The Florida Prepaid College Board was created to help families save for the cost of college. The board manages the Florida Prepaid College 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 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.

• 4-Year Florida University Plan
• 2 + 2 Florida Plan
• 4-Year Florida College Plan
• 2-Year Florida College Plan
• 1-Year Florida University Plan
• University Dormitory Plan

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.

Since the program’s inception, more than 561,000 students have attended college using Prepaid Plans.

As of June 30, 2020, there were 93,512 active Florida 529 Savings Plan accounts. The total market value of the Florida 529 Savings Plan was $756 million as of June 30, 2020, up $78.5 million from the previous year. The average account balance was $8,089. 

Revenues to support the operations of the Florida Prepaid College Board come from dividends and interest.

The board's Fiscal Year 2020-21 operating budget, the most recent available, is shown below.

Achieving a Better Life Experience Board. The 2021 Legislature enacted Chapter 2021-58, Laws of Florida, which revises the member composition of the board of directors of the Florida Achieving a Better Life Experience program. The law authorizes the Florida Prepaid College Board to appoint up to three individuals, rather than one as provided for in current law, who possess knowledge, skill, and experience in the area of accounting, risk management, or investment management. One of the persons appointed by the Florida Prepaid College Board may be a current member of the board. The law also removes the limit on the number of terms board members appointed by the Governor and presiding officers of the Legislature may serve.

Other Reports
2020 Annual Report, Florida Prepaid College Board.
2020 Financial Statements, Florida Prepaid College Board, June 30, 2020.

Websites of Interest
U.S. Securities and Exchange Commission, 529 Plans

Kevin Thompson, Executive Director, Florida Prepaid College Board, 850-488-8514, email:  kevin.thompson@myfloridaprepaid.com

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