What you're doing is cracking a window open in the basement, then the attic fan pushes air from inside the house up into the attic where it exits via the vents.
This pulls the cool outside air in, along with cool basement air, circulates it through the house, then pushes it up into the attic. It cools the attic down so the sun now has to heat a much cooler attic during the day, and introduces fresh, cool air into your house to keep it cooler too.
In the morning, you turn off the fan, close the downstairs window and head to work. In the evening when the outside temps drop again, you crack the window and turn on the fan.
Since hot air rises, you're helping the convection along, you drop the temps in the house and attic meaning it takes longer to heat during the day and you might not even need the A/C (not in Colorado, for sure). Using an attic fan in conjunction with thermal blinds is very efficient too.
Things to consider - when it gets cold in the winter, is the fan insulated by lids so you don't get cold air INTO the house via the fan opening? Is the fan too loud to run at night so you can't sleep? Power consumption of the fan? Are you allergic? It will suck in pollen in the spring (depending on where you live).
Several of these are mitigated by a high quality fan manufacturer. The allergies depend on you and where you live.
If you're really allergic, then I'd go with a recirculating system in the house where all the air passes through filters and a filtered heat exchanging system to introduce fresh air. That way you can keep the house closed up and sealed tight.