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<section article="ged" article_name="Education" number="18-19A-07" title_number="18" title_name="Student Financial Assistance" subtitle_number="19A" subtitle_name="Maryland Senator Edward J. Kasemeyer College Investment Plan">
  <level label="a">
    <level label="1">
      <text>The Legislative Auditor shall audit the Plan as provided under Title 2, Subtitle 12 of the State Government Article.</text>
    </level>
    <level label="2">
      <text>The State Treasurer shall obtain an annual audit report from service providers.</text>
    </level>
  </level>
  <level label="b">
    <level label="1">
      <text>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:</text>
      <level label="i">
        <text>A financial accounting of the Plan, including:</text>
        <level label="1">
          <text>An annual review of the Plan which shall include:</text>
        </level>
        <level label="A">
          <text>The status of the investment program;</text>
        </level>
        <level label="B">
          <text>The assets held in each class of investment;</text>
        </level>
        <level label="C">
          <text>The percentage and dollar value of assets placed with outside managers;</text>
        </level>
        <level label="D">
          <text>The income produced by each class of investment;</text>
        </level>
        <level label="E">
          <text>The income produced by each investment manager;</text>
        </level>
        <level label="F">
          <text>The total deposits into the Plan for the past year; and</text>
        </level>
        <level label="G">
          <text>The total withdrawals from the Plan for the past year; and</text>
        </level>
        <level label="2">
          <text>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:</text>
        </level>
        <level label="A">
          <text>Salaries, wages, and fringe benefits;</text>
        </level>
        <level label="B">
          <text>Technical and special fees;</text>
        </level>
        <level label="C">
          <text>Communication;</text>
        </level>
        <level label="D">
          <text>Travel;</text>
        </level>
        <level label="E">
          <text>Contractual services;</text>
        </level>
        <level label="F">
          <text>Supplies and materials;</text>
        </level>
        <level label="G">
          <text>Equipment;</text>
        </level>
        <level label="H">
          <text>Fixed charges; and</text>
        </level>
        <level label="I">
          <text>Other expenses;</text>
        </level>
      </level>
      <level label="ii">
        <text>The number of new account holders during the previous fiscal year;</text>
      </level>
      <level label="iii">
        <text>Efforts in marketing the Plan; and</text>
      </level>
      <level label="iv">
        <text>Any recommendations of the State Treasurer concerning the operation of the Plan.</text>
      </level>
    </level>
    <level label="2">
      <text>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.</text>
    </level>
  </level>
  <level label="c">
    <text>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.</text>
  </level>
</section>
