Maryland Code, Education § 24-207

(2)(i) Affiliated foundations that are independently established for this purpose shall operate subject to policies adopted by the Commission and be approved for form and legal sufficiency by the Attorney General.

(ii) Those policies regarding or pertaining to conflict of interest, financial disclosure, or lobbying shall be reviewed and approved by the State Ethics Commission.

(3)(i) Sections 5-501 through 5-504 of the General Provisions Article do not bar an official or employee of the Commission from becoming a director or official of an independent foundation organized to foster fund-raising and provide related services for the benefit of the Commission.

(ii) An official or employee of the Commission who serves as a director or official of an independent foundation organized to foster fund-raising and provide related services for the benefit of the Commission:

1. May not be compensated by the foundation; and

2. May be reimbursed for bona fide expenses incurred in the performance of activities undertaken on behalf of the foundation as authorized by the board of directors of that foundation.

(4)(i) The Commission may not accept funds from an affiliated foundation unless the fiscal affairs of the affiliated foundation are audited annually by an independent certified public accountant.

(ii) The independent certified public accountant shall send copies of each annual audit report to the Commission.