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§ 18-19A-07. Audits and reporting requirements

West's Annotated Code of MarylandEducationEffective: June 1, 2023

West's Annotated Code of Maryland
Education (Refs & Annos)
Division III. Higher Education [Titles 10-20] (Refs & Annos)
Title 18. Student Financial Assistance (Refs & Annos)
Subtitle 19a. Maryland College Investment Plan (Refs & Annos)
Effective: June 1, 2023
MD Code, Education, § 18-19A-07
§ 18-19A-07. Audits and reporting requirements
Currentness
Audits and audit reports
(a)(1) The Legislative Auditor shall audit the Plan as provided under Title 2, Subtitle 12 of the State Government Article.
(2) The State Treasurer shall obtain an annual audit report from service providers.
Reporting requirements
(b)(1) Within 120 days after the close of each fiscal year, the State Treasurer shall submit to the Governor and, subject to § 2-1257 of the State Government Article, to the General Assembly a report including:
(i) A financial accounting of the Plan, including:
1. An annual review of the Plan which shall include:
A. The status of the investment program;
B. The assets held in each class of investment;
C. The percentage and dollar value of assets placed with outside managers;
D. The income produced by each class of investment;
E. The income produced by each investment manager;
F. The total deposits into the Plan for the past year; and
G. The total withdrawals from the Plan for the past year; and
2. A detailed account of the operating and administrative budget for the Plan, which shall include a complete list of revenue sources and expenditures detailing the line item expenditures for:
A. Salaries, wages, and fringe benefits;
B. Technical and special fees;
C. Communication;
D. Travel;
E. Contractual services;
F. Supplies and materials;
G. Equipment;
H. Fixed charges; and
I. Other expenses;
(ii) The number of new account holders during the previous fiscal year;
(iii) Efforts in marketing the Plan; and
(iv) Any recommendations of the State Treasurer concerning the operation of the Plan.
(2) The State Treasurer shall make available to each account holder a copy of a summary of the report and the option to purchase the full report at a nominal charge.
Combination with other audits or reports
(c) The audit required by subsection (a)(2) of this section and the report required by subsection (b) of this section, at the State Treasurer's discretion, may be combined with any other audit or report for the same fiscal year required to be submitted by the State Treasurer to the Governor and the General Assembly.

Credits

Added by Acts 2000, c. 494, § 1, eff. July 1, 2000. Amended by Acts 2003, c. 381, § 1, eff. July 1, 2003; Acts 2003, c. 382, § 1, eff. July 1, 2003; Acts 2004, c. 47, § 1, eff. July 1, 2004; Acts 2019, c. 510, § 4, eff. July 1, 2019; Acts 2019, c. 511, § 4, eff. July 1, 2019; Acts 2023, c. 113, § 1, eff. June 1, 2023.
MD Code, Education, § 18-19A-07, MD EDUC § 18-19A-07
Current through legislation effective through May 9, 2024, from the 2024 Regular Session of the General Assembly. Some statute sections may be more current, see credits for details.
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