(3) DEFINITIONS.—As used in ss. 1009.97-1009.984, the term:(a) “Advance payment contract” means a contract entered into by the board and a purchaser pursuant to s. 1009.98. (b) “Board” means the Florida Prepaid College Board.
(c) “Trust fund” means the Florida Prepaid College Trust Fund.
(d) “Prepaid program” means the Stanley G. Tate Florida Prepaid College Program established pursuant to s. 1009.98. (e) “Purchaser” means a person who makes or is obligated to make advance registration or dormitory residence payments in accordance with an advance payment contract.
(f) “Qualified beneficiary” means:1. A resident of this state at the time a purchaser enters into an advance payment contract on behalf of the resident;
2. A nonresident who is the child of a noncustodial parent who is a resident of this state at the time that such parent enters into an advance payment contract on behalf of the child; or
3. For purposes of advance payment contracts entered into pursuant to s. 1009.983, a graduate of an accredited high school in this state who is a resident of this state at the time he or she is designated to receive the benefits of the advance payment contract. (g) “Registration fee” means tuition fee, financial aid fee, building fee, and Capital Improvement Trust Fund fee.
(h) “State postsecondary institution” means any Florida College System institution or state university.
(i) “Benefactor” means any person making a deposit, payment, contribution, gift, or other expenditure into the savings program.
(j) “Designated beneficiary” means:1. Any individual designated in the participation agreement;
2. Any individual defined in s. 152(a)(1)-(8) of the Internal Revenue Code; or
3. Any individual receiving a scholarship from interests in the program purchased by a state or local government or an organization described in s. 501(c)(3) of the Internal Revenue Code.
(k) “Eligible educational institution” means an institution of higher education that qualifies under s. 529 of the Internal Revenue Code as an eligible educational institution.
(l) “Internal Revenue Code” means the Internal Revenue Code of 1986, as defined in s. 220.03(1), and regulations adopted pursuant thereto. (m) “Participation agreement” means an agreement between the board and a benefactor for participation in the savings program for a designated beneficiary.
(n) “Savings program” means the Florida College Savings Program established pursuant to s. 1009.981. (o) “Qualified higher education expenses” means higher education expenses permitted under s. 529 of the Internal Revenue Code and required for the enrollment or attendance of a designated beneficiary at an eligible educational institution, including undergraduate and graduate schools, and any other higher education expenses that are permitted under s. 529 of the Internal Revenue Code.
(p) “Prepaid fund” means the fund within the trust fund into which moneys belonging to the prepaid program are deposited and held.
(q) “Savings fund” means the fund within the trust fund into which moneys belonging to the savings program are deposited and held.