It is our pleasure to present the Annual Comprehensive Financial Report (the Report) of the Virginia College Savings Plan (Virginia529) for the fiscal year ended June 30, 2023, as required by Section 23.1-709 of the Code of Virginia. This Report is delivered to the Governor, the Senate Committee on Finance and Appropriations, the House Committees on Appropriations and Finance, and the Joint Legislative Audit and Review Commission. The Report is also available on our website at Virginia529.com and contains information about Virginia529’s different programs as well as its operations and financial condition. The Report also contains a letter of transmittal, audited financial statements, notes thereto, required supplementary information and other information. The report is prepared in accordance with generally accepted accounting principles and should be read in its entirety as each component is an integral part of the overall report.

VA529 has multiple statutory mandates and missions, centered on financial health and education leading to educational attainment and preparation for a financially secure future. Areas of activity include education savings (Defined Benefit 529 Program (or “DB529 Program," consisting of the legacy Prepaid529SM and the Invest529SM Tuition Track Portfolio), Invest529SM, and CollegeAmerica®); access, affordability & attainment initiatives; savings for disability-related expenses (ABLEnow® and ABLEAmerica® which both provide tax-advantaged savings options to individuals with disabilities); and workplace auto-enrollment individual retirement account (IRA) savings (RetirePath VA, which launched in June 2023 to provide an auto-IRA retirement savings program for working Virginians without access to a retirement program at work). VA529 meets it mission to help make college more affordable and accessible to ALL Virginians through its access and affordability initiatives, which started 13 years ago with SOAR Virginia® and has expanded in recent years to provide funding to a variety of mentoring, coaching, workforce development, and scholarship programs throughout Virginia. VA529 furthered its commitment to these initiatives in fiscal 2023 by creating a new fund for future allocation to SOAR Virginia initiatives.

In fiscal 2023, Virginia529 earned multiple awards and national recognitions. Morningstar, a provider of independent investment research and advice, evaluates 529 education savings plans on four key pillars - Process, People, Parent and Price. Both the Invest529 and CollegeAmerica programs had prior Bronze medalist ratings and, in October of 2023, both programs were upgraded to a rating of Silver based on a reevaluation of each program by Morningstar.

In July of 2023, Government Finance Officers Association of the United States and Canada (GFOA) awarded a Certificate of Achievement for Excellence in Financial Reporting to Virginia529 for its annual comprehensive financial report for the fiscal year ended June 30, 2022. Virginia529 believes its current annual comprehensive financial report continues to meet the Certificate of Achievement Program's requirements and will be submitting it to GFOA to determine its eligibility for another certificate.

Virginia529 remains committed to helping make the financial lives of Virginians, and all Americans, better through its commitment to affordable and accessible education; through its nationally recognized education, disability and retirement savings programs; and through its financial education efforts and partnerships. In addition, Virginia529 is committed to being responsible stewards of the funds entrusted to our care. Virginia529 is always cognizant of its mission to help make higher education more accessible and affordable to all citizens of the Commonwealth. We welcome any questions or comments.

Mary G. Morris,
Chief Executive Officer