Idaho Administrative Code Title IDAPA 32 - Endowment Fund Investment Board
Here is a summary of the Idaho Administrative Code – Title IDAPA 32: Endowment Fund Investment Board (EFIB):
IDAPA 32 – Endowment Fund Investment Board (EFIB)
The Endowment Fund Investment Board (EFIB) is responsible for managing the investment of Idaho’s state endowment funds and other trust assets. These funds support beneficiaries such as public schools, universities, and other state institutions, as established under Idaho’s Constitution.
Governing Authority:
Established under Idaho Code Title 57, Chapter 7
Rules codified in IDAPA 32 guide the EFIB’s governance, investment strategies, and ethical standards.
Key Chapter in IDAPA 32:
32.01.01 – Rules Governing the Endowment Fund Investment Board
This is the primary and currently only chapter under IDAPA 32, and it includes provisions on:
1. Purpose and Scope
Provides operational guidelines for managing Idaho’s endowment funds and other investments entrusted to the EFIB.
2. Board Composition and Authority
Defines the structure and powers of the Board.
The Board oversees investment policy, performance monitoring, and compliance with fiduciary responsibilities.
3. Code of Ethics
Board members, staff, and contractors must adhere to strict conflict-of-interest and ethics policies.
Disclosure of financial interests is mandatory to maintain transparency.
4. Investment Policy
Rules reference the Prudent Investor Rule, which mandates that investment decisions be made with care, skill, and diligence.
Allows for diversified portfolios to maximize returns while controlling risk.
5. Reporting and Accountability
Requires regular performance reporting, including:
Fund returns
Benchmark comparisons
Investment expenses
Ensures funds are managed to benefit current and future beneficiaries.
6. Administrative Provisions
Covers procedural rules for rulemaking, public participation, and administrative appeal processes.
Endowment Fund Oversight Includes:
Public School Permanent Endowment Fund
State Hospital South Fund
Capitol Permanent Endowment
University Endowments (e.g., University of Idaho, Idaho State University)
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