The intent of the Michigan State Parks Endowment Fund was aid the 97 state parks by providing them with a stable, consistent source of funding for years to come. The State Parks Endowment Fund was also meant to preserve E. Genevieve Gillette's inheritance by enabling Michigan's state parks to flourish. Genevieve Gillette was one of if not the strongest supporter of the state park system and worked tirelessly for years to ensure the establishment of the parks system. As part of the 1994 ballot Proposal P, all money in the Genevieve Gillette state parks endowment fund was transferred to the State Parks Endowment Fund, with revenue from used for operations, maintenance, and capital improvements at Michigan State Parks.

Under the state constitution the State Parks Endowment Fund can receive private contributions or other things of value. In addition, until the Michigan Natural Resources Trust Fund (NRTF) principal reaches $400 million, $10 million or 50 percent (whichever is the lesser amount) of the mineral revenues, shall be deposited annually into the State Parks Endowment Fund.

When the principal of the NRTF reaches $400 million, all mineral revenues shall be deposited into the State Parks Endowment Fund until it reaches an accumulated principal of $800 million. This accumulated principal limit shall be annually adjusted pursuant to the rate of inflation beginning when it reaches $800 million.

Until the Endowment Fund reaches an accumulated principal of $800 million, not more than $5 million shall be appropriated by the Legislature. This $5 million shall be adjusted annually to the rate of inflation. Once the accumulated principal has reached $800 million, only the interest and earnings in excess of the amount necessary to maintain the Endowment Fund's accumulated limit may be available for expenditure.

Currently the State Parks Endowment Fund (09/30/2007) has a balance of $133,529,063.