Smith’s endowment is managed by Investure, a Charlottesville, VA-based investment firm that works with other small endowments. Smith has a $1.9 billion endowment and is Investure’s largest client. While we are unsure as to exactly how much of the endowment is invested in fossil fuels, Smith has estimated it to be somewhere in the neighborhood of $100 million. Smith’s official page about fossil fuel investments is here.
The school’s operating budget is like a checking account, and this money pays for the college’s expenses and professors’ salaries. The school’s endowment is like a savings account – this money is invested, and the returns on those investments are mostly reinvested, although a small percent of the returns are placed in the school’s operating account. Investopedia has more resources about university endowments here