This bill mandates that all private entities receiving state funding, either as grantees or subgrantees, must publicly disclose specific information within five business days of being awarded a grant. The required disclosures include the names and wages of all employees, the names and compensation of board members, any political contributions made in the last four election cycles, the names of any lobbyists associated with the entity, and a detailed accounting of how the grant funds were utilized. Additionally, state and local agencies that award these grants are responsible for ensuring compliance with these disclosure requirements, with noncompliance resulting in the forfeiture of the grant and a requirement to reimburse the awarded funds.

The bill introduces a new chapter in Title 19 RCW, establishing clear definitions for terms such as "agency," "grant," and "private entity." It clarifies that the term "grant" does not encompass business transactions for the procurement of goods and services. This legislation aims to enhance transparency and accountability for private entities that benefit from state funding, ensuring that taxpayers have access to relevant information regarding the use of public funds.