Administration: Administration & Finance oversees the fiscal and administrative activities of the Treasury, including managing budget procedures, operating trusts and capital budgets.
Alcoholic Beverages Control Commission: Maintains oversight over all aspects of the alcohol industry in Massachusetts, including manufacturing, importing, exporting, storing, transporting, and selling alcoholic beverages within Massachusetts.
Cash Management: Responsible for managing the Commonwealth’s daily cash flows, which total over $46 billion annually. Responsibilities include managing the states' banking needs, quarterly local aid payments of $1.2 billion to municipalities, management of $8.4 billion short-term investment pool for the Commonwealth’s working capital and the regular reconciliation of state agency bank accounts.
Debt Management: Responsible for managing the Commonwealth's short-term and long-term borrowing needs. Short-term borrowing is done through the sale of revenues anticipation notes and commercial paper (approximately $2 billion per year); long-term borrowing is done through the sale of Commonwealth bonds (approximately $2 billion per year).
Deferred Compensation: The SMART plan is the Commonwealth’s $5.1 billion deferred compensation plan, which was established in 1976 as a public employee benefit program.
Economic Empowerment: The Massachusetts Office of Economic Empowerment (OEE) is a department within the Massachusetts State Treasury tasked with supporting, advocating, and facilitating policies that empower all Massachusetts residents. Its priorities include closing the wage gap, increasing access to financial education, improving college affordability, and investing in students studying STEM.
Executive Staff: Provides constituent service and support for the Treasurer. The communication director, press secretary, policy advisors, and chief of staff support and assist in the execution of the administration’s goals and vision.
Human Resources: Responsible for implementing standards of accountability and employment and labor legal compliance. Seeks to balance the operation needs of the employer with the professional needs of the employee within the purview of public policy, state and federal laws.
Information Technology: Provides computer services through information technology to support the Treasury. The IT department is located in Boston and Chelsea.
Internal Auditor: Independently evaluates the adequacy of the Treasury’s internal controls. Collaborates with the Office of the State Auditors office to conduct Treasury audits.
Legal Department: Acts as in-house counsel to the Treasurer and all Treasury departments. Attorneys advise and consult with department heads on a variety of legal issues, drafts legal memoranda, appear in administrative hearings, write policies.
Massachusetts Clean Water Trust: The Massachusetts Clean Water Trust provides subsidized loans to communities, local governmental units, and eligible private water suppliers through the Commonwealth's State Revolving Fund Loan Program as part of the state's ongoing effort to improve water quality throughout the Commonwealth.
Massachusetts State Board of Retirement (45 employees): The State Retirement Board administers the retirement benefits of the Massachusetts State Employees' Retirement System ("MSERS"). As of January 2011 the MSERS had more than $19.3 billion in assets. The Board is comprised of five members, of which the Treasurer is Chair.
Unclaimed Property: Protects the unclaimed assets belonging to the citizens of the Commonwealth. Under state unclaimed property laws, most financial assets that have been inactive for three years are reported to the division.
Veterans Bonus: The Treasurer administers a “Welcome Home” Bonus program for veterans of the armed services. The program provides bonus payments for veterans, service members, and their families for qualified service in the United States.
Pension Reserves Investment Management Board: The nine-member PRIM Board, of which the Treasurer is Chair, manages the Pension Reserves Investment Trust (PRIT) Fund, a pooled fund which invests the assets of the various state and local retirement funds.
Massachusetts School Building Authority: The Massachusetts School Building Authority is an independent public authority of which Treasurer Grossman serves as Chair. Funded by a dedicated penny of the state's sales tax, the MSBA provides reimbursements to cities, towns and regional school districts to build and renovate eligible public K-12 facilities throughout the Commonwealth.
Massachusetts State Lottery: The commissioners oversee and provide final approval of the types of games, the consumer prices of games, the prize structure of games, the methods of prize payment, and the licensing of agents. The Massachusetts State Lottery provides local aid for all 351 cities and towns in the state. Treasurer Grossman Chairs the Lottery Commission.