Florida Private School Tax Credit Scholarship Program Bond
The State of Florida Department of Education (FLDOE) regulates both public and private school institutions. They also are responsible for scholarship accountability and compliance related to private schools that participate in the program. Florida Statutes 1002.421 further details the accountability of private schools participating in state school choice scholarship programs, tax scholarship programs and the requirements for participation.
Surety Bond and Registration Requirements:
- Must be a registered Florida private school and comply with anti-discrimination provisions.
- Notify the Department of Education of the schools intent to participate in the scholarship program and of any location (mailing or physical), school name or school director changes.
- Complete student enrollment and attendance verification requirements.
- Annually complete and submit a scholarship compliance statement.
- Must demonstrate fiscal accountability by:
a. Schools must be in operation for at least three school years or a surety bond will be required for the amount equal to the scholarship funds for any quarter. Instead of a surety bond, a letter of credit of equal value can be filed with the state.
b. Require each parent of any scholarship student to personally endorse any scholarship checks.
- Meet all state and local health, fire safety, building safety, welfare laws, codes and rules.
- Require that all teachers have a minimum of a bachelor’s degree or higher, three years teaching experience or have special skills, expertise or knowledge to teach instruction in subject matters.
- Any employee or contracted employee must submit fingerprints for a background check.
How Much Will This Bond Cost?
The premium that you pay for a Florida Private School Participating in the Florida Tax Credit Scholarship Program Surety Bond varies by the bond amount required. Our rates start at 1% of the bond amount with good credit. Contact our Surety Bond Specialists for a free quote.
Related Links:Florida Requirements for Private School Scholarship ProgramsNew Procedure Guidelines
More Surety Bond Questions?
Check out our FAQ page or What’s a Surety Bond? page. Should you need or choose to buy a surety bond, buy from us. SuretyGroup.com has been underwriting surety bonds throughout the U.S. for more than 35 years. When you work with us, you enjoy the unique benefit of dealing with a team of highly experienced surety agents with in-house underwriting authority. This allows you to receive competitive, low rates, quick approvals, and immediate bond delivery. In most cases, your bond will be delivered within 24 hours after you apply for it.
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