BOISE, Idaho — The Idaho public schools are set to receive funding over $61M in endowment funding distributed for the fiscal year of 2024. According to a news release this was the largest portion of the money that was distributed to other beneficiaries.
The Idaho Board of Land Commissioners (IBL) presented a giant ceremonial check to the Superintendent of Public Instruction, Debbie Critchfield, and members of the Capital Singers on Tuesday inside the rotunda of the Idaho State Capitol building.
"It is exciting to receive this check on behalf of Idaho's school children from the hard earned money from the endowment fund," Critchfield said. "The men and women of Idaho Department of Lands (IDL) and the Endowment Fund Investment Board (EFIB) believe in the endowment mission. The revenue made from endowment lands and endowment investments makes a difference."
Endowment funding comes from public land set aside when Idaho became a state to provide funding to beneficiaries, largely public schools. According to the IBL, Idaho processes roughly 2.5M acres of land.
"It is important to have both the endowment fund and endowment land working together to generate returns for the beneficiaries," IDL Director Dustin Miller said. "Coupled together, the financial assets and timberland provide reliable and consistent sources of funding for beneficiaries like our public schools."
IBL said Tuesday's Dec. 19 funding is the most significant portion of the over 100M distributed.
The release stated they are also currently processing $2.9B in endowment funding, supporting current and future endowment benefits. The funding is reserved to cover seven years of distributions and as a safety net for unforeseen economic problems.
IBL's website presented the list of beneficiaries below.
- Public School Fund, K-12 Education
- Agricultural College Fund, University of Idaho
- Charitable Institutions Fund, Idaho State University, State Juvenile Corrections Center, School for the Deaf and Blind, Idaho Veterans Home, and State Hospital North
- Normal School Fund* Idaho State University Department of Education and Lewis-Clark State College
- Penitentiary Fund
- School of Science Fund, University of Idaho
- State Hospital South Fund
- University Fund, University of Idaho
- Capitol Permanent Fund
Watch more Local News:
See the latest news from around the Treasure Valley and the Gem State in our YouTube playlist:
HERE ARE MORE WAYS TO GET NEWS FROM KTVB:
Download the KTVB News Mobile App
Apple iOS: Click here to download
Google Play: Click here to download
Watch news reports for FREE on YouTube: KTVB YouTube channel
Stream Live for FREE on ROKU: Add the channel from the ROKU store or by searching 'KTVB'.
Stream Live for FREE on FIRE TV: Search ‘KTVB’ and click ‘Get’ to download.