Idaho Land Board Reworking How it Makes Investments
BOISE, Idaho (AP) - Idaho's five-member land board is formalizing how it vets and approves investments made on state endowment lands, which provide funding primarily to public schools.
On Monday the board unanimously approved that it would establish new advisers, auditors and consultants over the next two years to help oversee Idaho's 2.5 million acres of endowment lands. See more: Land Board rejects multi-million-dollar land swaps. The new measures were largely based on a report provided by San Francisco-based consulting firm Callan Associates.
Land board members requested the report after criticism erupted over the board acquiring commercial property. In total, it will cost more than $500,000 to implement the recommendations. The Idaho Land Board is made up of the governor, secretary of state, superintendent of public instruction, attorney general and state controller, manages 2.5 million acres of Idaho land.