Idaho State Statutes - Idaho Attorney Directory

(1) Gains. Gains to permanent
endowment funds shall be determined by the investment board when the current
market value of the permanent endowment fund as of the end of the fiscal year
exceeds the gain benchmark market value of the permanent endowment fund. The
gain benchmark market value shall begin with the market value of the permanent
endowment fund calculated as it existed on June 30, 2000, and shall be
modified on June 30 of each subsequent fiscal year by the percentage change in
the average of the immediately preceding three (3) fiscal years of the
unadjusted consumer price index for all urban consumers as issued by the
United States department of labor, and by the addition of funds deposited as a
result of land sales and mineral royalty payments.
(2) Losses. Losses to permanent endowment funds shall be determined by
the investment board when the market value of the permanent endowment fund as
of the end of the fiscal year is less than the loss benchmark market value of
the permanent endowment fund. The loss benchmark market value shall begin with
the market value of the permanent endowment fund calculated as it existed on
June 30, 2000, and shall be modified on June 30 of each subsequent fiscal year
by the addition of funds deposited as a result of land sales and mineral
royalty payments. Losses to permanent endowment funds other than the public
school permanent endowment fund shall be made up from earnings reserve fund
moneys that the state board of land commissioners determines will not be
needed for administrative costs or scheduled distributions to each endowment's
respective income fund. Losses to the public school permanent endowment fund
shall be made up as follows:
(a) The state board of land commissioners may annually transfer any funds
in the public school earnings reserve fund that it determines will not be
needed for administrative costs or scheduled distributions to the public
school income fund in the following fiscal year to the public school
permanent endowment fund, to make up for any prior losses in value.
(b) If funds transferred from the earnings reserve fund are insufficient
to make up any losses in value to the public school permanent endowment
fund, and the market value of the public school permanent endowment fund
at the end of each fiscal year remains below the loss benchmark market
value of the preceding ten (10) consecutive fiscal years, then the
legislature shall make up the loss by legislative transfer or
appropriation authorized during one (1) or both of the next succeeding two
(2) regular sessions of the legislature. Such loss to be made up shall be
the lesser of the:
(i) Current cumulative loss; or
(ii) Annual loss determined in the first year of the preceding
consecutive ten (10) years.
(c) Any transfers or appropriations authorized by the legislature for
deposit into the public school permanent endowment fund shall take place
at the end of the fiscal year, after the determination of gains and
losses. If the market value of the public school permanent endowment fund
exceeds the loss benchmark market value at the end of any fiscal year in
which legislative transfers or appropriations are authorized to the public
school permanent endowment fund, then such transfers or appropriations
shall be reduced by the lesser of the:
(i) Amount that the market value of the public school permanent
endowment fund would exceed the loss benchmark market value at the
end of the fiscal year if all authorized legislative transfers or
appropriations were to be made; or
(ii) Amount of the legislative transfers or appropriations
authorized for deposit in the public school permanent endowment fund
for the fiscal year.

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