Florida Treasury Account Types

The Florida Treasury offers a variety of account types to meet the needs of public entities and state agencies. The main account types include:

• Special Purpose Investment Account (SPIA): Designed for public entities such as universities and government foundations, SPIA allows participants to invest in a combination of short-term liquid instruments and intermediate-term fixed income securities. Participants can access funds on the same day with an 11:00 a.m. deadline for notifications. SPIA aims to maintain a $1.00 value and has a monthly administrative fee of 0.12% of the average daily balance.

• Certificate of Deposit Program: Managed by the Chief Financial Officer, this program places certificates of deposit in Florida qualified public depositories with varying maturity periods (2, 3, or 5 years). Interest is collected quarterly, and the program aims to provide a secure investment for state funds.

• State Warrants: The Florida Treasury manages the disbursement of state funds through state warrants, which are collected and cleared through selected financial institutions.

Florida Treasury Broker Account Opening Process

To open a broker account with the Florida Treasury, follow these steps:

• Determine Eligibility: Ensure that your entity qualifies as a public entity under Florida law, which includes universities, colleges, and other organizations created by the Florida constitution or statutes.

• Complete the Application: Fill out the appropriate request form for SPIA or the Certificate of Deposit Program. The forms are available on the Florida Treasury website.

• Submit the Application: Email the completed request form to fundsmanagement@myfloridacfo.com. Ensure all required information is accurate to avoid delays.

• Review and Approval: The Treasury will review your application. If approved, you will be notified and can set up your account.

• Fund Your Account: Once your account is set up, you may need to fund it according to the specific program's requirements.

• Access and Manage Your Investments: After funding, you can start managing your investments through the account, keeping track of earnings and fees as stipulated in the program guidelines.

For more detailed information, you can visit the Florida Treasury website here.