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Endowment fund strong at year's end |
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August 2, 2017 |
Managers of Idaho's land grant endowment assets
closed out Fiscal Year 2017 (FY17) with strong
performances, yielding more money to support
Idaho's public school system, higher education,
and other State of Idaho institutions.
The Idaho Department of Lands (IDL) reports that
revenue generating activities on endowment lands
coupled with proceeds from sales of residential
cottage sites and commercial real estate
properties during the fiscal year ending June
30, 2017, amounted to approximately $125.8
million. FY17 gross land revenues were
$74,682,023, up slightly compared to FY16.
The Endowment Fund Investment Board (EFIB)
manages the investment of land revenues. The
Endowment Fund earned a 12.8 percent return in
FY17, compared to a loss of 0.2 percent in FY16.
Investment earnings are estimated at $234
million, up from a loss of $3 million in FY16.
The balance in the Endowment Fund exceeds $2
billion for the first time ever. The fund's
average annual gross return has been 9.5 percent
over the last five years and 6.4 percent over
the last 10 years.
Distributions to endowment beneficiaries totaled
$63.2 million in FY17 and will rise 16 percent
to $73.5 million in FY18. The Land Board will
begin considering the level of distributions for
FY19 later this month.
More than 2.4 million acres of endowment lands
in Idaho along with the funds they generate are
overseen by the State Board of Land
Commissioners (Land Board), comprised of Idaho's
governor, secretary of state, attorney general,
state controller, and superintendent of public
instruction. |
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