When Idaho became a state, the Congress of the United States endowed certain lands to be used to generate income for educational and other important purposes.  (Endow: to provide with property, income, or a source of income.)

The Endowment Fund Investment Board was established to manage investment of the proceeds generated by the endowment lands within the State of Idaho.  The EFIB also manages the financial assets of the State Insurance Fund, the Idaho Department of Environmental Quality, the Idaho Department of Fish and Game, the Idaho Department of Parks and Recreation and the Idaho Department of Lands.  The Investment Board also manages a Credit Enhancement Program to reduce the cost of financing of public school bonds.

The management of all assets, with the exception of those of the State Insurance Fund, is governed by the Idaho Uniform Prudent Investor Act.