Creates a new youth development fund account in the custody of the state treasurer and authorizes the superintendent of public instruction (or designee) to distribute grants from that account. Eligible recipients include nonprofit entities, entities sponsored by nonprofits, Washington tribes, and city or county parks and recreation entities; school districts and educational service districts may apply only when partnering with community organizations or when no nonprofit program exists locally. The bill lists eligible youth development activities (serving youth ages 5–24) such as learning acceleration, social-emotional learning, mentorship, connections to resources outside schools, postsecondary and career supports, arts, STEM, sports, outdoor education, civic engagement, and cultural programming. Grant recipients must report impacts annually to the office of the superintendent, only the superintendent may authorize expenditures from the account, expenditures are limited to the specified youth development programs, and those expenditures are subject to allotment procedures under chapter 43.88 RCW and do not require a legislative appropriation. Amends and reenacts RCW 43.79A.040 to add the youth development fund account to the list of accounts that receive a proportionate share of state investment earnings and prescribes monthly distribution of those earnings by the state treasurer. The amendment specifies that proportionate shares are based on average daily balances, that a long list of accounts will receive their proportionate shares (with a subset receiving 80 percent of their share), and that certain agency-held funds also receive proportionate shares under agreement with the treasurer. The act includes timing provisions stating Section 4 expires July 1, 2030, and Section 5 takes effect July 1, 2030. Legal change types: creates a new fund/account and grant program (new statutory provisions added to chapter 28A.215 RCW), imposes procedural requirements for grant distribution and reporting, and modifies existing fiscal procedure law by reenacting and amending RCW 43.79A.040 to change how investment earnings are allocated. It also specifies allotment and appropriation treatment for the new account. Missing or unclear elements in the extracted text: the bill text is incomplete and omits full details of Sections 4 and 5, the bill header’s effective and expiration dates, specific grant application procedures, award criteria, funding amounts or formulas, the full amended language of RCW 43.79A.040, and the detailed mechanics of the investment income account and the referenced payments to financial institutions.

If enacted, the bill creates a dedicated youth development fund held by the state treasurer and gives the Office of the Superintendent of Public Instruction authority to award grants from that fund to nonprofits, nonprofit-sponsored entities, tribes, and city or county parks and recreation programs, with school districts and educational service districts eligible only when they partner with community groups or when no nonprofit program exists locally. Grants must target a long list of youth services (learning acceleration, mentoring, arts, STEM, outdoor education, civic engagement, supports for postsecondary access and career pathways, etc.), prioritize geographic equity and groups of youth who have faced academic or economic barriers, and recipients must report impacts to the superintendent annually. Because the account is added to the list of funds that receive a monthly proportionate share of state investment earnings based on average daily balances, the fund can grow from investment income, and payments to financial institutions tied to that investment income get priority before those monthly distributions. Practically, the Office of the Superintendent will take on new, ongoing grant-making and reporting responsibilities and gain discretion to spend the fund without needing a separate legislative appropriation, which could speed funding decisions but also concentrates spending authority in that office. The state treasurer must administer the account and include it in monthly earnings distributions. Nonprofits, tribes, and local parks and recreation programs stand to gain a new funding source for youth programs, while school districts’ access is more restricted and may require new partnerships. The extract does not include key details such as how much money will be available, how grants will be awarded, or the full text of some sections, and it notes that one section of the act expires July 1, 2030 and another takes effect that same date, so timing and some implementation details remain unclear.