The Golden LEAF Foundation was a good idea and still is. Formed in 1999, the foundation was charged with overseeing North Carolina's share of the national legal settlement with cigarette companies over the costs incurred because of the health effects of smoking.
That settlement has provided the state with hundreds of millions of dollars to be dispensed through grants for economic development in poor areas of the state, particularly those historically dependent on a tobacco-based economy. North Carolina has stayed true to the idea of using the money for that kind economic assistance, rather than funneling it into general revenues. In this state, the money does good, mostly in smaller grants to help nonprofit organizations or agencies that assist individual communities.
A critical report from State Auditor Beth Wood thus is troubling. Wood's office found the foundation needs to more closely monitor its business, including a more uniform accounting from those who receive grants, rather than reporting requirements that vary grant by grant. And, the auditor believes the General Assembly might want to bring Golden LEAF under ethics laws that apply to other agencies. The foundation, as a nonprofit corporation, is exempt from those laws.




