1. Florida A&M donation validity questions
2. Florida A&M $237.75 million donation authenticity concerns.
Accident – Death – Obituary News : Florida A&M University has decided to hit the pause button on a massive $237.75 million donation following concerns raised about the legitimacy of the stock gift and the donor’s previous donations. The decision to halt the activity was made after media reports and school leaders questioned the actual value of the donation.
The donation, presented by Gregory Gerami, the CEO of Texas hydroponic hemp farm company Batterson Farms Corp., was initially celebrated as one of the largest personal donations ever made to a historically Black college or university. However, doubts quickly emerged regarding the actual worth of the private shares of Batterson Farms Corp. and the history of Gerami’s previous donations.
A report from Politico highlighted the relatively small size of Batterson Farms Corp. and cast doubt on the company’s ability to make such a substantial donation. Additionally, Gerami’s involvement in a previous failed donation to South Carolina’s Coastal Carolina University raised further red flags. An investigation by the Myrtle Beach Sun News revealed that Gerami had backed out of a $95 million donation to the university, alleging racism from university officials.
During an emergency board meeting, members of the FAMU Board of Trustees and Foundation expressed frustration over the lack of transparency in the vetting process for Gerami’s donation. Vice Chair Deveron Gibbons called for an independent investigation into the transaction to ensure the legitimacy of the gift.
Board Chair Kristin Harper echoed concerns about the validity of the donation and the oversight processes surrounding it. The university had initially released a statement insisting that due diligence had been conducted before accepting the donation, but questions remained about the adequacy of the vetting process.
Despite the initial excitement over the transformative potential of the donation, FAMU now faces the challenge of restoring faith in its alumni and supporters. The Special Board of Trustees has scheduled a meeting to discuss the donation further and address the concerns raised by board members and media reports.
As the university navigates this unexpected turn of events, it remains to be seen how the situation will unfold and what steps will be taken to address the issues surrounding the donation. Stay tuned for updates on this developing story..
– Florida A&M pauses purported million donation after questions about validity
– Florida A&M pauses purported donation after questions about validity.
