Idaho State Statutes - Idaho Attorney Directory

PERMANENT ENDOWMENT FUNDS -- EARNINGS RESERVE FUNDS -- INCOME
FUNDS -- INVESTMENT POLICIES -- ANNUAL AUDIT. (1) The investment board or its
investment manager(s) may, and are hereby authorized to, invest the permanent
endowment funds and the earnings reserve funds of the state of Idaho.
(2) The permanent endowment funds and the earnings reserve funds may be
combined or pooled for investment.
(3) Earnings reserve funds shall be accounted for separately from
permanent endowment funds.
(4) Prior to the annual calculation of gains and losses pursuant to
section 57-724, Idaho Code, the investment board shall allocate the end of
fiscal year market value between the permanent endowment funds and the
earnings reserve funds. This allocation shall be made based upon the
proportion that the market value of the permanent endowment funds and the
market value of the earnings reserve funds bear to the combined market value
of both sets of funds, at the end of the fiscal year.
(5) The investment board shall formulate investment policies governing
the investment of permanent endowment funds and earnings reserve funds. The
policies shall pertain to the types, kinds or nature of investment of any of
the funds, and any limitations, conditions or restrictions upon the methods,
practices or procedures for investment, reinvestments, purchases, sales or
exchange transactions, provided such policies shall not conflict with nor be
in derogation of any Idaho constitutional provision or of the provisions of
this act.
(6) Annually, the investment board shall cause an audit to be conducted
of the investment of permanent endowment funds and earnings reserve funds,
such audit to be conducted by a recognized certified public accountant. The
certified public accountant conducting the audit shall not be an employee of
the state. The expense of such audit shall be paid from the appropriation to
the investment board.
(7) The state treasurer shall invest the income funds of the respective
endowments and distribute the moneys in the income funds according to
legislative appropriation.

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