Kathryn Albertson is putting her fortune to work for Idaho’s schoolchildren.

The 88-year-old widow of Joe Albertson has transferred all her shares in the supermarket chain he founded to the family’s charitable foundation.

The gift, reported to the Securities and Exchange Commission on Monday, means Idaho schools stand to receive a windfall of as much as $35 million a year.

The transfer boosts the J.A. and Kathryn Albertson Foundation from $40 million in assets to $700 million. It now is the 33rd largest foundation in the United States, according to the Council on Foundations in Washington, D.C.

“That’s a pretty big foundation. In fact, it’s huge,” Council spokeswoman Marnee Beck said Monday.

The gift also is extraordinary because few U.S. charitable foundations are organized to benefit education exclusively in one state.

“It’s unbelievable,” said Robert Barr, dean of the Boise State University College of Education.

“If the state Legislature will continue to exercise their responsibility and the foundation infuses an additional $30 million to $35 million in Idaho, there’s potential to have the finest education system in the world,” Barr said.

The state will spend $705 million on the public school system in the fiscal year beginning July 1. That is 3.9 percent more in general tax support than is being provided this year under an allocation that was slashed by nearly $11 million to help balance the state budget. Many policy makers have lamented the cash adult and juvenile prisons are siphoning away from education.

The Albertson Foundation does not intend to usurp the state’s responsibilities, foundation President Tom Wilford said. Instead, it will finance improvements and innovation.

Since 1994, the Albertson Foundation has concentrated most of its philanthropy on primary and secondary schools in Idaho. There may be a time when it awards grants outside the state, Wilford said.

“But we’ve got a lot of work to do in Idaho,” he said. “For the foreseeable future our focus is going to be in Idaho.”

xxxx?

This sidebar appeared with the story: THE GIFT The transfer boosts the J.A. and Kathryn Albertson Foundation from $40 million in assets to $700 million. It now is the 33rd largest foundation in the United States.