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 Board of Governors of the State University System of Florida, the Chancellor of the Division of Florida Colleges of the Florida Department of Education, 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 tuition through the Florida Prepaid College Plan and the Florida 529 Savings Plan.
Florida Prepaid College 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 today's plan prices.
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 Prepaid College Plan. The 529 savings plan offers eleven 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.
Revenues to support the operations of the Florida Prepaid College Board come from dividends and interest.
The board's Fiscal Year 2018-19 operating budget, the most recent available, is shown below.
|Salaries and Benefits||$||2,887,644|
|Other Personal Services||19,000,807|
|Other Capital Outlay||8,100,000|
|Source: Florida Prepaid College Board.|
Lower plan prices. Due to successive years of lower than anticipated tuition and fee increases, the Florida Prepaid College Board was able to lower Prepaid Plan prices for certain consumers. Prepaid Plan prices were reduced for most Tuition, Local Fee and Tuition Differential Fee Plans purchased in 2008 or later and with a projected college enrollment year of 2020 or later.
COVID-19. The Florida Prepaid College Board took several steps in response to the COVID-19 crisis in 2020. The Board extended the open enrollment period from April 30 to May 31, 2020, and waived the $50 application fee during this extension. The Board also created the option to defer monthly payments until July 2020.
Websites of Interest
U.S. Securities and Exchange Commission, 529 Plans