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☆ Florida A&M president says ‘missteps were made’ in handling of purported $237 million donation
▼ + stars: | 2024-05-15 | by ( Shawn Nottingham | ) edition.cnn.com time to read: +2 min

CNN —The president of Florida A&M University admits “misteps were made” in the handling of a purported $237 million stock gift to the school from a Texas businessman following concerns over the actual value of the donation. He also told the board of the school’s financial arm, the Florida A&M Foundation, that the school was pausing on the gift. The donation was put “on pause” after media reports and college board leaders raised concerns about the actual value of the stock gift — and the details surrounding the donor’s previous donations. South Carolina’s Coastal Carolina University had announced a $95 million donation from an anonymous donor, who then backed out months later. Dr. Shawnta Friday-Stroud, one of the signatories on an agreement between the university and Gerami accepting the gift, has since resigned as vice president of university advancement, according to Robinson.

Persons: “ misteps, Larry Robinson, “, ” Robinson, Gregory Gerami, Gerami, Shawnta, Robinson, Stroud, Kristin Harper Organizations: CNN, M University, Batterson Farms Corp, M Foundation, Politico, Carolina’s Coastal Carolina University, Myrtle Beach Sun News, School of Business, Industry Locations: Florida, Texas, Carolina’s, Stroud

CNN —Florida A&M University is putting a purported $237.75 million donation “on pause,” after media reports and college board leaders raised concerns about the actual value of the stock gift—and the details surrounding the donor’s previous donations. South Carolina’s Coastal Carolina University had announced a $95 million donation from an anonymous donor, who then backed out months later. At an emergency board meeting on Thursday, FAMU board of trustee and foundation members expressed their concerns and frustration about the school’s vetting process involving Gerami’s donation. He referred questions to the university and agreed to answer CNN’s questions on the following day, but he couldn’t be reached. FAMU’s Special Board of Trustees, which oversees the full school and the foundation, has scheduled a meeting for May 15 to discuss the donation.

Persons: ”, Larry Robinson, It’s, Gregory Gerami, Robinson, Gerami, Deveron Gibbons, ” Gibbons, “, Gibbons, Kristin Harper, ” Harper, FAMU, Stroud, Terry Arnold Organizations: CNN, Florida, M University, Batterson Farms Corp, Politico, Carolina’s Coastal Carolina University, Myrtle Beach Sun News, FAMU Foundation, university’s, Trustees, Foundation Board, University Advancement Shawnta, FAMU Locations: Texas, Carolina’s, Florida

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