PUBLIC FUNDS
IN GENERAL
CHAPTER 7
INVESTMENT OF PERMANENT ENDOWMENT AND EARNINGS
RESERVE FUNDS
57-720.Investment authority -- Investment policies -- Annual audit. (1) The investment
board or its investment manager(s) may, and are hereby authorized
to, invest the permanent endowment funds and the earnings reserve
funds of the state of Idaho and other moneys as required by law. The
investment board may, with the approval of the state board of land
commissioners, invest other funds that are exempt from section 67-1210, Idaho
Code, provided however, that the costs of investment of such funds
may be deducted by the investment board from investment proceeds. (2) The
funds invested by the investment board may be combined or pooled for
investment.
(3) Earnings
reserve funds shall be accounted for separately from permanent endowment
funds.
(4) Prior
to the annual calculation of gains and losses pursuant to section 57-724, Idaho Code,
the investment board shall allocate the end of fiscal year market
value between the permanent endowment funds and the earnings reserve
funds. This allocation shall be made based upon the proportion that
the market value of the permanent endowment funds and the market value
of the earnings reserve funds bear to the combined market value of
both sets of funds, at the end of the fiscal year. (5) The
investment board shall formulate investment policies governing the
investment of permanent endowment funds and earnings reserve funds
and the investment of other funds accepted for investment by the investment
board pursuant to subsection (1) of this section. The policies shall
pertain to the types, kinds or nature of investment of any of the
funds, and any limitations, conditions or restrictions upon the methods,
practices or procedures for investment, reinvestments, purchases,
sales or exchange transactions, provided such policies shall not conflict
with nor be in derogation of any Idaho constitutional provision or
of the provisions of this chapter.
(6) Annually,
the investment board shall cause an audit to be conducted of the investment
of permanent endowment funds and earnings reserve funds, such audit
to be conducted by a recognized certified public accountant. The certified
public accountant conducting the audit shall not be an employee of
the state. The expense of such audit shall be paid from earnings reserve
funds.
(7) The
state treasurer shall invest the income funds of the respective endowment
funds and distribute the moneys in the income funds according to legislative
appropriation.
Idaho Statutes