May 17th 2024.
The Board of Trustees at Florida A&M University recently made the decision to launch an independent investigation into the handling of a generous donation of $237.75 million. This substantial gift was made by the Issac Batterson 7th Family Trust and its Chief Executive Officer, Gregory Gerami, who is also the founder of Batterson Farms Corporation. The momentous announcement of this donation was made by Gerami himself at the university's graduation ceremony on May 4, making it the largest donation ever received by the historically black college.
However, the university eventually decided to put a pause on the proceedings after several board members brought up concerns about Gerami's background. It was discovered that in 2020, Gerami had pledged a similar amount of $95 million to Coastal Carolina University, but the deal fell through just days after its public announcement. Furthermore, some board members questioned the legitimacy of Batterson Farms Corporation, a relatively small business, and how its stocks could hold such a significant value.
During a special meeting, FAMU President Dr. Larry Robinson acknowledged that the initial excitement surrounding the donation had caused him to overlook some of the warning signs. He admitted, "I wanted it to be real and ignored the red flags along the way." Dr. Robinson also made it clear that there was no personal gain involved, but the potential impact of this donation on the students and the university itself would have been tremendous. He expressed deep regret for announcing the donation at the graduation ceremony, acknowledging that it was a premature decision and apologizing to all those who were present and shared in the joy and jubilation.
At the same meeting, Dr. Robinson also announced the resignation of Dr. Shawnta Friday-Stroud, who held the positions of Vice President for University Advancement and Executive Director of the FAMU Foundation. She will be stepping down and returning to her previous role as the Dean of the School of Business and Industry. In her place, Dr. Donald Palm, the Executive Vice President and Chief Operating Officer, will serve as the interim Vice President for University Advancement.
This recent turn of events has caused quite a stir at FAMU, with many questioning the validity of the donation and the decision-making process behind it. The resignation of Dr. Friday-Stroud has only added to the confusion and speculation surrounding the situation. However, the university remains committed to conducting a thorough investigation to ensure transparency and accountability. The controversy surrounding this donation has certainly cast a shadow over the university's reputation, but FAMU is determined to address the situation and move forward in the best interest of its students and community.
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