With total net assets of $295 million the University of Idaho Foundation, Inc. is the largest institutionally related Foundation in the state. The financial support provided by the Foundation ensures that the University of Idaho will continue to provide excellence in education and innovation. During fiscal year 2015, the Foundation distributed nearly $20.5 million dollars to the University of Idaho. This distribution includes $9.2 million in scholarships to students which enables the University to offer more private support to Idaho students than other Idaho institutions. While attracting the best and brightest students, it also makes the dream of a college education available to students who might not otherwise be able to afford to attend. $11.3 million went to support the University and its programs by providing funding to reward distinguished professors and researchers, bring in renowned speakers, support building projects, theater, music, and athletic programs, and otherwise enhance the academic and living experience of our residential campus.
Of the $20.5 million distribution, a record $9.7 million was generated from endowments that support the University. Endowment gifts provide lasting dependable support for the University of Idaho. During FY15 our generous donors gave over $12 million to establish 32 new endowments and continue to grow existing endowment accounts. Endowment gifts are held in perpetuity and annual distributions from investment earnings provide long term intergenerational support.
Endowment funds are managed by the Foundation in a pooled endowment fund, the Consolidated Investment Trust (CIT). Over $155 million in support for the University has been distributed from endowment earnings since the CIT was established in 1959 including nearly $127 million in the past 20 years. The CIT accounts for 84% of the Foundations total assets. The Foundation is committed to the long term focus of the endowment portfolio and the diversity of the asset allocation. The five year annualized return for the CIT was 8.7%. For FY15 the Foundation Board of Directors authorized an endowment payout of 4.4 percent of the three-year rolling average of the endowment’s value.
The Foundation also transferred $10.8 million in current gifts. This on-going support is crucial for many programs who depend on annual support to make a difference for our students.
In December 2014, the University announced the successful completion of its Inspiring Futures: Invest in the University of Idaho capital campaign. This was the largest comprehensive fundraising effort for any purpose, public or private, in the history of the state. The campaign exceeded the goal generating more than $261 million in current and future gifts. This external support provides needed investments for student scholarships, faculty support, facility construction and renovations, and program support. We thank the nearly 45,000 donors for their investment in the University of Idaho.