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Florida A&M University’s Finances Under Investigation

Florida A&M University’s Finances Under Investigation TALLAHASSEE, Fla.
The board that oversees the state’s higher education will investigate the finances of Florida A&M University, whose books are off by $1.8 million, the St. Petersburg Times reported recently.
The school has been troubled by  a series of financial problems, including late financial payments to students, theft charges against two employees and sloppy business practices, the Times reported.
Even before the Board of Governors decided to investigate, Florida Chief Financial Officer Tom Gallagher cut off pay to the school’s president and 18 top administrators in early November until they turned over financial records that were six weeks late. The paperwork was received Nov. 18.
“I don’t think there’s any excuse for it. We ought to be able to handle it like every other school,” said Jim Corbin, chairman of the school’s board of trustees.
About 13,000 students attend Florida A&M, the nation’s largest single-campus historically Black institution.
The school failed to follow standard business practices such as balancing the books each month, and a federal grant was used for unapproved expenses that included travel to Europe by the former grant director, the Times reported.
Earlier this year, two former employees were charged with diverting more than $21,000 to themselves.  —  Associated Press

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