Idaho Endowment Fund loses $255 million in March

BOISE, Idaho (AP) - The Idaho Endowment Fund that distributes money to public schools and other entities lost $255 million and dropped nearly 11% in value in March due to the economic problems caused by the coronavirus, officials said Tuesday.

Investments Manager Chris Anton told Republican Gov. Brad Little and other members of the Idaho Land Board the fund is now worth about $2.1 billion, down more than 15% since Jan. 1.

Despite the drop in value, Anton said the fund is in good shape and has enough reserves to make distributions to schools and other beneficiaries for at least five years.

"I think we're in a pretty healthy position given the volatility we've had," Anton said.

The endowment fund is part of a financial strategy that's combined with 3,900 square miles of land Idaho received at statehood that generates money mainly through timber sales. The Land Board manages investments and land holdings to get the greatest long-term financial return for state beneficiaries, mainly public schools.

Anton told the Land Board that efforts such as social distancing and other measures to slow the spread of the virus have caused the economy to come to a halt.

Nearly 96,000 Idaho residents have filed for unemployment since Little declared a state of emergency on March 13 because of the coronavirus. He followed that with the 21-day statewide stay-home order on March 25. Little extended the stay-at-home order last week to the end of April but loosened restrictions on some businesses.

At the time of the March 25 order, Idaho had at least 91 confirmed cases of COVID-19, and two known instances of community spread. Community spread is when the source of a person's infection can't be determined.

The state had more than 1,700 virus cases and 48 deaths as of Tuesday, according to a Johns Hopkins University tally.

Idaho is getting $1.25 billion as part of an economic rescue package approved by Congress and signed by President Donald Trump last month.

Little is holding a news conference Thursday to discuss Idaho's economic recovery.

For most people, the coronavirus causes mild or moderate symptoms, such as fever and cough, that clear up in two to three weeks. But it can cause more severe illness, including pneumonia, and death for some people, especially older adults and people with existing health problems.