Endowment Money Up
BOISE, Idaho (AP) — Idaho's endowment trusts are due a total of nearly $49 million in fiscal year 2014, about 2.8 percent more than this year, as increased revenue from timber sales helps bolster cash. The Idaho Land Board Tuesday unanimously approved the distribution, from money generated by the Idaho Department of Lands' management of 2.5 million acres of endowment lands. Public schools will get $31.3 million, the same amount they received this fiscal year. Managers of Idaho's endowment fund recommended waiting to increase K-12 schools' share until their reserves are restored to levels covering at least five years' worth of distributions. Investment manager Larry Johnson told the Land Board that while most endowments funds are in a strong financial position, reserves still must be banked in others to meet the Idaho's rigorous targets.