The Maryland agency charged with overseeing the state’s college savings plans left hundreds of documents and millions of dollars unaccounted for and failed to properly document steps it took to investigate those problems, a critical legislative audit released Monday said.
The audit also called for a forensic investigation of Maryland 529’s handling of the Maryland Senator Edward J. Kasemeyer College Prepaid Trust, a plan that offers tuition contracts requiring scheduled payments for the future cost of tuition at universities. The trust has 32,900 tuition contracts for $1.2 billion, as of June 30, 2018.
Despite the problems found, the audit also noted that the prepaid trust is in a strong financial position, with a $432.5 million surplus as of June 30, 2018. The audit, conducted by the Office of Legislative Audits, took place between November 2014 and June 2018...
No comments:
Post a Comment
If your comment does not appear in 24 hours, please send your comment directly to our e-mail address:
parentscoalitionmc AT outlook.com