Fiscal Year 2012-2013
The Florida Prepaid College Board is committed to helping Floridians save for future
qualified higher education expenses by providing a cost-effective, financially sound
Prepaid College Plan and College Savings Program.
The Stanley G. Tate Prepaid College Plan became operational in 1988 and allows Florida
families to prepay the cost for college tuition, required fees and dormitory housing
for their children and grandchildren. When a participating family’s child or grandchild
attends college the Board will pay the Florida public college or university the
actual fees assessed by the institution at the time of admission. Should the student
elect to attend a private college, attend a college out-of-state or attend an eligible
technical school, the Board will pay the value of the Plan at the time of admission.
Florida’s College Savings Program was implemented in 2002, following federal enactment
of Section 529 of the Internal Revenue Service Code. The savings program is similar
to a mutual fund except it allows families to defer income taxes on investment earnings
and, if the earnings are used for qualified education expenses, they are tax free.
Families choose to invest in any of five customized investment options and decide
how much and how often they want to save for college. The funds accumulated in each
family’s account can be used for any qualified college expense including tuition,
fees, housing, books, food and even graduate or professional school, in Florida
or out of state.
The Board establishes policy and actively oversees the investment and financial
performance of the programs. There are 14 positions (FTE) authorized by the Board,
including an Executive Director appointed to oversee the day-to-day operations of
the Board and its programs.
In order to perform its responsibilities in the most effective and efficient manner,
the Board contracts with various private companies to provide professional support
services for both programs, including actuarial services, investment management
services, records administration services, financial services and legal services.
Approximately, 90% of the proposed operating budget for 2012-2013 is used to fund
FY 2012-2013 Budget
Florida Prepaid College Board
2012-2013 Budget Summary by Category
Salaries and Benefits
Other Personal Services
Other Capital Outlay