-smith-board-chair-tom-spock-78-highlight-efforts-to-confront-climate<\/a><\/p>\n\n\n\n

June 2018, from current Chair Salem Shuchman: https:\/\/www.swarthmore.edu\/news-events\/response-to-investment-policy-referendum<\/a><\/p>\n\n\n\n

You might also be interested in a few stories over the years of the College\u2019s actions to address climate change:<\/p>\n\n\n\n