All parent-owned 529 accounts, regardless of who the named beneficiary is, will need to be reported as parent assets when completing financial aid forms.
There's an EFC as calculated by FAFSA, that is used when determining eleigibilty for federal aid (Pell grants, subsidized student loans, work study, etc.), and there is an EFC as calculated by each school that distributes institutional aid. They are usually not the same number, and can vary significantly. The FAFSA EFC formula is openly available; you can find U.S. Department of Education information online that will show you how the FAFSA EFC changes depending on your family situation (income, reportable assets, ages of parents, number of kids in college, etc.). How institutional EFCs are calculated is not nearly as transparent. You probably know that each school has a Net Price Calculator available on the school's website; the better (more accurate) NPCs take more factors into consideration, including number of kids in college.