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More than 109,000 CalKIDS scholarship accounts had been created for Stanislaus County children by June 2025. Families may have money for college waiting in an account they have never claimed. That program is one of the most useful local connections to Fiona Ma’s work as California treasurer. She also manages state borrowing and investments—and in November 2026, she is running for a different office: lieutenant governor.
- Current office: California state treasurer; Democrat and certified public accountant.
- First elected treasurer: November 2018; reelected in 2022.
- November 3, 2026: Ma faces Republican Gloria Romero for lieutenant governor.
- Treasurer election: Eleni Kounalakis and Jennifer Hawks are the finalists for Ma’s current office.
Those are separate races on the certified November ballot. Ma remains treasurer while campaigning. Kounalakis currently serves as lieutenant governor.
An accountant’s path through public office
Ma became a licensed California CPA in 1992. She studied accounting at Rochester Institute of Technology, earned a tax master’s at Golden Gate University and an MBA at Pepperdine. KESQ’s 2026 candidate profile outlines her professional background.
She won a San Francisco supervisor runoff in December 2002, then served in the Assembly from 2006 to 2012, including as speaker pro tempore. She served on the Board of Equalization from 2015 to 2019 before becoming treasurer. Her current biography identifies her as the first woman of color and first woman CPA elected California treasurer.
What the treasurer does with public money
The office acts as California’s banker: investing available cash, managing treasury transactions and selling state bonds. Financing authorities associated with the office help fund housing, schools, hospitals and other public infrastructure. The treasurer also serves on public-pension boards and oversees several savings programs.
A bond sale turns an authorized borrowing plan into money a project can spend. Investors buy the bonds, and the public agency repays them with interest over time. The treasurer arranges financing within the laws and voter authorizations governing each program. Choices about issuing or refinancing debt affect what California pays for those projects.
CalKIDS: money local families may already have
The program’s 2025 impact report lists 109,876 Stanislaus County student scholarship accounts created from its launch through June 30, 2025. The figure counts accounts created. Families need to find and activate their children’s accounts.
CalKIDS has two main eligibility routes. California children born on or after July 1, 2022 can receive a newborn scholarship. Eligible public-school students receive a $500 scholarship, with additional amounts for eligible foster and homeless youth, up to $1,500. Student eligibility includes income or English-learner criteria and depends on the school-year rules listed by the program.
For a student, have the child’s Statewide Student Identifier, birth date and school county ready. For a newborn, the program uses birth-record information or a CalKIDS code. Funds can cover eligible college or career-training costs, including tuition, books, supplies, certain housing costs and computer equipment.
CalKIDS accounts do not accept family deposits. Families who want to add their own savings can open a separate ScholarShare 529 account and link it. Stanislaus State and Modesto’s colleges put those education expenses close to home.
Retirement savings and disability accounts
For a worker whose employer does not offer a retirement plan, CalSavers provides a payroll-deduction retirement account. Employers facilitate the deductions, while workers control their participation and savings. The state extended its requirement to covered employers with one to four employees, with a December 31, 2025 registration or exemption deadline. A small local business should check its mandate status and exemptions through the program.
Another program, CalABLE, offers savings accounts for eligible people with disabilities. An important change took effect January 1, 2026: a qualifying disability must have begun before age 46, expanding the previous before-26 rule. That is the age when the disability began, rather than an upper age limit for opening an account.
Bonds, public pensions and her policy choices
Ma’s office reported selling $3.1 billion in general-obligation bonds in August 2026. Of that, $600 million provided new funding for the 2024 school and community-college facilities bond. The remaining $2.5 billion refinanced older borrowing. The office calculated $241.5 million in debt-service savings over 20 years.
As a CalPERS and CalSTRS board member, Ma advocates climate-conscious investing. The minutes of CalPERS’ March 15, 2023 meeting record a concrete disagreement: the board adopted a position opposing Senate Bill 252, a fossil-fuel divestment proposal. Ma’s representative, Frank Ruffino, cast the sole vote against adopting that opposition. Public comments included both divestment advocates and retirees urging opposition.
The 2024 lawsuit settlement
Ma’s tenure also included a lawsuit by former employee Judith Blackwell alleging sexual harassment. In August 2024, California agreed to pay $350,000 to settle the case before trial, the San Francisco Chronicle reported after obtaining the agreement from the Department of Justice. Ma denied the allegations and described the resolution as vindication. Blackwell’s attorney welcomed the settlement. The case ended in a settlement, without a jury deciding the allegations.
Why her 2026 race matters here
The lieutenant governor’s duties include seats on the governing boards of UC, CSU and the community-college system. Those boards make decisions involving Stan State and higher education across the Valley. The office also serves on the State Lands Commission, presides over the state Senate and can cast a tie-breaking vote.
In her campaign statement, Ma emphasizes jobs, investment, college affordability and housing. Voters choosing between Ma and Romero are selecting the next lieutenant governor; the next treasurer will be chosen in the separate Kounalakis–Hawks contest.
Contacting the office or claiming an account
For official state-treasurer business, call 916-653-2995 or use the staff and program directory. The office holds public meetings at 915 Capitol Mall, Sacramento, CA 95814. Contact staff before making a trip.
For a child’s scholarship, go straight to CalKIDS for account help. For forgotten bank balances or uncashed checks, use Controller Malia Cohen’s unclaimed-property service.
