A record $100 million will be distributed to Idaho schools and other beneficiaries in Fiscal Year 2023Tuesday August 17, 2021
(BOISE) – For the first time, the Idaho Department of Lands (IDL) and the Endowment Fund Investment Board (EFIB) will together generate more than $100 million for the endowment beneficiaries. Today, the State Board of Land Commissioners (Land Board) approved an increase in Fiscal Year 2023 distributions to the eight endowment beneficiaries which include Idaho public schools, the University of Idaho, and state veterans’ homes.
The beneficiary distributions reduce the burden on taxpayers to fund these institutions while generating jobs within the timber industry and providing grazing and commercial leasing opportunities.
“Outstanding investment performance and strong timber revenue resulted in growth in the Endowment Fund which allowed us to increase beneficiary distributions,” said Chris Anton, EFIB’s Manager of Investments. “This new record was the result of investment gains of $716.6 million, or 29.7%, and net lands revenue of $59.6 million.”
Idaho's public school system, which is the largest beneficiary, will receive $61.5 million in FY23 which is 12.3 percent more than the FY22 distribution.
The Land Board also approved the EFIB’s recommendation to transfer $486.4 million of earnings reserves into the permanent fund in an effort to grow the permanent fund and boost long-term beneficiary distributions. The Idaho Endowment Fund ended the fiscal year with the ability to increase beneficiary distributions, strengthen reserves and grow the permanent fund to help future beneficiaries.
“Today’s Land Board meeting brought great news for Idaho Public Schools, with a $61.5 million approved distribution from the Endowment Fund, up more than 12 percent from the previous distribution,” Superintendent of Public Instruction Sherri Ybarra said. “Serving on the Land Board has given me a great appreciation for the careful land management and investment that ensure our funding will be consistent and grow.”
The Land Board provides direction to the Idaho Department of Lands in its management of more than 2.5 million acres of endowment trust land in Idaho and the Endowment Fund Investment Board in its management of the $3.1 billion Endowment Fund. The Land Board is comprised of the Governor, Attorney General, Secretary of State, State Controller, and Superintendent of Public Instruction.