While the university has a larger annual income and operating budget, the colleges have a larger aggregate endowment: over £4.9bn compared to the university's £1.2bn. The central University's endowment, along with some of the colleges', is managed by the university's wholly owned endowment management office, Oxford University Endowment Management, formed in 2007. The university has substantial investments in fossil fuel companies, and in 2014 began consultations on whether it should follow some US universities which have committed to sell off their fossil fuel investments.