The Florida Prepaid College Board was created to help families save for the cost of college. The board manages the Florida 529 Prepaid Plan and the Florida 529 Savings Plan.
The Florida Prepaid College Board is a body corporate with all the powers delineated in s. 1009.971, Florida Statutes. The board is housed administratively within the State Board of Administration (SBA), but independently exercises its powers and duties.
The board consists of seven members, including the Attorney General, the Chief Financial Officer, the Chancellor of the State University System of Florida, the Chancellor of the Division of Florida Colleges, or their designees, and three members appointed by the Governor and subject to confirmation by the Florida Senate. The board appoints an executive director who serves as the chief administrative and operational officer.
The board helps families meet the cost of college through the Florida 529 Prepaid Plan and the Florida 529 Savings Plan.
Florida 529 Prepaid Plan. The Stanley G. Tate Florida Prepaid College Program offers several plans that allow families to prepay the cost of college tuition, the tuition differential fee, other specified fees, and dormitory housing at a price that is less than the expected future cost.
Florida 529 Savings Plan. The Florida 529 Savings Plan gives families a way to save for college tuition, fees, and housing, and for other qualified higher educational expenses not covered by the Florida 529 Prepaid Plan. The Savings Plan offers 22 investment options designed to meet the needs of investors. These include predesigned portfolio options and individual fund options from which the investor may build a custom portfolio.
For a complete description of the investment options, refer to the Program Description and Participation Agreement.
Since the program’s inception, more than 612,000 students have attended college using Prepaid Plans.
As of June 30, 2022, there were more than 124,300 active Florida 529 Savings Plan accounts. The total market value of the Florida 529 Savings Plan was $978 million. The average account balance was $7,867.
Revenues to support the operations of the Florida Prepaid College Board come from investment earnings.
The board's Fiscal Year 2022-23 operating budget, the most recent available, is shown below.
Salaries and Benefits | $3,627,295 |
Other Personal Services | 36,940,111 |
Expenses | 391,461 |
Other Capital Outlay | 8,100,000 |
Total Budget | $49,058,867 |
Source: Florida Prepaid College Board. |
Other Reports
2022 Annual Report, Florida Prepaid College Board
2022 Financial Statements, Florida Prepaid College Board, June 30, 2022
Websites of Interest
U.S. Securities and Exchange Commission, 529 Plans
Customer Service, 1-800-552-4723, email: customerservice@florida529plans.com
Website