This bill creates a new "youth development fund account" held in the custody of the state treasurer to centralize public and private investments for youth development programs and authorizes the superintendent of public instruction (or designee) to distribute grants from that account. It defines "youth development program" as services for youth ages 5 through 24 that complement academics and promote holistic outcomes (examples include mentoring, expanded learning, after‑school and summer programs, school‑age child care, learning acceleration, social‑emotional learning, mentorship, arts, STEM, outdoor education, civic engagement, and supports for postsecondary access and career pathways). Grants may go to nonprofit entities, entities sponsored by nonprofits, federally recognized Indian tribes (including tribes whose traditional lands included parts of Washington but now reside in Oregon, Idaho, and British Columbia), and city or county parks and recreation entities; school districts and educational service districts may apply only when partnered with community organizations or when no nonprofit programs exist in their area. Grant recipients must report annually to OSPI on funding impacts, and OSPI’s Office of Native Education must consult tribes on grant design and administration with respect for tribal data sovereignty and community‑defined success measures. The act adds the youth development fund account to the list of accounts eligible to receive a proportionate share of investment earnings under the reenacted and amended RCW 43.79A.040, requires the account to be subject to allotment procedures under chapter 43.88 RCW, and specifies that only the superintendent (or designee) may authorize expenditures from the account; an appropriation is not required for expenditures. Deposits into the account may include gifts, grants, endowments, federal funds, legislative appropriations, or other designated sources. The treasurer is directed to distribute earnings credited to the investment income account monthly and the reenacted RCW 43.79A.040 restates monthly distribution rules and lists numerous accounts and funds that receive proportionate shares of earnings. This bill thus creates a new grant program and fund, imposes reporting and tribal consultation requirements, modifies the investment income distribution law (RCW 43.79A.040) to include the new account among accounts receiving investment earnings, and establishes procedural rules for custody, allotment, and expenditure authority. Some parts of the provided text are incomplete or missing: the bill header’s stated effective and expiration dates are not present in the extracted facts, content of section 4 is not included, and a portion of subsection (4)(d) of RCW 43.79A.040 was cut off, so the full scope of those provisions cannot be confirmed from the available information.

If enacted, the bill creates a new youth development fund held by the state treasurer and gives the state superintendent of public instruction authority to award grants from it to nonprofit-run and community-based youth programs, federally recognized tribes, and local parks and recreation entities, with limited eligibility for school districts only when partnering with community organizations. This will likely increase grant funding available for programs that serve historically underserved youth (including those at risk of dropping out, in foster care, experiencing homelessness, or living in poverty, and American Indian and Alaska Native students) and require recipients to report impacts annually; OSPI and its Office of Native Education will take on new grant administration and tribal consultation duties and must respect tribal data sovereignty, so their administrative workload and oversight responsibilities will grow. Because the account is added to the list of funds that receive a proportionate share of monthly investment earnings and is in the treasurer’s custody, the fund could gain revenue from investment income over time; expenditures from the account do not require a separate appropriation but remain subject to allotment procedures, which may speed access to dollars while keeping budgetary controls. Key timing and some distribution details are unclear in the extracted text (the content of certain sections and specific effective/expiration dates are missing), so the exact start date, the scope of any temporary provisions, and some distribution mechanics cannot be determined from the facts provided.