There is a "templates" folder under BMIDE and it contains a copy of the foundation template.It uses the templates in this folder when you open BMIDE to work on business objects, etc.
If BMIDE was one of the features that were installed with the rest of Teamcenter, it will be updated at the same time as the rest of Teamcenter, and that includes updating the foundation template in the "templates" folder.
If BMIDE was a separate install from the rest of Teamcenter you will have to go through the upgrade process again using the copy of TEM in its "install" folder. This upgrade will also upgrade the foundation template in the "templates" folder.
In either case, you don't have to manually update the foundation template.