Capitol Endowment Funds
Moneys are available through two Capitol Endowment Funds for the operation of the Capitol Commission and for ongoing maintenance and preservation of the Capitol Building.
Large tracts of land were gifted in the Idaho Admission Act by the federal government for the benefit of certain functions—public schools, a state university, penitentiary, public buildings, and the Capitol Building. The land gifted by the federal government for the benefit of the Capitol consisted of 32,000 acres of land. Over time, 25,000 acres were sold in part to pay for the construction of the Capitol and in part to provide revenues for the General Account. The Idaho Capitol Act of 1998 placed the remaining 7,000 acres of timber and mineral lands in a permanent endowment status as well as approximately $3 million in funds from previous timber sales from the lands. This endowment is the Capitol Permanent Endowment Fund. The income and royalties from the Capitol Permanent Endowment Fund are deposited into the Capitol Endowment Income Fund for appropriation by the Legislature exclusively for the benefit of the Capitol.
At its May 3, 2004 meeting, the Commission adopted an investment policy for use by the Endowment Fund Investment Board which manages the Capitol Endowment Funds. At its July 28, 2004 meeting, the Commission adopted its Financial Goals Statement outlining its objectives in managing the two funds.