Golden LEAF Foundation
The Golden LEAF Foundation is a nonprofit corporation based in Rocky Mount, North Carolina in the United States, that was created in 1999 to receive half of the funds coming to North Carolina from the master settlement agreement with cigarette manufacturers. The foundation is now devoted to advancing the economic well being of North Carolinians and to transforming its economy. It works in partnership with local governments, educational institutions, economic development organizations and other public agencies, and nonprofits to achieve this goal.
The foundation uses the funds for projects that show the most potential for strengthening North Carolina's long-term economy, especially in communities that have been tobacco-dependent, economically distressed and rural communities. Golden LEAF's grantmaking, estimated at $10 million per year, has been focused in the areas of agriculture, economic development and workforce preparedness. Educational assistance projects that complemented these priority areas also have been supported.
The foundation's 15-member board is appointed by the governor of North Carolina, the president pro tem of the state senate, and the speaker of the North Carolina House. The Golden LEAF Foundation's economic development efforts include an economic stimulus package, a biotech initiative, and, most recently, an aerospace alliance initiative.
Tobacco settlement[edit]
In November 1998, the attorneys general of 46 states signed an agreement with four of the nation's largest cigarette manufacturers. This settlement is referred to as the Master Settlement Agreement (MSA). The MSA commits these tobacco manufacturers to pay approximately $206 billion to the 46 states over the first 25 years of the agreement. Of that, North Carolina's share is estimated to be approximately $4.6 billion after 25 years. Money from the MSA is sometimes called "Phase I" money.
The N.C. General Assembly created three different programs to distribute the State's Phase I funds. The Golden LEAF Foundation, so named because the tobacco plant has golden leaves after they have been cured, receives 50% of the Phase I funds and makes grants for economic development in tobacco dependent communities. The Health and Wellness Trust Fund, a State agency receives, 25% of the Phase I funds and makes grants for health-related programs. The remaining 25% is allocated to the Tobacco Trust Fund Commission.
To date, Golden LEAF has received $706,546,189.63 in payments as a result of the tobacco settlement. Since it began making grants in 2001, Golden LEAF has awarded 667 grants totaling $246,767,918.22 to non-profit organizations and government entities throughout North Carolina. By 2025, it is anticipated the foundation will have received its full share, or approximately $2.3 billion, of payments resulting from the tobacco settlement.