Dear Friends,
Since its public launch in October 2023, Unbridled: The Campaign for Boise State University has been a beacon of progress by fueling investments in endowed scholarships, faculty positions and Bronco athletics. Since the start of the campaign, donors have contributed a humbling $392.4 million toward our $500 million goal.
In fiscal year 2024, donors set a third consecutive philanthropic record, with support totaling an impressive $61.3 million from 28,146 donors. This level of giving can sometimes feel abstract, yet its impact is tangible. Your gifts have been instrumental in funding crucial research projects, enhancing campus facilities, supporting programs and bolstering scholarships.
This achievement is also a testament to the dedicated leadership of the Boise State University Foundation’s Board of Directors. This exceptional team of volunteers is committed to managing your investments with the utmost fiscal responsibility, ensuring both growth and sustainability for the benefit of the institution, its students and the broader community.
This last year brought internal change to the Foundation, too. As of July 1, 2024, the Division of University Advancement has officially merged with the Boise State University Foundation. The Foundation’s primary goal is to strengthen the university. With this merger, we are positioned to advance our mission of building a better Boise State by increasing efficiency, enhancing the experiences of our donors and alumni, and collaborating with you to support the university’s students, faculty and programs.
Because of you, a Boise State education is more accessible, research is advancing and our university’s impact is expanding. We at the Foundation continue to be full of gratitude at the level of generosity shown by our alumni, friends, and broader community. Onward!
Go Broncos!
-
Argia Beristain
Interim Chief Executive Officer
Boise State University Foundation -
Jim Martin
Executive Chair
Boise State University Foundation Board of Directors
To create the best culture of philanthropy and alumni engagement of any public university in the country.
Our Vision
High-Impact Philanthropy
Your gifts to the three campaign pillars propel our growth and success. Our community has joined us in supporting our students, faculty and athletics, positioning us for greater impact as we enroll and graduate more Broncos, conduct research and scholarship, and rack up victories on the field of competition.Â
In 2024, the Boise State Foundation expanded to include the university’s Advancement team and the Boise State Alumni Association. This expansion of activities and mission reflects our commitment to our donors and stakeholders and our relentless belief that a better tomorrow starts with empowering Broncos today.
Campaign Pillars: 2024 Progress
It is Boise State’s mission to make a college education accessible to all. Endowed scholarships help more students pursue a higher education, regardless of their circumstances. The Foundation’s Scholarship Endowment Bridge Program provides immediate funding for these types of endowed scholarships for four years while the pledge is being fully funded.
In 2024, donors endowed 35 new scholarships and one endowed graduate assistantship.
True Blue Scholarships made up almost 18% of new endowed scholarships in fiscal year 2024. Awarded based on financial need and merit, they are an important tool for helping Idaho students receive a college education in their home state. These current-use funds are awarded to residents for four years, based primarily on financial need and merit.Â
Endowment Payout
In 2024, 27% of the Foundation’s total distribution to the university came from endowment payout. The Foundation made more than $5.5 million available for distribution to augment the university’s operating budget in critical areas such as student financial aid as well as research and academic program support.Â
Endowment Funds Made Available by Area
Boise State donors have made it clear that their top priority is providing student access to a world-class education, with 55% of the endowment payout going to student financial aid.
Endowment Availability by Area Breakdown
 | Chairs and professorships $ 531,315 | 9.7% |
 | General support, including foundation support $ 588,605 | 10.7% |
 | Research, instruction and academic support $ 499,898 | 9.1% |
 | Student financial aid $ 3,037,052 | 55.2% |
 | Athletic scholarships and program support $ 848,160 | 15.4% |
Growth of the Total Endowment
At the close of fiscal year 2024, the market value of the Boise State Foundation’s total endowment investment portfolio grew to more than $164.5 million, a function of market gains and new gifts from donors. Over the past 10 years, the foundation’s total endowment has grown by more than 72%.
Ten Year Endowment Growth (2014-2024)
Endowment Investment Return Pool
The Boise State Foundation exceeded its short-term objective of maintaining its purchasing power, even with recent market fluctuations. In fiscal year 2024, the portfolio posted an annual return of 12.07%, comparing to the Foundation peer group median return for endowment funds of less than $500M (11.65%).
FY24 Endowment Investment Pool Return
Asset Class Allocation and Performance
In fiscal year 2024, the foundation saw strong returns across the broadly diversified portfolio, striking an optimal balance between providing long-term growth with acceptable levels of volatility. Because the spend rate calculation utilizes an average of the trailing two quarters to calculate payout, no single year’s market volatility will have a significant impact.
Asset Class Allocation and Performance
| Category | Allocation (as of June 30, 2024) | FY2024 Asset Class Returns | FY2024 Benchmark Returns |
|---|---|---|---|
| Domestic Market Equities | 33.4% | 18.1% | 23.1% |
| International Market Equities | 32.9% | 11.7% | 11.6% |
| Fixed Income | 23.2% | 4.2% | 2.6% |
| Real Assets | 9.8% | 14.9% | 13.3% |
| Private Equity | 0.4% | (0.3%) | – |
| Cash Equivalents | 0.3% | 3.7% | 5.4% |
Foundation Financial Statement
Foundation Distribution to the University Breakdown
| Endowed scholarships, general endowment $ 4,674,039 | 14% |
| Academic programs $ 4,312,295 | 13% |
| Athletic programs $ 18,115,465 | 55% |
| University Advancement $ 3,462,106 | 11% |
| Current use scholarships $ 2,400,127 | 7% |
Foundation Financial Statement Summary
Condensed Statement of Financial Position
| Assets | 2024 | 2023 |
|---|---|---|
| Cash and cash equivalents | $ 2,112,886 | $ 3,406,602 |
| Accrued interest and other receivables | $ 605,838 | $ 481,513 |
| Promises to give, net | $ 14,787,914 | $ 14,386,004 |
| Investments | $ 234,669,424 | $ 206,831,537 |
| Interest in perpetual trusts | $ 2,725,674 | $ 2,579,956 |
| Construction in progress | $ 6,186,470 | $ 5,459,602 |
| Other assets | $ 979,798 | $ 880,871 |
| TOTAL ASSETS | $ 262,068,004 | $ 234,026,085 |
| Liabilities | 2024 | 2023 |
|---|---|---|
| Accounts payable | $ 7,210,722 | $ 2,004,846 |
| Prepaid parking and suites | $ 1,731,715 | $ 1,690,853 |
| Liability under split interest trusts | $ 1,365,430 | $ 1,724,276 |
| Trust earnings payable to trust beneficiaries | $ 84,884 | $ 95,471 |
| Other noncurrent liabilities | $ 4,128,610 | $ 4,114,757 |
| Total Liabilities | $14,521,361 | $9,630,203 |
| Net Assets | 2024 | 2023 |
| Restricted – nonexpendable | $ 137,761,743 | $ 126,299,677 |
| Restricted – expendable | $ 96,132,570 | $ 86,865,413 |
| Unrestricted | $ 13,652,330 | $ 11,230,792 |
| Total Net Assets | $ 247,546,643 | $ 224,395,882 |
| TOTAL LIABILITIES AND NET ASSETS | $ 262,068,004 | $ 234,026,085 |
Condensed Statement of Activities
| REVENUES | 2024 | 2023 |
|---|---|---|
| Gifts | $ 28,388,721 | $ 27,695,847 |
| Non-cash gifts | $ 129,657 | $ 507,704 |
| Other income | $ 9,532,436 | $ 8,644,530 |
| Net investment income | $ 21,318,895 | $ 14,175,242 |
| Change in split interest trusts | $ 248,635 | ($33,989) |
| TOTAL REVENUES | $ 59,618,344 | $ 50,989,334 |
| EXPENSES | 2024 | 2023 |
| Distribution of scholarships and general endowments | $ 7,074,166 | $ 6,966,156 |
| Distribution of funds for academic programs | $ 4,312,295 | $ 4,241,214 |
| Distribution of funds for athletic programs | $ 18,115,465 | $ 9,947,290 |
| Fundraising expense | $ 4,184,223 | $ 2,844,605 |
| Administrative expense | $ 2,781,434 | $ 2,332,416 |
| Other | $ – | $ 42,073 |
| TOTAL EXPENSES | $ 36,467,583 | 26,373,754 |
| CHANGE IN NET ASSETS | $ 23,150,761 | $ 24,615,580 |
| Liabilities | 2024 | 2023 |
|---|---|---|
| Accounts payable | $ 7,210,722 | $ 2,004,846 |
| Prepaid parking and suites | $ 1,731,715 | $ 1,690,853 |
| Liability under split interest trusts | $ 1,365,430 | $ 1,724,276 |
| Trust earnings payable to trust beneficiaries | $ 84,884 | $ 95,471 |
| Other noncurrent liabilities | $ 4,128,610 | $ 4,114,757 |
| Total Liabilities | $14,521,361 | $9,630,203 |
| Net Assets | 2024 | 2023 |
| Restricted – nonexpendable | $ 137,761,743 | $ 126,299,677 |
| Restricted – expendable | $ 96,132,570 | $ 86,865,413 |
| Unrestricted | $ 13,652,330 | $ 11,230,792 |
| Total Net Assets | $ 247,546,643 | $ 224,395,882 |
| TOTAL LIABILITIES AND NET ASSETS | $ 262,068,004 | $ 234,026,085 |
| Net Assets | 2024 | 2023 |
|---|---|---|
| NET ASSETS – Beginning of year | $ 224,395,882 | $ 199,780,302 |
| NET ASSETS – End of year | $ 247,546,643 | $ 224,395,882 |
Our Heartfelt Thanks
When Boise State publicly launched the Unbridled campaign in 2023, it opened an ambitious new chapter for the university. The dedication and generosity of our donors continue to show the heart of our community and have led to yet another record-breaking year of philanthropy. Our friends, family and fans have made 2024 a year of astounding success for Boise State and for the Unbridled campaign. In the classroom, in the stands and on the job, Broncos are galloping toward achievement, impact and victory. Only together can we unleash the power of our culture of philanthropy to make this university the best it can possibly be.
Boise State University Foundation Board of Directors
The Boise State University Foundation Board of Directors comprises a vibrant group of community leaders who believe in the importance of higher education and in the vital role of Boise State University. Directors understand that philanthropy is an essential means by which the University sustains and enriches academic life and its purpose. Directors demonstrate that understanding by personally giving to the Foundation, encouraging others to join them and by creating long-lasting relationships with the University. Directors have an important fiduciary responsibility to be good stewards of the Foundation assets and ensure donor intent is honored.
To present a picture of the fiscal year activities, the Foundation has provided condensed statement information that departs from generally accepted accounting principles (GAAP) in two ways. First, the accompanying condensed financial statements include only summarized statements of financial position, activities and change of net assets. They do not include statements of cash flows or the footnote disclosures. Second, the Foundation presented condensed information which consolidates current and noncurrent assets and liabilities.
The Foundation’s financial statements undergo an annual audit that is conducted by Eide Bailly LLP. They audited the financial statements for the years ended June 30, 2023 and 2024, which are presented in conformity with GAAP, and they expressed an unqualified opinion on these financial statements.