University of Idaho Foundation Distributes More than $100 Million From Endowment Earnings
Friday, October 30
Oct. 30, 2009
Media Contact: Nancy McDaniel, University of Idaho Foundation Inc., (208) 364-4065 office, (208) 850-5799 cell, nmcdan@uidaho.edu
MOSCOW, Idaho – The University of Idaho Foundation Inc. has distributed $106 million from endowment earnings over the past 50 years to fund scholarships and programs at the University of Idaho. In fiscal year 2009 alone, the distribution of funds from more than 1,300 donor-established endowments was $7.3 million.
"Distributing more than $100 million in endowment earnings to benefit the University of Idaho is an incredible milestone for the University of Idaho Foundation," said Frances T. Ellsworth, Foundation chairman. “Here we are 50 years later, and more students than ever before are receiving scholarships."
The Foundation's Consolidated Investment Trust grew from 25 individual endowments when established in 1959 to more than 1,300 individual endowments, which support scholarship for students, faculty excellence and important programs at the university. An additional 25 new endowments were established in FY2009.
"The foresight of those in 1959 to establish the C.I.T. and the donors who have given so generously over the years is remarkable," she said.
During the second half of the 20th century, private giving to the University of Idaho has increased dramatically as state support for higher education has been reduced. More and more alumni and friends of the university choose to create an endowment as their preferred method of providing financial support.
Endowments are invested and managed in perpetuity, and endowment earnings are distributed to the University of Idaho annually for the uses established by the donors.
Though the CIT had a loss of 15.45 percent during FY2009, it fared well compared to portfolio decreases by numerous colleges and universities around the country, which had average losses of more than 25 percent.
"Despite the lingering economic issues that face our nation, the University of Idaho Foundation is doing very well. Because of the continued generosity of our donors and the exceptional investment stewardship provided by the Foundation, we are able to continue the high level of giving that has lasting impact on students, faculty and programs," said Ellsworth.
A sampling of endowments managed by the CIT include:
• The Borah Foundation Symposium Endowment, one of the 25 original endowments in the CIT, was valued at $91,375 in 1959. Today, its value is $1.1 million; during the past 50 years it has distributed earnings in excess of $1.5 million for the University’s prestigious Borah Symposium. The fund’s origins go back to 1929 when a gift of $50,000 was received from Salmon O. Levinson in honor of Idaho Sen. William Edgar Borah.
• The Alumni Scholarship Endowment is another of the original 25 endowments. Fifty years ago, this fund was valued at $18,080 and today, it is valued at $780,000. Since 1959, it has provided scholarships that total approximately $800,000 to children of alumni. The fund was started with many small gifts from alumni donors that were collected for a period of time before being combined into this single endowment.
• The Mary Hall Niccolls Scholarship Endowment, established in 1963 with an initial bequest distribution of $432,700 from the estate of Mary Hall Niccolls, has provided $3.2 million in scholarships to students in the School of Family and Consumer Sciences over a 46-year period, and has grown to $2.3 million during that time.
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About the University of Idaho Foundation
The mission of the University of Idaho Foundation, Inc. is to secure, manage and distribute private support to enhance the growth and development of the University of Idaho. For more information, visit www.uidahofoundation.org.
