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How much does a private school bond cost in Florida?
The Florida Non-Public Post Secondary Education Commission requires private educational institutions involved in the Florida Tax Credit Scholarship Program to post surety bonds. The amount of this bond varies and must be equal to the average amount of scholarship funds for a quarter. Applicants should verify their required bond amount with the state prior to bonding.
These bonds are subject to underwriting, and surety underwriting companies will require current business financials and a personal financial statement to produce the bond. Because the required bond amount and the price you’ll pay can vary so much, we suggest submitting a quick bond request to work one-on-one with a member of our team.
To find out exactly how much you’ll pay for your surety bond, give us a call at 1 (800) 308-4358 or request a free bond quote now.
Why do I need this bond?
Florida private school bonds ensure the protection of the state and students against any fraudulent activity that may occur at the hand of a private school. By posting this bond, private educational schools involved with the Florida Tax Credit Scholarship Program agree to abide by all rules and regulations stated in the Florida K-20 Education Code and the Florida Statutes.
This bond also makes certain that schools involved with this tax scholarship program will not attempt to deceive the state in regard to the amount of students the school has enrolled at any given time.
If any claims are made against the school, the surety will cover any damages up to the full bond amount. The principal (school) must then compensate the surety for any damages paid out.
What’s the fine print?
Private educational institution bonds in Florida are continuous until canceled. The surety can cancel the bond at any time by providing written notice of when the cancellation will take effect to the Office of Independent Education and Parental Choice. The notice must be received at least 30 days prior to the effective date of cancellation.
How to become a private educational institution in Florida
To obtain an initial license to operate a school in Florida planning to offer degrees, diplomas, or certificate programs, applicants must first go through the Commission’s license application process. The process normally takes between four and six months and involves:
- submitting a completed application package with all required documentation
- submitting all required fees
- review by staff within 30 days of receipt
- written notification by Licensure Staff of any omissions/deficiencies found in your application package
- applicant response to written notification in a timely and complete manner
- staff finalizing application for full Commission review
- presentation to the Commission for Independent Education for consideration of your application
- commission grants approval or denial of the application
Complete licensing information can be accessed via the "Additional Resources" section of this page. Kick-start the licensing process by purchasing the surety bond you need!