The Ball State University Foundation has set up a task force to consider changing its investment policies.
A Ball State student group protested on campus last week as part of Global Divestment Day. The group said the school's foundation does not make its investments public, and that it shouldn't invest in fossil fuel companies.
The Star Press reported the foundation task force was formed last year and is looking into social and environmental investment policies at other schools.
Ball State spokeswoman Joan Todd said any changes would be considered alongside the foundation's mission of "achieving maximum sustainable support" for the school.
The Muncie university has won sustainability awards for work on campus, including its geothermal heating and cooling system.