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Fiscal Year 2023 Annual Report


Dr Marlene Tromp

Boise State’s history and incredible trajectory — from junior college to powerhouse university — are unrivaled. Your support enables us to provide students with educational experiences that truly change their lives and to build a national reputation for excellence in technology and innovation, health, natural resources and more. Our accomplishments elevate the value of every Boise State degree earned in the past and into the future. Your continued support is making a powerful mark on the work: for our students, for discovery, and for our state.

— Marlene Tromp, President, Boise State University

Dear friends,

At Boise State University, we have a driving purpose and spirit that unites faculty, students and staff as we tackle the most formidable challenges of our time. 

Thanks to your partnership and investments, Boise State provides a breakthrough education for students, removing barriers while empowering the next generation of Broncos as they shape the future of Idaho and beyond.

Together, we are building a university where students, alongside their faculty mentors, are making innovative discoveries in research while developing skills that will make them invaluable in the economy and society of tomorrow. 

Our financial strength relies on the generosity of our donors. Once again, your giving in the 2023 fiscal year set a philanthropic record at Boise State, exceeding the previous year by $2 million, totaling $58.5 million in private giving.

Your investments fund research projects, academic and athletic scholarships, campus facilities, educational programs, faculty and more at Boise State. You’ve helped make a Boise State education more affordable for students, advanced critical research, and grown our footprint as a university.

Thanks to your generosity, Boise State awarded 1,339 academic and athletic scholarships this year, totaling nearly $14.3 million.

Such performance reflects the sound guidance of the Foundation’s board of directors – volunteers who ­­manage your investments with the highest fiscal responsibility and accountability to balance growth and sustainability for the benefit of this institution, its students, and the communities it serves.

Boise State’s future is boundless as we unite our collective efforts, push the boundaries of research, and enrich the academic experience. As we prepare to launch our most ambitious comprehensive campaign yet, your support and engagement are vital to our mission of educating tomorrow’s leaders.

Thank you for your ongoing support!

Matthew Ewing. Studio portrait by Priscilla Grover.

Matthew Ewing

Vice President
for University Advancement

Jim Martin

Jim Martin

Executive Chair
Boise State University Foundation Board of Directors

Our Vision

To create the best culture of philanthropy and alumni engagement of any public university in the country

High-Impact Philanthropy

You Made it Happen

Another Record Fundraising Year

“Boise State alumni and friends again have proven their relentless passion for innovation and education in Idaho. We’re grateful for another year of high-impact philanthropy. Together, we are committed to empowering the next generation of Broncos as they shape the future of our state and the world.”

— Matthew Ewing, Vice President for University Advancement.

$58.5 million in gifts

See where the gifts went

27,050 total donors

See where the generosity came from.

5,745 generous donors gave $16.1 million to fund scholarships

See a Scholarship Snapshot

Athletics' record-setting fundraising year

Learn more about their record-setting year.

Endowment Performance

Endowment Payout

This fiscal year, 24% of the Foundation’s total distribution to the University came from endowment payout.  This payout, nearly $6 million, was distributed to augment the University’s operating budget in many critical areas including student financial aid and research/academic program support.  These funds facilitate Boise State’s research and education mission in many valuable ways: Endowed scholarships, for example, allow undergraduate students to pursue their degrees without being unduly constrained by a lack of funding. In addition, over the last three years, three current faculty members had new appointments to endowed professorships and chairs which plays a vital role as Boise State recruits and retains outstanding faculty.

Endowment Payout by Area

Pie chart
Total of $5.87M: 9.4% Chairs and Professorships, 10.4% General Support including Foundation Support, 9.1% Research Instruction and Academic Support, 57.2% Student Financial Aid, 14.0% Athletic Scholarship and Program Support.

Funds utilized each year are made available from the earnings on donor-restricted endowments combined with generous annual donor gifts. During fiscal year 2023, with nearly 90% of the funds made available directed to student, faculty, research, and academic support, it is clear that pursuing excellence in world-class education, research, and scholarship is the greatest priority for Boise State donors.

Growth of the Total Endowment

The market value of the Foundation’s total endowment investment portfolio grew to nearly $146M million at the close of fiscal year 2023. This growth is a function of both market gains and generous new gifts. Over the past ten (10) years the Boise State University Foundation’s total endowment value has grown by nearly 75% percent and has supported Boise State’s students, faculty and research programs with more than $55 million in payout. Endowment portfolio returns over that period of 6.04% annualized.

10-Year Endowment Growth (2013-2023)

10 year total endowment growth chart
Market value in millions has increased from $83.4 million in 2013 to $145.8 million in 2023 for a growth rate of 74.8%

Endowment Investment Pool Return

Despite large market fluctuations over the past few years, the Boise State University Foundation’s investment performance has exceeded its short-term objective of maintaining its purchasing power. Last year, the portfolio posted an annual return of 10.0% compared favorably with our benchmark return (11%) and the median return for foundation endowment funds less than $500M (9.4%).

FY2023 Endowment Investment Pool Return

Endowment Investment Pool Return chart
Boise State Foundation Endowment Investment Pool Annualized Return: 1 Year, 10%; 2 Year, 7.8%; 5 Year, 5.4%; 10 Year, 6.3%
Policy Portfolio Annualized Benchmark Return:1 Year, 11%; 2 Year, 7.3%; 5 Year, 5.9%; 10 Year, 6.3%
RVK – Endowments and Foundations (<$500M Medium Return)1 Year, 9.4%; 2 Year, 7.0%; 5 Year, 5.9%; 10 Year, 6.7%

Asset Class Allocation and Performance

Despite the Foundation’s domestic and international equities portfolios performing slightly behind their benchmark return rates during the fiscal year, the Foundation saw strong returns across the broadly diversified portfolio to strike an optimal balance of providing long-term growth with acceptable levels of volatility. However, any year in and of itself doesn’t have a significant impact because the spend rate calculation utilizes an average of the trailing two quarters to calculate payout.

(as of June 30, 2023)
FY2023 Asset Class ReturnsFY2023 Benchmark Returns
Domestic Market Equities33.1%16.6%19.0%
International Market Equities33.4%12.5%12.7%
Fixed Income22.6%(0.2%)(0.9%)
Real Assets9.0%6.3%8.8%
Private Equity0.6%(0.2%)-
Cash Equivalents1.3%2.6%3.6%

Foundation Financial Statement

Foundation Distribution to the University

chart of the foundation distribution to the university
Total Foundation Distribution to University is $24.1M: 28.9% Scholarships, General Endowment; 17.6% Academic Programs; 41.3% Athletic Programs; 12.3% University-Wide Support

Foundation Financial Statement Summary

Condensed Statement of Financial Position


Cash and cash equivalents3,406,6023,585,655
Accrued interest and other receivables$481,513$412,392
Promises to give, net$14,386,004$9,457,776
Interest in perpetual trusts$2,579,956$2,526,639
Construction in Progress$5,459,602$1,235,945
Other assets$880,871$803,434
TOTAL ASSETS$234,026,085$210,513,027

Liabilities and Net Assets

Liabilities and Net Asset20232022
Accounts payable$2,004,846$3,273,388
Prepaid parking and suites$1,690,853$1,718,966
Liability under split interest trusts$1,724,276$1,529,407
Trust earnings payable to trust beneficiaries$95,471$100,403
Other Noncurrent Liabilities$4,114,757$4,110,560
Total Liabilities $9,630,203 $10,732,724

Net Assests

Net Assets20232022
Restricted - nonexpendable$126,299,677$120,109,501
Restricted - expendable$86,865,413$68,335,835
Total Net Assets$224,395,882$199,780,303
LIABILITIES AND NET ASSETS$234,026,085 $210,513,027

Condensed Statement of Activities


Non-cash gifts$507,704$67,577
Other income$8,644,530$8,465,081
Net investment income$14,175,242($25,538,221)
Change in split interest trusts($33,989)$224,895
TOTAL REVENUES $50,989,334 $9,075,246


Distribution of scholarships and general endowments$6,966,156$7,039,892
Distribution of funds for academic programs$4,241,214$2,581,386
Distribution of funds for athletic programs$9,947,290$9,632,949
Fundraising Expense$2,844,605$2,508,337
Administrative Expense$2,332,416$2,540,991
TOTAL EXPENSES $26,373,754 $24,303,555
CHANGE IN NET ASSETS $24,615,580 ($15,228,309)

Net Assets Beginning vs End of Year

Net Assests20232022
NET ASSETS - Beginning of year $199,780,302 $215,008,611
NET ASSETS - End of year $224,395,882 $199,780,302

Our Heartfelt Thanks

During our short history, Boise State University has witnessed profound transformations, yet the continued support of our esteemed donors remains constant. The dedication from donors enables the university to establish and realize ambitious goals. Whether it’s life-changing education, fueling complex research, or creating opportunities for student-athlete excellence, every endeavor at Boise State commences with our donors’ trust and unwavering support.

University Foundation Board of Directors