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--- version:Edition 1
+++ version:Filed
@@ -1,13 +1,13 @@
 GENERAL ASSEMBLY OF NORTH CAROLINA
 SESSION 2025
-S 1
-SENATE BILL 618
+S D
+SENATE BILL DRS35225-MCa-84
 
 Short Title: Lasting Economic and Academic Prosperity Act. (Public)
 Sponsors: Senators Chitlik, Lowe, and Grafstein (Primary Sponsors).
-Referred to: Rules and Operations of the Senate
-March 26, 2025
-*S618-v-1*
+Referred to:
+
+*DRS35225-MCa-84*
 A BILL TO BE ENTITLED 1
 AN ACT TO ENACT THE LASTING ECONOMIC AND ACADEMIC PROSPERITY (LEAP) 2
 ACT. 3
@@ -22,7 +22,7 @@
 Carolina children, (ii) establish and support endeavors to further early childhood development 12
 and other interventions that can reasonably be anticipated to result in better educational and 13
 life-quality outcomes, (iii) better target philanthropic funding to needed childhood initiatives, 14
-and (iv) establish a stable and predictable form of  State-match funding to incentivize total 15
+and (iv) establish a stable and predictable form of State -match funding to incentivize total 15
 philanthropic giving and bridge the gap between current and needed funding for educational and 16
 developmental endeavors for the children of the State. 17
 (b) Definitions. – The following definitions apply in this section: 18
@@ -42,8 +42,12 @@
 Program established in this section. 32
 (6) Programmatic funds. – Investment income and excluded amounts not invested 33
 with the endowment. 34
+FILED SENATE
+Mar 25, 2025
+S.B. 618
+PRINCIPAL CLERK
 General Assembly Of North Carolina Session 2025
-Page 2  Senate Bill 618-First Edition
+Page 2  DRS35225-MCa-84
 (c) Program. – The Program is established in the Department of Health and Human 1
 Services. DCDEE shall develop detailed guidelines to administer, and accomplish the purposes 2
 of, the Program. DCDEE, in administering the Program, shall be subject to all of the following:  3
@@ -62,14 +66,14 @@
 and Human Services and the Fiscal Research Division on or before September 16
 15 of each fiscal year and more frequently as requested. 17
 (3) DCDEE shall contract with an independent investment manager to manage 18
-and invest the endowment for the purpose of generating investment in come. 19
+and invest the endowment for the purpose of generating investment income. 19
 The contract shall establish the annual compensation for the investment 20
 manager, including any management fee, which shall reflect asset -based 21
 pricing using a tiered structure, with an overall blended rate not to exceed 15 22
 basis points. Amounts paid pursuant to this subdivision are overhead and 23
 administrative costs of DCDEE. The contract shall require that the investment 24
 manager disclose to DCDEE any interest that it or an owner, stockholder, 25
-partner, officer, director, member, employee, or agent of t he investment 26
+partner, officer, director, member, employee, or agent of the investment 26
 manager has in a recipient of investment income from DCDEE to the extent 27
 the investment manager is aware of such recipients. The activities and 28
 investments of the investment manager are not subject to the reporting 29
@@ -85,10 +89,10 @@
 a component of the unappropriated General Fund balance. 39
 (b) LEAP Reserve Requirement. – Each Current Operations Appropriations Act enacted 40
 by the General Assembly shall include a transfer to the LEAP Reserve in an amount equal to the 41
-excluded amount, as defined in G.S. 143B-168.17, raised for the LEAP Endowment Pro gram 42
+excluded amount, as defined in G.S. 143B-168.17, raised for the LEAP Endowment Program 42
 established in that section during the previous fiscal year. Each fiscal year, the Office of the State 43
 Controller shall transfer to the LEAP Reserve the amount included for transfer pursuant to this 44
-subsection. Funds transferred to the LEAP Reserve pu rsuant to this subsection are hereby 45
+subsection. Funds transferred to the LEAP Reserve pursuant to this subsection are hereby 45
 appropriated to the Department of Health and Human Services, Division of Child Development 46
 and Early Education, in the year transferred for purposes consistent with the LEAP Endowment 47
 Program. 48
@@ -96,7 +100,7 @@
 shall transfer to the LEAP Reserve the amount included for transfer pursuant to subsection (b) of 50
 this section. 51
 General Assembly Of North Carolina Session 2025
-Senate Bill 618-First Edition  Page 3
+DRS35225-MCa-84  Page 3
 (d) Additional Transfer of Funds by General Assembly Permissible. – Nothing in this 1
 section shall be construed to prohibit the General Assembly from directing the transfer of 2
 additional funds into the LEAP Reserve." 3
@@ -104,8 +108,8 @@
 Health and Human Services the recurring sum of four hundred fifty thousand dollars ($450,000) 5
 for the 2025-2026 fiscal year and the recurring sum of four hundred seventy -two thousand five 6
 hundred dollars ($472,500) for the 2026-2027 fiscal year to be allocated to the Division of Child 7
-Development and Early Education to be used for fundraising efforts for the LEAP Endowment 8
-Program established in G.S. 143-168.17. It is the intent of the Gener al Assembly to appropriate 9
+Development and Early Education to be used for fundraising efforts for the LEAP  Endowment 8
+Program established in G.S. 143-168.17. It is the intent of the General Assembly to appropriate 9
 future amounts for the purposes described in this section for a minimum of eight additional years, 10
 with each year having a five percent (5%) increase over the previous year's appropriation. 11
 SECTION 4.  Section 2 of this act becomes effective July 1, 2025. The remainder of 12