The University is governed by the Regents of The University of Idaho (Regents) and is a constitutional corporation organized and existing under and by virtue of the Constitution of the State of Idaho.   The University is exempt from Federal income tax under section 501(c)(3) of the Internal Revenue Code, as an educational organization.  The Regents, under the terms stipulated in the University of Idaho/Foundation Agreement dated June 24, 1993, appointed the Foundation as an agent of the University.

The Consolidated Investment Trust (C.I.T.) was established by the Regents of the University of Idaho in July 1959, when the assets of 25 individual endowments having a combined market value of $441,460 were pooled for investment purposes only and in return were issued unit participation shares in an investment account called the C.I.T.  The purpose for creating the C.I.T. was to provide a well-managed, diversified investment vehicle owned entirely by endowments which benefit the University of Idaho.

Effective July 1,1975, the assets of the C.I.T. were transferred to the Foundation in trust under the terms and conditions stipulated in an Indenture dated May 20, 1975.  Said Indenture is incorporated and included into the aforementioned University of Idaho/Foundation Agreement dated June 24, 1993, as Appendix B.  Under the terms of the Indenture, the Regents “offer to provide whatever support and assistance that the Foundation may wish to receive from the University of Idaho Business Office; provided however that the Bursar, who is the Foundation Treasurer, shall continue to be responsible for providing necessary accounting services for the Foundation, custody of the Foundation’s assets, and the ministerial functions pertinent to the individual trust accounts, and if either the Foundation or the Regents wish to reassign these functions elsewhere, either party shall first secure the written consent of the other.”  

Upon accepting the C.I.T. in 1975, the Foundation Board of Directors created an Investment Committee and charged it with the responsibility of monitoring and guiding the C.I.T.’s investment policy.  This committee meets regularly with staff from the University’s Trust and Investment Office and the Foundation’s Investment Managers to review investment activity, performance and compliance with established investment parameters.  The committee reports directly to the Foundation Board of Directors.