Audit and Accounting Services for the Florida Prepaid College Board, Stanley G. Tate Florida Prepaid

The Florida Prepaid College Board is soliciting written responses under Invitation to Negotiate ITN 26-03 for annual audit and accounting services for the Board, Stanley G. Tate Florida Prepaid College Foundation, Inc., and Florida ABLE, Inc. (ABLE United), with written responses due January 6, 2027 at 12:00 p.m. ET and opening at 3:00 p.m. the same day. The Board gives preference to firms with experience auditing Section 529 qualified tuition programs, Section 529A ABLE programs, or governmental pension plans.

Minimum qualifications include authorization to practice public accounting in Florida, an active CPA license for the engagement partner with at least five years of relevant audit and accounting experience with governmental or nonprofit entities, no material conflicts of interest, and professional liability insurance. Respondents must also comply with Florida statutes on convicted and discriminatory vendor lists.

Scope covers annual audits of each entity's financial statements, with opinions on the statements and reports on internal controls, performed under generally accepted auditing standards, Government Auditing Standards, and Florida Statutes Section 11.45. ABLE United's audit includes a state single audit under the Florida Single Audit Act. Special consulting and advisory services are billed hourly, with separate written authorization required for each project. The contractor must maintain a written information security program aligned to NIST CSF or ISO 27001, use SOC 2 Type II reporting for platforms, store Board information only within the United States, notify the Board within 24 hours of a security incident, and obtain prior written approval before inputting Board information into artificial intelligence or machine learning systems. Audit documentation must be retained for at least seven years after report release.

The contract begins with the June 30, 2027 fiscal year-end and runs an initial five-year term with up to five optional one-year renewals. Key deadlines are annual planning and information requests by August 1, draft statements and reports by November 15, and final statements and reports by November 30 following each June 30 year-end. Annual audit fees are lump sum by entity and year, with hourly rates for consulting. Transition costs must be included in Year 1 fees and cannot be billed separately. Pricing is evaluated on a five-year basis, with up to 150 points for annual audit pricing and up to 50 points for hourly consulting rates. The Board will select up to five respondents for a negotiation shortlist, and the highest-ranked responsive and responsible respondent receives the award. Anticipated contract effective date is April 2027.