Fiscal Year 2023 Annual Report

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

Vice President
for University Advancement

Jim Martin

Executive Chair
Boise State University Foundation Board of Directors

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

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.

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)

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

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.

Condensed Statement of Financial Position

Condensed Statement of Activities