State freezes endowment payments for public schools, other beneficiaries

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Idaho will freeze next year’s endowment payments to public schools and other beneficiaries, in the face of market volatility.

The state Land Board approved the 2023-24 payments Tuesday, making no changes from this year’s record awards.

Here’s a breakdown of next year’s $100.3 million payments, which go into effect July 1:

Public schools: $61.5 million.
State Hospital South: $7.6 million.
University of Idaho, School of Science: $6.7 million.
University of Idaho: $5.9 million.
Idaho State University normal school: $3.3 million.
Lewis-Clark State College normal school: $3.3 million.
State prison: $3.1 million.
University of Idaho, College of Agriculture: $1.9 million.
Idaho State University: $1.9 million.
Juvenile corrections: $1.9 million.
State Hospital North: 1.9 million.
State veterans’ hospital: $1.2 million.
Idaho School for the Deaf and the Blind: $233,600.

The freeze comes after a trying year on the market.

The state’s endowment fund investment portfolio lost 13% of its value in 2021-22 — after nearly 30% in gains the previous year.

Revenues also fell. Timber receipts generate nearly all of the state’s income from endowment lands. But overall revenues came in at $56.5 million for 2021-22, a decrease of slightly more than $3 million.

The state manages nearly 2.5 million acres of endowment lands.

The Land Board is made up of five statewide elected officials: Gov. Brad Little, state superintendent Sherri Ybarra, Attorney General Lawrence Wasden, Secretary of State Lawerence Denney and Controller Brandon Woolf.

— Kevin Richert reports for Idaho Education News. This article was originally published on idahoednews.org