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Director of Finance & Budget Administration

Recruitment #22-005484-0018


All candidates will be subject to a background investigation to include criminal and credit history.

***To be considered for this position, all applicants must submit a resume as well.***

Maryland 529 is an independent State Agency responsible for administering two IRC Section 529 College Savings Plans: the Maryland Prepaid College Trust and the Maryland College Investment Plan.  The Maryland Prepaid College Trust (MPCT) is a "defined benefit" type plan, and the Maryland College Investment Plan (MCIP) is a "defined contribution" type plan, both of which are designed to provide ways for families to save for future college expenses and reduce reliance on future student loan debt.  In addition, the agency for administering the State's 529A program through the ABLE Act designed for Americans living with disabilities.  The agency is overseen by a Board of Directors and the Executive Director, to whom the Director of Financial/CFO reports.  This position directs and manages all accounting and financial operations for the agency that impact the agency's budget and financial position.




Maryland 529
217 E. Redwood Street
Baltimore, MD  21202

Main Purpose of Job

Serving as the Agency's Director of Finance/CFO, the individual in this role is responsible for creating fiscal administration reports and budgets for the Executive Director, Director of Investments and Cash Management and the MD529 Board (as requested).  The incumbent is responsible for compliance with State and federal laws and regulations as well as internal/external standard operating procedures and Generally Accepted Accounting Principles to ensure the agency routinely receives positive audit findings through their annual external audit and periodic state audits conducted through the Office of Legislative Audits.  This position assists in directing the Program Manager of the Maryland Prepaid College Trust and acts as a contract monitor to ensure the requirements are fulfilled accurately and timely.  This position oversees the financial and procurement operations of the agency and will organize, collaborate and lead the Audit & Governance Committee of the Maryland 529 Board and all associated functions related to that Committee.

This is a Management Service position, and serves at the pleasure of the Appointing Authority.


Responsibilities include:

Oversees and occasionally performs all general accounting functions of the agency including payroll processing, invoice processing, general ledger reconciliations and employee travel coordination, as well as small procurements for supplies and equipment maintenance contracts, agency corporate purchasing card administration, fixed asset inventory management, and management of the agency's MBE program.

Coordinates development, enhancements, and implementation of new, revised and upgraded specialized automated accounting and budgeting systems.

Formulates, justifies and executes the agency's annual budget which includes funding for agency operations as well as costs associated with tuition benefit distributions.

Oversees collections and recordation of revenues related to account holder contributions, enrollment fees, management fees, and investment plan fees.

Ensures proper reconciliation of all financial activities, including bank reconciliations and daily cash flow activity, reconciliations of investments held with custodial agent, and reconciliations between account holder activity within the records administration software.

Manages agency fiscal year end closing, including preparing necessary year-end accruals; calculating and recording depreciation, investment related entries, and annual pension accruals into State's financial system..

Oversees financial procurement services, including RFPs for the Investment Plan Program Manager, banking contracts for custody, depository, disbursement and lockbox services; investment advisory services, actuarial services, etc.

Works with Executive Director in preparing written testimony regarding financial matters for Legislative hearings.

Coordinates annual audit with external auditors, addresses new accounting or actuarial assumptions affecting financial statements and/or Trust Fund soundness.

Oversees execution of actuarial study to ensure overall soundness of fund's assets.

Works with Executive Director to prepare Annual Report and Disclosure Statement, calculating contract pricing and benefit distribution amounts and making recommendations for enhancements to existing policies and statements included in these documents.

Designs and implements accounting and financial operation policies and procedures and system of internal accounting controls to administer the Prepaid Trust Fund program. 

Works directly with account holders and legislators regarding escalated account holder or overall Plan management issues and/or legislative issues.

Represents the agency on State and National levels, in coordination with other state 529 plans and organizations such as CSPN and NAST.

Specific Competencies:

Proven experience in financial data analysis with strong financial management background.

Proven experience in public speaking and giving presentations to groups such as government or elected officials, corporate boards, community leaders, sponsors and/or other key stakeholder groups.

Proven ability to work effectively as a team member who performs the daily tasks and leader.

Proven ability to work independently, apply and interpret laws, policies and procedures and use of good judgment in evaluating and making decisions.

Proven ability to effectively prioritize tasks, estimate time frames, meet deadlines, plan and use available resources, and coordinate work assignments with others.

Proven experience presenting to a Board and Senior Management.

Proven ability to communicate effectively and maintain a courteous attitude toward the public and employees.

Knowledge of principles and processes for providing customer and personal services including needs assessment techniques, quality service standards, alternative delivery systems and customer satisfaction evaluation techniques.


Education:  A Bachelor's Degree from an accredited college or university in Accounting, Financial Management, or related field.

Experience:  Ten years of management experience with accounting and control systems, maintaining financial records, controlling budgetary expenditures, directing account reconciliations, cash management, etc.

Note A Master's Degree in business or related field may be substituted for two years of the required experience.


Relevant State of Maryland experience in any of the following areas: budget, accounting, procurement, payroll and/or personnel.

Post graduate work in a financial related field.

Certified Public Accountant, Certified Management Accountant, Certified Financial Manager and/or other industry-related designations.

Understanding of investment banking, commercial banking, etc.


Please make sure that you provide sufficient information on your application to show that you meet the qualifications for this recruitment.  All information concerning your qualifications must be submitted by the closing date.  We will not consider information submitted after this date.  Successful candidates will be placed on the eligible (employment) list for at least one year.


The evaluation may consist of a rating of your education, training, and experience related to the requirements of the position.  It is important that you provide complete and accurate information on your application.  Please report all experience and education that is related to this position.



Online applications are highly recommended. However, if you are unable to apply online, the paper application and supplemental questionnaire may be submitted to: Department of Budget and Management, Recruitment and Examination Division, 301 W. Preston St., Baltimore, MD 21201. Paper application materials must be received in our office by the closing date for the recruitment. No postmarks will be accepted.

For questions regarding this recruitment, please contact the DBM Recruitment and Examination Division at or 410-767-4850, MD TTY Relay Service 1-800-735-2258.

We thank our Veterans for their service to our country.

People with disabilities and bilingual candidates are encouraged to apply.

As an equal opportunity employer, Maryland is committed to recruitment, retaining and promoting employees who are reflective of the State's diversity.

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