Bill > S618

This bill establishes the Lasting Economic and Academic Prosperity (LEAP) Endowment Program within North Carolina's Department of Health and Human Services, specifically through its Division of Child Development and Early Education (DCDEE). The program aims to support early childhood development by creating a unique funding mechanism that matches philanthropic contributions. Key provisions include establishing an endowment that will be managed by an independent investment manager, with investment income used to supplement child care and early childhood initiatives. The bill creates a LEAP Reserve in the General Fund that will automatically transfer funds equal to the amount raised through philanthropic fundraising, ensuring a stable funding source. The state will initially appropriate $450,000 in fiscal year 2025-2026, increasing to $472,500 in 2026-2027, with an intent to continue appropriations for at least eight additional years with a 5% annual increase. The DCDEE is required to maintain separate accounting records, report on investment income and expenditures, and develop guidelines for administering the program. The investment manager must be contracted with specific requirements, including transparent fee structures and disclosure of potential conflicts of interest. The ultimate goal is to incentivize philanthropic giving, improve childhood development interventions, and create a predictable funding model for early childhood initiatives.

https://www.ncleg.gov/BillLookUp/2025/S618