The Virginia College Savings Plan, an independent state agency, opened its first 529 savings plan, the Virginia Prepaid Education Program, in 1996. It is administered by Executive Director Mary G. Morris and an eight-member Board. The Board is made up of four citizen members appointed by the Governor, and four state officials who serve by virtue of the state offices they hold: the State Treasurer, the State Comptroller, the Chancellor of the Community College System, and the Executive Director of the State Council of Higher Education for Virginia. Citizen members are required to have significant experience in finance, accounting, and investment management.

No person holding a full-time position of employment with the Commonwealth, any county or municipality, any institution of higher education, or any agency, instrumentality, or subdivision of the foregoing is eligible for appointment to the Board. Members of the Board receive no compensation, but are reimbursed for actual expenses incurred in the performance of their duties.

The Board has created three committees to assist in administering the VCSP's four Section 529 investment options: the Actuarial and Audit Committee, the Investment Advisory Committee, and the Compensation Committee. The Actuarial and Audit Committee and the Compensation Committee are made up of Board members. Members of the Investment Advisory Committee are appointed by the Board, but may include non-Board members with investment expertise.

The Board is required to submit an annual statement on or before December 15 of the receipts, disbursements, and current investments of the Plan for the preceding year to the Governor, the Senate Committee on Finance, and the House Committees on Appropriations and Finance.

View the 2007 annual report.