Maryland 529, like all state agencies, is subject to a compliance audit performed every three to four years by the Office of Legislative Audits (OLA), an office within the Department of Legislative Services of the General Assembly. This is in addition to the regular annual financial audit performed by an external independent auditing firm as required by state law.
Maryland 529 is fiscally sound, fully funded, and we remain committed to providing excellent service for college savers in Maryland. Since November, 2018, when the OLA completed its fieldwork and discussed its initial findings with the agency, all areas of concern have been addressed. We continue to further improve internal systems to ensure timely, accurate, and more robust documentation.