Code of Maryland Regulations Title 25 - OFFICE OF THE STATE TREASURER
CODE OF MARYLAND REGULATIONS
TITLE 25 – OFFICE OF THE STATE TREASURER
SUBTITLE 01
GENERAL PROVISIONS
COMAR 25.01.01
Authority and Purpose
These regulations are adopted under the authority granted to the State Treasurer of Maryland. They establish policies, procedures, and standards for the administration of the Office of the State Treasurer, including the management of state funds, investments, and financial reporting.
COMAR 25.01.02
Definitions
For purposes of this Title, the following terms have the meanings indicated:
Treasurer: The State Treasurer of Maryland or designee.
State funds: Any monies, accounts, or investments under the control or supervision of the State Treasurer.
Investment: Any instrument or security purchased with state funds.
Custodian: Any bank, trust company, or financial institution authorized to hold state funds or investments.
Board: Any advisory or oversight body established by law to assist the Treasurer.
SUBTITLE 02
MANAGEMENT OF STATE FUNDS
COMAR 25.02.01
Receipt and Deposit of Funds
All state funds must be received, deposited, and accounted for in accordance with procedures established by the Treasurer. Agencies must forward funds promptly to the designated state accounts.
COMAR 25.02.02
Disbursement of Funds
The Treasurer shall authorize disbursement of state funds only in accordance with applicable statutes, regulations, and approved warrants or vouchers.
COMAR 25.02.03
Custodial Agreements
All state deposits must be maintained with approved custodians. Agreements shall specify the rights, duties, and responsibilities of the custodian, including safekeeping, reporting, and collateral requirements.
SUBTITLE 03
INVESTMENT OF STATE FUNDS
COMAR 25.03.01
Investment Policy
The Treasurer shall invest state funds to achieve safety, liquidity, and reasonable return consistent with state law. Investments must comply with the State Treasurer’s written investment guidelines.
COMAR 25.03.02
Authorized Investments
State funds may be invested in:
Obligations of the United States government.
Obligations fully guaranteed by the United States.
Obligations of the State of Maryland or political subdivisions, as authorized.
Repurchase agreements and other instruments authorized by statute.
COMAR 25.03.03
Investment Reporting
The Treasurer shall provide periodic reports on the status, performance, and composition of the state investment portfolio to the Governor, General Assembly, and other designated authorities.
SUBTITLE 04
FINANCIAL REPORTING AND AUDIT
COMAR 25.04.01
Accounting Records
The Treasurer shall maintain accurate and complete records of all receipts, disbursements, investments, and account balances. Records must comply with generally accepted accounting principles and state requirements.
COMAR 25.04.02
Annual Audit
The Office of the State Treasurer shall submit to the Office of Legislative Audits or other authorized auditing authority an annual audit of financial records, investment activity, and compliance with applicable laws.
SUBTITLE 05
FEES, CHARGES, AND ADMINISTRATION
COMAR 25.05.01
Fees for Services
The Treasurer may establish reasonable fees for services provided by the Office, including fund administration, investment management, and reporting services.
COMAR 25.05.02
Records Retention
All records maintained by the Office of the State Treasurer shall be retained in accordance with the Maryland State Archives’ retention schedules and applicable law.
SUBTITLE 06
EFFECTIVE DATE AND AMENDMENTS
COMAR 25.06.01
These regulations shall become effective upon filing and publication and may be amended or repealed in accordance with the Administrative Procedure Act and other applicable laws.
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