This bill mandates that all private entities seeking state-funded grants must provide specific disclosures as part of their application or renewal process. The required disclosures include the names and total compensation of employees earning over $100,000 annually, details of employees who have held public office in Washington state within the last five years, names and compensation of board members, any political contributions made in the past four election cycles, and an accounting of how the grant funds will be utilized. Additionally, agencies awarding these grants are responsible for ensuring compliance with these disclosure requirements and must submit all completed forms to the office of financial management.

Noncompliance with the disclosure requirements will result in the forfeiture of the grant award, and the private entity will be required to reimburse the grantor for the full amount received. The office of financial management is tasked with maintaining a publicly accessible database of all completed disclosure forms. This legislation introduces a new chapter in Title 19 RCW, establishing a framework for transparency and accountability for private entities receiving state funding.