The following information will help you learn more about the Florida Prepaid College Board, including the most current annual report, Comprehensive Investment Plans, Operating Budget and more.
The Florida Prepaid College Board Annual Report contains information, statistics, the Chairman’s Message, the financial statements and the actuarial report on the Florida Prepaid College Plan and Florida 529 Savings Plan.
The Florida Prepaid College Board annually publishes Financial Statements in accordance with generally accepted accounting principles. These include the audited financial statements, note disclosures, and required supplementary information, presenting the Board’s financial condition at fiscal year-end and results of operations during the fiscal year.
There is a separate Comprehensive Investment Plan describing the investment goals, strategies, asset allocation and performance benchmarks for both the Florida Prepaid College Plan and the Florida 529 Savings Plan. The Comprehensive Investment Plan for both the Florida Prepaid College Plan and the Florida 529 Savings Plan were developed by the Florida Prepaid College Board and have been approved by the Trustees of Florida’s State Board of Administration (The Governor, Attorney General and Chief Financial Officer).
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, 85% of the proposed operating budget for 2016-2017 is used to fund these services.
|Florida Prepaid College Board|
|2016-2017 Budget Summary by Category|
|Salaries and Benefits||$2,666,490|
|Other Personal Services||$17,893,757|
|Other Capital Outlay||$41,100|
The term “529 plan” describes a type of tax-advantaged college plan authorized by Section 529 of the Internal Revenue Code. The money you contribute to these plans grows tax-deferred, and when the student (beneficiary) is ready for college, withdrawals for qualified college expenses are exempt from federal income tax. Even though many 529 plans are marketed and sold by large financial services companies, by federal law, a 529 plan must be sponsored by a state. There are two types of 529 plans: prepaid plans and savings/investment plans. The savings/investment type, like the Florida 529 Savings Plan, is the one often referred to by financial planners and the media as a “529 plan.” The Florida Prepaid College Plan and the Florida 529 Savings Plan are both 529 plans sponsored by the State of Florida and managed by the Florida Prepaid College Board. For more information regarding 529 plans, please visit the IRS website.
As an agency of the state of Florida, the Florida Prepaid College Board is subject to Florida Administrative Rules and all applicable requirements.
The Florida Prepaid College Board hereby gives notice of the following:
ITN 16-01: Customer Service and Records Administration Services
This Invitation to Negotiate (“ITN”) is being issued by the Board to obtain responses from experienced and qualified Respondents to provide Customer Services and Records Administration Services for the Board’s Programs. All questions related to this ITN must be directed to the ITN Administrator by email at ITNinfo.Prepaid@MyFloridaPrepaid.com.
ITN 16-03: Actuarial Services for the Stanley G. Tate Florida Prepaid College Program
The Florida Prepaid College Board, is reviewing responses to an Invitation to Negotiate, ITN 16-03, from experienced and qualified Respondents to provide actuarial services for the Stanley G. Tate Florida Prepaid College Program. All questions related to this ITN must be directed to the ITN Administrator by email at ITNinfo.Prepaid@MyFloridaPrepaid.com.