NC S618

Establishes the Lasting Economic and Academic Prosperity (LEAP) Endowment Program within the Division of Child Development and Early Education (DCDEE) to fund early childhood development initiatives and improve educational outcomes for North Carolina children

Creates a LEAP Reserve in the General Fund that will receive annual transfers matching the philanthropic fundraising amounts raised by DCDEE in the previous fiscal year, creating a state-match incentive for private donations

Requires DCDEE to contract with an independent investment manager to invest the endowment, with management fees capped at 15 basis points using a tiered asset-based pricing structure

Appropriates $450,000 for FY 2025-2026 and $472,500 for FY 2026-2027 for DCDEE fundraising efforts, with legislative intent to continue 5% annual increases for at least eight additional years

Mandates annual reporting to the Joint Legislative Oversight Committee on Health and Human Services and Fiscal Research Division by September 15 on investment income and programmatic fund expenditures