OKLAHOMA CITY – State Treasurer Ken Miller today announced the certification of $7.2 million in earnings from the EDGE endowment fund.
EDGE stands for “Economic Development Generating Excellence.” Miller serves as chairman of the EDGE Fund Board of Investors. On Tuesday, the board certified the available funds during a meeting at the State Capitol.
“I’m pleased we have been able to maximize earnings for the fund,” Miller said. “Continued careful investment will ensure long-term growth in the EDGE endowment for years to come.”
This year’s certification is $1.1 million or 17 percent higher than the previous year. Since inception, the board of investors has certified $32.4 million in earnings.
Certified funds are awarded by the independently-appointed EDGE Policy Board for use in strengthening and growing Oklahoma’s technology-based economy.
“Investments from the endowment over the past three years have created both businesses and jobs in Oklahoma,” said Paul Risser, executive director of the EDGE Policy Board. “Certification of these funds by the EDGE Investment Committee is very important for the state's continued economic development.”
The endowment was established in 2006 with a one-time investment of $150 million. The principal of the fund remains untouched; only the earnings can be used. Of those earnings, the policy board is limited to spending no more than five percent of the total value of the fund each year as certified by the board of investors. Additional earnings are reinvested to guard against inflation.
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For more information contact:
Tim Allen, Deputy Treasurer for Communications & Program Administration