Audit Report 2009

FINANCIAL STATEMENTS FOR THE FISCAL YEAR ENDED JUNE 30, 2009 STATE OF IDAHO ENDOWMENT FUNDS ADMINISTERED BY THE ENDOWMENT FUND INVESTMENT BOARD FINANCIAL STATEMENTS – JUNE 30, 2009 STATE OF IDAHO ENDOWMENT FUNDS TABLE OF CONTENTS Page INDEPENDENT AUDITORS’ REPORT 1 MANAGEMENT’S DISCUSSION AND ANALYSIS3 FINANCIAL STATEMENTS Statement of Net Assets 11 ent of Activities 12 Notes to Financial Statements 14 REPORT ON INTERNAL CONTROL OVER FINANCIAL REPORTING AND ON COMPLIANCE AND OTHER MATTERS BASED ON AN AUDIT OF FINANCIAL STATEMENTS PERFORMED IN ACCORDANCE WITH GOVERNMENT AUDITING STANDARDS 26 SUPPLEMENTAL SCHEDULES Schedule of Expenditures 29 Public School and Other Endowment Fund Net Assets 30 Gains and (Losses) on Fair Value of Permanent Funds’ Investments 31 Schedule of Weighted Investment Returns by Asset Manager – Gross of Fees 32 Asset Manager – Net of Fees 33 Brokerage Schedule 34 EXAMINATION OF MANAGEMENT’S ASSERTIONS Independent Auditors’ Report on Examination of Management’s Assertions 36 Statement of Management’s Assertions 37 INDEPENDENT AUDITORS’ REPORT To the Investment Board State of Idaho Endowment Funds Administered by the Endowment Fund Investment Board Boise, Idaho We have audited the accompanying financial statements of the State ...