The bill establishes a Youth Development Fund Account aimed at enhancing access to positive youth development programs in Washington State. It recognizes the importance of these programs in providing essential services that complement the public school system, particularly for families with working parents. The legislation seeks to incentivize philanthropic investments through public-private partnerships, ensuring that all young people, regardless of socio-economic status, have access to these programs. The bill outlines the types of programs eligible for funding, including mentorship, social-emotional learning, and career readiness, and emphasizes equitable geographic distribution of grant funding.

Additionally, the bill creates a framework for the distribution of grants from the Youth Development Fund Account, which will be managed by the superintendent of public instruction. It mandates that entities receiving grants report annually on the impacts of the funding. The bill also reenacts and amends existing laws related to the treasurer's trust fund, incorporating the Youth Development Fund Account into the list of accounts eligible to receive earnings from the investment income account. The provisions of the bill will expire on July 1, 2030, with certain sections taking effect on that date.