FPL Group, Inc. pledged a $5-million contribution that will benefit FloridaChild, an organization that provides scholarships to school-aged children of families with limited financial resources.
"FPL Group is proud to provide scholarships to Florida's children that will enable them to be good students and grow up to be successful members of our community," said Lew Hay, Chairman and CEO of FPL Group. "It's a win-win situation."
FPL Group will receive a dollar-for-dollar tax credit for its contribution to the State Tax Credit Scholarship Program, which allows contributions to the Scholarship Funding Organization and FloridaChild.
The Florida legislature passed a bill in May 2001 that enables low-income parents to choose good schools for their children. The idea is to improve the level of academic success among economically disadvantaged children by providing the means for parents to place these children in schools with good teaching/learning track records -- whether those schools are public or private. The Scholarship Funding Organizations, established as a direct result of this new law, award scholarships to students of families with limited financial resources.
Scholarship funds are available to eligible students who qualify for free or reduced-price school lunches under the National School Lunch Act. Scholarships range from $3,500 per student for tuition at an eligible private school to $500 towards transportation at an out-of-district public school.
"We hope our contribution will help develop and encourage today's students to become effective leaders tomorrow," Mr. Hay said.
FPL Group, with annual revenues of more than $8 billion, is nationally known as a high quality, efficient, and customer-driven organization focused on energy-related products and services. With a growing presence in more than a dozen states, it is widely recognized as one of the country's premier power companies. Its principal subsidiary, Florida Power & Light Company, serves approximately 3.9 million customer accounts in Florida. FPL Energy, LLC, an FPL Group energy-generating subsidiary, is a leader in producing electricity from clean and renewable fuels. Additional information is available on the Internet at http://www.fplgroup.com/, http://www.fpl.com/ and http://www.fplenergy.com/.
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SOURCE: FPL Group, Inc.