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June 2020
Dear Friends,

For a decade California has purposefully pursued a virtuous cycle of executive, legislative and voter actions designed to produce stable budgets and readily available reserves capable of buffering our state against such unforeseen events as the current coronavirus pandemic. We made disciplined, responsible spending decisions and put the billions of dollars saved into rainy day funds and I invest those funds prudently so that they are available when we need them.

The State Treasurer’s Office (STO) over the past five months has continued on this path while the state has made strategic investments to promote housing affordability and strengthen our natural disaster preparedness.  

Accordingly, California was well-positioned as it entered this time of unprecedented economic disruption.

While the federal government seeks to stabilize our economy and the Federal Reserve system works to calm our markets, please continue to heed the advice of the California Department of Public Health (CDPH) and visit the CDPH website at www.covid19.ca.gov for up to the moment news and information on programs that will provide guidance to help yourself, your family, and your community.

In this newsletter issue I want to share some of what my team and I have accomplished during the first half of 2020 as we found ourselves, like you, suddenly pivoting to a new normal.

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Fiona Ma
Ask the Treasurer
Dear Fiona,

I operate a small 501(c)(3) nonprofit organization.  We have been impacted greatly by the COVID-19 pandemic and I’m worried we may need to close our doors permanently.  What financial resources are available to help nonprofits survive through this time?

- Grace
 
 
Calendar of Upcoming BCA Events
Board, Commissions and Authorities (BCAs) within the State Treasurer’s Office

June 18
ScholarShare Investment Board
1 PM | 915 Capitol Mall, Room 587, Sacramento, CA
Public Participation Call-In Number* (877) 810-9415 | Participant Code: 6535126
______________________

Teleconference information, other scheduled BCA meetings, agendas, deadlines for grants, and more, may be accessed as the information is posted to the Treasurer’s website: https://www.treasurer.ca.gov/

Additional BCA meetings in June include CDIAC (June 17), CTCAC (June 17),  CDLAC (June 17), CEFA (June 25), CHFFA (June 25),  CSFA (June 25).
 
Note:* As we work to further protect the health of our community in response to COVID-19, the BCAs will be modifying standard committee meeting procedures to implement the Governor’s Executive Order and follow the guidance of the California Department of Public Health. Participants, interested parties, and non-essential staff are requested to join the meeting via teleconference. Further, social distancing measures will be put in place at the meeting location, which will substantially limit the space available for in-person attendees. Public participation and comment periods will not be impacted.
 
Top Billing
ScholarShare Creditor Protection
Senate Bill 898, Bob Wieckowski (D-Fremont) https://sd10.senate.ca.gov
Would create a short-term tax reduction for licensed cannabis businesses and consumers by temporarily lowering California’s cannabis excise tax from 15 percent to 11 percent, and suspending the cultivation tax altogether, for the next three years.
 
 
The Ma Squad
 
Treasurer Ma, who also chairs the California School Finance Authority, participating in a May 13 roundtable discussion of ways to alleviate the affordable housing crisis on community college campuses. The web-based event was hosted by the Southern California Association of Non Profit Housing (SCANPH).
Treasurer Ma, who also chairs the California School Finance Authority, participating in a May 13 roundtable discussion of ways to alleviate the affordable housing crisis on community college campuses. The web-based event was hosted by the Southern California Association of Non Profit Housing (SCANPH).
Treasurer Ma speaking before the Senate Judiciary Committee about a bill she sponsored with Senator Bob Wieckowski that says when bankruptcies occur, the money families place into a higher education 529 California ScholarShare account can’t be touched.
Treasurer Ma speaking before the Senate Judiciary Committee about a bill she sponsored with Senator Bob Wieckowski that says when bankruptcies occur, the money families place into a higher education 529 California ScholarShare account can’t be touched.
Treasurer Ma visiting the Sacramento SPCA. The organization is considered an essential service and has continued to function during the COVID-19 pandemic, finding dogs and cats homes. Each Tuesday and Friday from 11a.m.-1p.m. the SPCA gives away free dog food, cat food, and kitty litter. Visit spca.org for more information.
Treasurer Ma visiting the Sacramento SPCA. The organization is considered an essential service and has continued to function during the COVID-19 pandemic, finding dogs and cats homes. Each Tuesday and Friday from 11a.m.-1p.m. the SPCA gives away free dog food, cat food, and kitty litter. Visit spca.org for more information.
 
Treasurer Ma preparing to start a ScholarShare 529 webinar in which participants learned how to start a college savings account with a Gold Rated Scholarshare529 plan. It is never too early, or late, to save for college and help keep student loan debt low for the next generation. Special thanks to ScholarShare 529 Program Manager TIAA-CREF and Adal Padilla for participating in the webinar.
Treasurer Ma preparing to start a ScholarShare 529 webinar in which participants learned how to start a college savings account with a Gold Rated Scholarshare529 plan. It is never too early, or late, to save for college and help keep student loan debt low for the next generation. Special thanks to ScholarShare 529 Program Manager TIAA-CREF and Adal Padilla for participating in the webinar.
Treasurer Ma with Sutter Health medical personnel at Dignity Health Medical Foundation Urgent Care in Sacramento. The Treasurer delivered lunch to the team to show her appreciation and support for their dedication and service during this difficult time.
Treasurer Ma with Sutter Health medical personnel at Dignity Health Medical Foundation Urgent Care in Sacramento.  The Treasurer delivered lunch to the team to show her appreciation and support for their dedication and service during this difficult time.
Treasurer Ma joins Public Policy Leader Cat Nou (top left), United Way Bay Area Representative Stephanie Kim (top right), and Asian Law Caucus Representative Julia Marks (lower right) in a discussion that highlighted the importance of the 2020 Census to the Bay Area and greater California Asian Pacific-Islander community. If you have not yet done so, please visit 2020census.gov to complete your census.
Treasurer Ma joins Public Policy Leader Cat Nou (top left), United Way Bay Area Representative Stephanie Kim (top right), and Asian Law Caucus Representative Julia Marks (lower right) in a discussion that highlighted the importance of the 2020 Census to the Bay Area and greater California Asian Pacific-Islander community. If you have not yet done so, please visit 2020census.gov to complete your census.
 
 
 
 
 
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California State Treasurer Fiona Ma, 901 P Street, Room 411B, Sacramento, CA 95814, United States
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