Updated for 7.0
On the left-hand side of the screen in the navigation bar under Events, select Parade. This will take you to this page:
Under Floats, select the float you would like to edit by clicking the title. You will see a pop up that looks like this:
Select View Details on the top right of the pop up. This will take you to this page:
To edit the float, click the button titled Edit at the top right of the box. There will be a pop up box that looks like this:
Here, you can change the float name, position, and description.
These are sample names.