Florida Banking May 2024

FLORIDA BANKERS EDUCATIONAL FOUNDATION

COLLEGE COSTS ADD UP – THE FBEF CAN HELP!

C an you hear it? The quietest trillion-dollar problem is lingering in the background. Today, the average American has more than 250 online accounts,1 with 97 percent2 of Americans owning smartphones. These trends didn’t exist 10 or even 20 years ago. This brings about a new and expanding challenge for trust and estate practitioners: how to handle digital property in the planning process. The Florida Bankers Educational Foundation (FBEF) serves as a resource for Florida Bankers Association (FBA) members whose employees are seeking to complete their college degree. Eligible bankers who have worked at least one year at a bank or trust company in Florida and who demonstrate their intent to continue in the Florida banking industry after graduation can apply for college scholarships from the FBEF. Funding amounts will vary based on the amount of credit hours left until graduation and the student’s current year in college: freshman, sophomore, junior, senior or graduate level. Scholarships range from $500 to $5,000, with funding being approved for both undergraduate and graduate students at colleges around the state who are pursuing banking-related majors. Since 1956 the foundation has provided financial assistance to students planning their career in Florida banking while working to complete their college degree, equipping these individuals with the knowledge and skills needed for a successful career in banking. The FBEF knows that today’s bankers are tomorrow’s leaders, but they may need help along the way. With the benefits to be gained through a college education, there may be an assumption that all employers in the banking industry automatically cover college costs as an employee benefit, but this is incorrect. While banks want to invest in their employees by providing access to education and promoting educational attainment, not all are able to do so through financial means. Depending on a bank’s resources, their ability to help employees with educational costs may be limited. Rather than reimbursing tuition and fees, some employers may instead support their employee’s desire to return to college by helping in other, non-monetary ways. Employees at these companies will need to

seek financial assistance elsewhere in order to pursue their college degrees. Due to the high costs of college, employees of companies that do provide financial assistance are also very likely to need external sources of funding such as scholarships to supplement aid they may receive. No matter what the reason, the FBEF is here for Florida bankers who need help. By helping bankers advance their careers through education, the FBEF hopes to contribute to the betterment of the Florida banking industry. We are working to support all FBA members and want to help you. For more information about the FBEF Scholarship Program and the FBEF Career Development Program, please go to www.FloridaBankers.com/FBEF or contact FBEF Director Letty Newton at (850) 701-3522 or lnewton@floridabankers.com. All FBA members are invited to participate in supporting the foundation by making a tax-deductible donation, either individually or through the voluntary contribution listed on the annual FBA membership dues statement. FBEF is here to help Florida bankers who want to advance their careers through education. By educating bankers today, we create a better banking industry for tomorrow. The future of Florida banking depends on it. The FBEF was organized in 1956 to provide financial aid to college students interested in pursuing a career in Florida banking and is a 501(c)(3) not-for-profit corporation registered with the Florida Department of Agriculture & Consumer Services, Registration #CH7621. For more information about the foundation go to www. FloridaBankers.com/FBEF or contact FBEF Director Letty Newton at P.O. Box 1360, Tallahassee, FL 32302-1360, lnewton@floridabankers.com or 850-701-3522. A COPY OF THE OFFICIAL REGISTRATION AND FINANCIAL INFORMATION MAY BE OBTAINED FROM THE DIVISION OF CONSUMER SERVICES BY CALLING TOLL-FREE 800-435 7352 WITHIN THE STATE. REGISTRATION DOES NOT IMPLY ENDORSEMENT, APPROVAL OR RECOMMENDATION BY THE STATE. www.FloridaConsumerHelp.com

24 — FLORIDA BANKING THE VOICE OF FLORIDA BANKING