Common use of PROGRAM OVERSIGHT AND ADMINISTRATION Clause in Contracts

PROGRAM OVERSIGHT AND ADMINISTRATION. The Florida 529 Savings Program (Program) is administered by the Florida Prepaid College Board (Board), an agency of the State of Florida, authorized by Section 1009.971, Florida Statutes. The Board is administratively housed within the State Board of Administration but independently exercises the powers provided as specified in Sections 1009.97-1009.988, Florida Statutes. The Board is comprised of seven members: 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 a designee appointed separately by each officer to represent them; and three members appointed by the Governor of the State of Florida, subject to confirmation by the Florida Senate. The members of the Board serve without compensation and, at a minimum, meet on a quarterly basis. Pursuant to Florida law, the Board has the authority to adopt rules to implement and administer the Program and establish investment policies for the Program. The Board establishes a Comprehensive Investment Plan (CIP) and investment guidelines describing the goals, strategies, asset allocation, and performance benchmarks for the Program. In addition, the Board appoints an executive director responsible for day-to-day operations. An annual report is prepared at the close of the fiscal year, which includes a financial description of the Program. The CIP and Annual Report are made available online at xxxxxxxxxxxxxxxx.xxx.