It is a very Merry Christmas for Idaho’s public schools this year. Public schools are receiving a $68,224,800 distribution for the current school year, which is the largest portion of the $110,371,200 distributed to all endowment beneficiaries.
Funding for this distribution comes from money earned from managing endowment land and investments.
The Idaho Board of Land Commissioners (Land Board) presented a symbolic check to Superintendent of Public Instruction Debbie Critchfield and the youth in the Capital Singers Tuesday during its Christmas celebration in the rotunda.
“It is exciting to receive this check on behalf of Idaho’s school children from the state’s endowment fund,” said Critchfield. “The revenue made from these lands and endowment investments makes a difference every year for Idaho’s public schools. It is also a reflection of how much the men and women of Idaho Department of Lands (IDL) and the Endowment Fund Investment Board (EFIB) believe in the endowment mission.”
There is currently $3.6 billion in the endowment fund which supports current and future endowment beneficiaries. Reserves are held to cover about seven years of distributions for the nine beneficiaries, protecting future distributions when problems arise in the economy.
The EFIB manages the endowment fund and 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.
“The endowment fund and endowment land work together to generate returns for the endowment beneficiaries like public schools,” explained IDL Director Dustin Miller. “Together, the financial assets and land assets provide reliable and consistent sources of funding for beneficiaries like our public schools.”
“With over half of the beneficiary distributions coming directly from land revenue, mainly timber harvests, the endowment fund continues to grow and support future generations of our children,” added Miller.
This week’s holiday event also featured Christmas songs from the elite singing group, the Capital Singers from Capital High School. Their performance has become a tradition in the rotunda.
