Auditors give clean opinion on college savings plans; treasurer cites $32 billion in assets and $20 million revenue forecast

State auditors and the external auditor PricewaterhouseCoopers told the Fiscal Committee the annual audits for the state's college savings plans produced clean opinions and no material weaknesses. Christine Young, director of audits for the Legislative Budget Assistant's office, introduced the reports and PwC partner Sean Kaye presented the results.

"In December, on 12/12/2025, I issued a clean opinion for each of the structures given the...outcomes that we encountered during the course of our audit examination," Kaye said, noting PwC tested 100% of the assets, validated pricing and existence of assets, and found no audit adjustments.

Treasurer Monica Mizzapeli praised the audits and the plans' performance, saying the plans hold about $32,000,000,000 in assets and that the state anticipates roughly $20,000,000 in revenue this year to support scholarship programs. "These are excellent, clean audits," she told the committee.

Committee members had no further questions and the reports were noted as released in the usual manner; the committee acknowledged a prior motion to place the audits on file and release them.

Next steps: audit reports will be placed on file and the treasurer continues to manage scholarship distributions from plan revenue.