Land Board approves a 4.2 percent increase in endowment distributionsTuesday August 18, 2020
(BOISE) – The State Board of Land Commissioners (Land Board) today approved a 4.2 percent increase for the fiscal year (FY) 2022 distributions to the eight endowment funds that support Idaho's public school system, universities, state hospitals for the mentally ill, state veterans homes, the Idaho School for the Deaf and Blind, Idaho's juvenile corrections system, and Idaho's prison system.
The $88,076,500 total distribution to all endowment beneficiaries sets another new record. The money comes from timber sales, leases on endowment lands and earnings from the land grant endowment fund. The land grant endowment fund generated an investment return of 5.2 percent for the year ending June 30, 2020.
Idaho's public school system will receive $54,798,000 in FY22 – 4.2 percent more than the FY21 distribution. The Penitentiary fund will see a 7.5 percent increase over last fiscal year, receiving $2,689,500 in FY22. University of Idaho will see a 7.0 percent bump in distributions, for a total of $5,102,000. The University of Idaho School of Agriculture will also be given a 7.0 percent increase in FY22, receiving $1,660,000. (See the attached distribution sheet.)
The Endowment Fund Investment Board (EFIB) manages the land grant endowment fund and recommends beneficiary distributions to the Land Board.
The Land Board also approved the EFIB recommendation to transfer $18,685,000 of earnings reserves to the permanent fund in an effort to grow the permanent fund and boost long-term beneficiary distributions.
“Strong investment returns allowed us to both increase beneficiary distributions for FY21 and maintain strong reserves ensuring consistent distribution for years to come,” EFIB Manager of Investments Chris Anton said. “The recommendations made today represent an appropriate balance between the interests of current and future beneficiaries.”
The Land Board provides direction to the Idaho Department of Lands in its management of more than 2.5 million acres of endowment trust lands in Idaho and the EFIB in its management of the $2.4 billion land grant endowment fund. The Land Board is comprised of the Governor, Attorney General, Secretary of State, State Controller, and Superintendent of Public Instruction.
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NEWS MEDIA CONTACT:
Chris Anton, EFIB Manager of Investments
208-334-3312 or Chris.Anton@efib.idaho.gov