Endowment Beneficiaries to Receive Record High Distribution in Fiscal Year 2025Wednesday August 16, 2023
The Idaho Board of Land Commissioners (Land Board) approved distributing a record high $103.2 million to endowment beneficiaries in Fiscal Year 2025. This eclipses the prior year record distribution of $100.3 million by more than 2.9%.
Land Board members include the Governor, State Controller, Secretary of State, Attorney General and Superintendent of Public Instruction.
The endowment fund had investment gains of 10.9% in Fiscal Year 2023 and the Idaho Department of Lands (IDL) generated $52.3 million of net income from endowment land.
The Endowment Fund Investment Board (EFIB) manages the endowment fund, which had a balance of approximately $3.0 billion at the end of the fiscal year. IDL manages nearly 2.5 million acres of endowment land held in trust for the financial support of endowment beneficiaries. The Land Board oversees both the EFIB and IDL.
“It is important to have both the endowment fund and endowment land working together to generate returns for the beneficiaries,” explained Idaho Department of Lands (IDL) Director Dustin Miller. “Coupled together, the financial assets and timber land provide reliable and consistent sources of funding for beneficiaries like our public schools.”
“Because over half of the beneficiary distributions come directly from land revenue, the endowment fund can continue to grow and support future generations of beneficiaries,” added Miller.
“We were pleased with the endowment fund’s investment returns in Fiscal Year 2023 despite efforts by the Federal Reserve to fight inflation. Financial markets experienced a volatile year, but the U.S. economy has remained very resilient,” said Endowment Fund Investment Board Manager (EFIB) Manager Chris Anton.
Endowment beneficiaries include Idaho’s public schools, colleges and universities, and veterans’ homes, among others.