Search Icon
University of Idaho Foundation

History

On September 17, 1970, the University of Idaho Foundation Inc. (Foundation) was incorporated under the laws of the State of Idaho as a non-profit organization exempt from Federal tax under section 501(c)(3) of the Internal Revenue Code. The Foundation’s sole purpose is to support the University of Idaho by the means at its disposal with an emphasis on soliciting financial support for the University and managing and investing the securities, monies and real and personal property it receives from such sources, and to expend its resources, beyond that required to cover the costs of its operation, to and for the benefit of the University. The Foundation is governed by a Board of Directors and acts in accordance with the Operating Agreement with the University of Idaho signed August 2009.

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 (CIT) 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 CIT. The purpose for creating the CIT was to provide a well-managed, diversified investment vehicle owned entirely by endowments which benefit the University of Idaho.

Upon accepting the CIT in 1975, the University of Idaho Foundation, Inc. Board of Directors created an Investment Committee and charged it with the responsibility of monitoring and guiding the CIT’s investment policy. This committee meets regularly with the Foundation’s Investment Consultant (currently Cambridge Associates) to review investment activity, performance and compliance with established investment parameters. The committee reports directly to the Foundation Board of Directors.